SBI charges on IMPS, NEFT, RTGS waived off! Transactions free now! Big relief for users from this Digital India push

State Bank of India (SBI) charges on a number of its features have been stopped, making them free for users. The largest commercial bank in the country waived off RTGS and NEFT charges for YONO, internet banking (INB) and mobile banking (MB) customers from July 1, 2019. This is being done In order to provide an impetus to digital funds or going cashless movement. SBI charges on IMPS for its INB, MB and YONO customers will also be waived off from from August 1, 2019. Additionally, bank has already reduced NEFT and RTGS charges for customers transacting through branch network by 20% across all slabs.

Speaking on the decision PK Gupta, MD — Retail & Digital Banking at SBI said, “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.” 

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अब से नहीं चलेगी किराएदारों पर मकान मालिक की धौंस! जानिए क्या@FinMinIndia @nsitharaman @MahaRERA @MoHUA_India @HardeepSPuri @AnilSinghviZEE @SwatiKJain pic.twitter.com/U1nJxdjU1p

— Zee Business (@ZeeBusiness) July 12, 2019

As on 31st March 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% 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.

In the last RBI Monetary Policy Committee meeting, the Indian central bank had made a committee to look into the matter of online payments and money transfer and the main task of the committee to find whether the charges levied by the Indian banks on its customers for IMPS, RTGS and NEFT can be waived off or not.