India’s largest bank, State Bank of India has waived off charges on fund transfers made via Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions for its YONO, internet and mobile banking customers from July 1.
The bank has also decided to give free access to Immediate Payment Service (IMPS) from August 1 after the RBI decided to do away with the charges levied on online fund transfers.
The RTGS system is meant for large-value instantaneous fund transfers, while NEFT system is used for fund transactions of up to Rs 2 lakh. “In order to provide an impetus to digital funds movement, SBI waived-off RTGS and NEFT charges for You Only Need One, internet banking and mobile banking customers from July 1, 2019. The bank will also waive-off IMPS charges for its internet banking, mobile banking and YONO customers effective from August 1, 2019,” the bank said. Before July 1, SBI used to charge between Re 1 and Rs 5 for transactions through NEFT, and Rs 5-50 for RTGS route.
“In sync with our strategy and government of India’s vision to create a digital economy, SBI has taken this step to promote the use of YONO, internet banking and mobile banking for doing NEFT and RTGS transactions without incurring any cost,” said PK Gupta, MD (Retail & Digital Banking), SBI.