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SBI To Remove Immediate Payment Service (IMPS) Charges From August 1: Ten Things To Know
13 Jul 2019, 04:43 PM IST
- Along with customer convenience, the waiver in NEFT (National Electronic Funds Transfer ), IMPS and RTGS (real-time gross settlement) charges will attract more customers towards digital transactions, the bank said.
- SBI has already waived charges on NEFT (National Electronic Funds Transfer ) and RTGS (real-time gross settlement) transactions through internet and mobile banking from July 1.
- Additionally, the bank also reduced NEFT and RTGS charges for customers transacting through branch network by 20 per cent across all slabs.
- The National Electronic Funds Transfer (NEFT) system is used for fund transactions of up to Rs 2 lakh, while the real-time gross settlement (RTGS) system is meant for large-value instantaneous fund transfers.
- "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.
- Before July 1, SBI used to charge between Re 1 and Rs 5 for transactions through NEFT, and Rs 5-50 for RTGS route.
- These announcements by SBI came after Reserve Bank of India (RBI) decided to do away with the charges with an aim to move the country towards less-cash economy.
- Last month, the central bank waived-off the processing charges and time-varying charges on outward transaction of NEFT and RTGS which was levied on the banks.
- Meanwhile, SBI reduced its benchmark lending rates by five basis points across all tenors. The marginal cost of fund-based lending rate, or the MCLR, now stands at 8.40 per cent for the one-year tenor, down from 8.45 per cent, with effect from July 10.
- As on March 31, 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore.
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