State Bank of India waives off IMPS, NEFT and RTGS charges

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New Delhi, July 12: State Bank of India (SBI) has waived charges on NEFT and RTGS transactions through internet and mobile banking from July 1, after the RBI decided to do away with the charges with an aim to move the country towards less-cash economy.
The country’s largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1.
The real-time gross settlement (RTGS) system is meant for large-value instantaneous fund transfers, while the National Electronic Funds Transfer (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 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. Before July 1, SBI used to charge between Re 1 and Rs 5 for transactions through NEFT, and Rs 5-50 for RTGS route. (PTI)