State Bank of India waives IMPS, NEFT and RTGS charges
SBI will not levy transaction charges through RTGS and NEFT for YONO, internet banking and mobile banking customers from 1 July
The bank has also decided to do away with the charges on fund transfer through mobile phones using the immediate payment service from August 1
New Delhi: Country’s largest public sector bank State Bank of India announced on Friday that it will not levy transaction charges through RTGS and NEFT for YONO, internet banking and mobile banking customers from 1 July.
State Bank of India (SBI) ) has waived charges on national electronic funds transfer (NEFT) and real-time gross settlement (RTGS) transactions through internet and mobile banking from July 1, after the Reserve Bank of India (RBI) decided to do away with the charges with an aim to move the country towards less-cash economy.
Before 1 July, SBI used to charge between Re 1 and ₹5 for transactions through National Electronic Funds Transfer (NEFT) and ₹5-50 for real-time gross settlement (RTGS) route.
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.
At March-end, 2019, the number of SBI customers using internet banking were more than six crores, while 1.41 crore persons were using mobile banking services. The bank claims to have around 18 per cent market share in mobile banking transactions, PTI reported.
The RTGS system is meant for large-value instantaneous fund transfers, while the NEFT system is used for fund transactions of up to Rs 2 lakh.
Registered users of YONO (You Only Need One), its integrated digital and lifestyle platform, were about one crore.
“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.
On Tuesday, SBI has reduced its MCLR by 5 bps across all tenors with one-year MCLR coming down from 8.45% p.a to 8.40% p.a.
The reduction in the home loan rates since April 10, 2019 has been 20 basis points so far.
The bank has the largest network of 22,010 branches in the country and an ATM/CDM (cash deposit machine) network of over 58,000.
“In sync with our strategy and government of India’s vision to create a digital economy, SBI has taken this step to promote use of YONO, internet banking and mobile banking for doing NEFT and RTGS transactions without incurring any cost,” the bank’s MD (Retail & Digital Banking) P K Gupta said.
In the Union Budget, finance minister Sitharaman too announced steps to promote digital transactions.
Source: Input From Agencies
