With effect from July 1, 2019, no RTGS, NEFT charges will be levied on customers for transactions done via YONO, Internet banking and mobile banking.
After Reserve Bank of India (RBI) announced the waiver of charges levied on NEFT, RTGS transaction, the country’s largest bank, State Bank of India (SBI) announced that it has waived off charges on these services.
As per a press release issued by the bank, with effect from July 1, 2019, no RTGS, NEFT charges will be levied on customers for transactions done via YONO app, Internet banking and mobile banking. Further, with effect from August 1, 2019, the bank will waive-off IMPS charges as well.
P.K. Gupta, MD (Retail & Digital Banking), SBI said, “One of our bank’s core strategies is to provide convenience to customers and encourage them to take the digital route for transferring funds. 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.”
According to the press release, SBI has reduced NEFT and RTGS charges by 20 percent for customers transacting through a bank branch. As for IMPS transactions, there will be no charge for fund transfers up to Rs 1,000 done via a bank branch.
In the last monetary policy held in June, the central bank said, “The Reserve Bank levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levy charges on their customers. In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week.”