State Bank of India waives off transaction charges on RTGS, NEFT and IMPS

State Bank of India waives off transaction charges on RTGS, NEFT and IMPS

New Delhi: The new announcement made by the largest public sector bank of the country, State Bank of India will certainly bring a smile in the faces of internet banking users. As per the new announcement made on Friday, there will be no transaction charges on money transacted through RTGS and NEFT. All sorts of online baking users like the users of YONO app, internet banking and mobile banking will get relief from the paying an extra charge on transactions from July 1st onwards.

The YONO, internet banking and mobile banking users will also avail waived IMPS (immediate payment service) charges from 1 August.

Before the announcement on the removal of the transaction charges on July 1st, SBI used to charge between 1 and 5 rupees for a transaction through National Electronic Funds Transfer (NEFT). However, the charges for real-time gross settlement (RTGS) route are 5-50 Rs per transaction.

After the Reserve Bank of India decided to cut the charges as a move towards encouraging people to go more for cashless transactions, SBI took this decision of waiving off the transaction charges. The latest step taken by the Apex bank of the country and the largest public sector bank is commendable towards encouraging a cashless economy.

As per reports till March-end, 2019, more than six crores SBI customers were using internet banking and another 1.41 crore persons were using mobile banking services. According to the SBI claims, of the total mobile banking transactions, around 18 percent market share is done by the SBI customers.

On the other hand, there are around 1 crore registered users of YONO (You Only Need One) app. People doing transactions through branch banking will avail a reduced NEFT and RTGS charge by 20%. Similarly, users doing branch banking for IMPS will get a reduced charge for transactions up to Rs 1,000.

Before this, on Tuesday, SBI reduced its MCLR by 5 bps across all tenors with which one-year MCLR came down from 8.45% p.a to 8.40% p.a.

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