India’s largest public sector bank, State Bank of India (SBI) has waived off charges on National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) money transfers.
While the charges on NEFT, RTGS were waived off earlier this month, the bank has removed charges imposed on IMPS as well, starting August 2019. This is applicable to internet banking, mobile banking and YONO services.
This move will bring cheer to its growing digital customer base. The bank has over 74 million digital users — including 14 million who access mobile banking services. Their customers also perform 18% of the total mobile banking transactions in the country.
The waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the bank noted.
“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,” P K Gupta, MD (retail & digital banking) of SBI said.
The bank had already reduced NEFT and RTGS charges for customers transacting through branch network by 20% across all slabs.
Last month, the Reserve Bank of India(RBI) waived off its own charges for the transactions and directed banks to do the same.