The State Bank of India said on Friday that it has waived charges on National Electronic Funds Transfer and Real Time Gross Settlement from July 1, PTI reported. The move is aimed at promoting a cashless economy, the country’s biggest lender said.
SBI also said it has decided to do away with the charges on fund transfer through mobile phones using the 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 said. “The bank will also waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019.” YONO is an integrated digital banking platform offered by the SBI.
The bank has already reduced NEFT and RTGS charges by 20% for customers transacting through its branch network. “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,” SBI Managing Director (Retail & Digital Banking) PK Gupta said.
Earlier, SBI used to charge between Rs 1 to Rs 5 for NEFT and Rs 5 to Rs 50 for RTGS transactions.
The Reserve Bank of India, the country’s central bank, had waived all charges on NEFT and RTGS from July 1. It had also said that banks should pass on benefits accrued from the waiver to customers.