Article by Aditee Lad
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.”
SBI claims to have around 18 percent market share in mobile banking transactions. Along with customer convenience, the waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the bank anticipates.