SBI removes IMPS, RTGS, NEFT charges on fund transfer: The State Bank of India (SBI) on Friday announced that there will be no IMPS (Immediate Payment Service) charges for its YONO, internet banking and mobile banking customers from August 1, 2019. The state-owned lender has decided a waiver on IMPS charges for fund transfer up to Rs. 1,000. The IMPS is a facility that allows 24-hour money transfer through the use of the mobile app, mobile banking or internet banking.
The bank earlier removed RTGS (Real-time gross settlement) and NEFT (National Electronic Funds Transfer) charges from July 1, 2019. The public sector bank is charging Rs 1 plus GST on transactions from Rs 1,001 to Rs. 10,000 for IMPS transactions, Rs 2 plus GST on transactions from Rs 10,001 to Rs 1,00,000 and Rs 3 plus GST on transactions from Rs 1,00,001 to 2,00,000. In June, the Reserve Bank of India (RBI) also removed the processing and time-varying charges on outward transaction of NEFT and RTGS.
The SBI in a statement said that in order to provide an impetus to digital funds movement, the bank waived-off RTGS and NEFT charges for YONO, internet banking and mobile banking customers from July 1, 2019, adding that the bank will also waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019.
Meanwhile, as many as 6 crore SBI customers are using internet banking while as 1.41 crore users use mobile banking as on March 31, 2019.