Home >Industry >Banking >State Bank of India waives IMPS, NEFT and RTGS charges

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.

SBI will also waive IMPS (immediate payment service) charges for these customers from 1 August.

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 move was necessitated after RBI decided to do away with the charges with an aim to move the country towards a cashless economy.

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.

Registered users of YONO (You Only Need One), its integrated digital and lifestyle platform, were about one crore.

SBI also reduced NEFT and RTGS charges through branch banking by 20%.

There will also be a waiver on IMPS charges for fund transfer up to 1,000 through branch banking.

After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from 1 July, the RBI had also asked banks to pass on the benefits to customers from the same day.

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.

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