SBI waives off IMPS, NEFT and RTGS charges

SBI waives off IMPS, NEFT and RTGS charges

Agency News

New Delhi, Jul 12 : To provide impetus to digital funds movement, the State Bank of India (SBI) waived off RTGS and NEFT charges for YONO, internet banking and mobile banking customers from July 1, 2019.

The bank will also waive-off IMPS charges for its internet banking, mobile banking and YONO customers effective from August 1, 2019.

As on March 31, 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore. State bank of India also boasts of around 18 per cent market share in mobile banking transactions.

Registered users of YONO - an integrated digital and lifestyle platform by SBI stands at nearly 1 crore. Along with customer convenience, the waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions.

Additionally, the bank has already reduced NEFT and RTGS charges for customers transacting through branch network by 20 per cent across all slabs