Good News For Customers As SBI Waives Off RTGS, NEFT, IMPS Charges For Online Transactions

Country's largest public sector bank State Bank of India (SBI) announced that it has waived off the charges levied on NEFT and RTGS transactions, following Reserve Bank of India's(RBI) directive, reports Economic Times.

SBI, in its press release, said that with effect from July 1, 2019, no RTGS and NEFT charges will be levied on customers for transactions done via internet banking, mobile banking and its YONO app. The bank will also waive off the IMPS charges with effect from 1 August 2019.

The SBI has reduced the NEFT and RTGS charges by 20 per cent for customers transacting through their branch. And there will be no charges for IMPS transfers up to Rs 1,000 through any branch.

In order to encourage digital transactions, the RBI, in its last monetary policy review held in June, had decided to do away with the charges levied on the Real Time Gross Settlement(RTGS) for large value instantaneous fund transfers and National Electronic Fund Transfer(NEFT) for other transactions.

RBI had directed the banks to pass on the benefits to their customers within a week after passing the instructions.