SBI waives RTGS, NEFT, IMPS charges

Team Udayavani, Jul 12, 2019, 5:15 PM IST

New Delhi: State Bank of India has waived charges on NEFT and RTGS transactions through the internet and mobile banking from July 1, after the RBI decided to do away with the charges with an aim to move the country towards less-cash economy.

The country’s largest bank, which has about 25 per cent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1.

“In order to provide an impetus to digital funds movement, SBI waived-off RTGS and NEFT charges for YONO, internet banking (INB) and mobile banking (MB) customers from July 1, 2019. The bank will also waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019,” the state-owned lender said in a statement.

Before July 1, SBI used to charge between Re 1 and Rs 5 for transactions through NEFT, and Rs 5-50 for RTGS route.

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.

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

Along with customer convenience, the waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the bank said.

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

“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,” the bank’s MD (Retail & Digital Banking) P K Gupta said.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country.