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SBI, the country's largest money lender, rolls back charges on NEFT, RTGS and IMPS.

In an effort to boost online transactions, State Bank of India (SBI) has announced that it will waive off The Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) charges for internet, mobile banking customers and YONO app us 

The bank has further decided to not lvey any charges for Immediate Payment Service (IMPS) from August 1, 2019. As of March 31, 2019, over 6 crore customers were using internet banking while the number of customers using mobile banking stood at 1.41 crore. (Photo | Sunish Surendran, EPS )

The country's largest bank, which has about 25 percent of market share, also announced a 20 per cent reduction in RTGS and NEFT transactions for customers transacting through a bank branch. As for IMPS transactions, there will be no charges for fund transfer upto Rs 1,000 through a bank branch. (Photo | Sindhu Chandrasekaran, EPS)

“In order to provide an impetus to digital funds movement, SBI waived RTGS and NEFT charges for YONO, internet banking (INB) and mobile banking (MB) customers from July 1, 2019. The bank will also waive off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019,” the state-owned lender said in a statement. (Photo | PTI)

Until July 1, SBI used to charge between Rs 1 and Rs 5 for transactions through NEFT, and Rs 5 to Rs 50 for RTGS transactions. (Photo | EPS)

on June 6, 2019 , the Reserve Bank of India rolled back charges on fund transfers through RTGS and NEFT routes to encourage digital transactions and asked banks to pass on the benefits to customers. (Photo | PTI)