Implementing RBI’s decision to waive off online fund transfer charges, State Bank of India has announced that it will drop charges on all NEFT and RTGS cashless transactions through the internet and mobile banking from July 1, 2019.
The country’s largest public sector and commercial bank, has also decided to eliminate charges on IMPS (immediate payment service) through mobile phones from August 1, 2019.
The official press statement from the bank says that SBI has waived-off RTGS and NEFT charges for online customers using YONO, internet banking (INB) and mobile banking (MB) services from July 1, 2019, so as to provide impetus to digital funds movement in the country. It further added, the bank has decided to remove IMPS charges for INB, MB, and YONO customers from August 1, 2019.
Prior this announcement, the state-owned bank charged Re 1 and Rs 5 for NEFT transactions which comprised of transactions up to Rs 2 Lakh, and Rs 5 to Rs 50 for RTGS transactions which are meant for instantaneous large-value transfers.
By the end of March 2019, more than six crore people engaged through SBI’s internet banking services while 1.41 crore customers were making use of mobile banking services. The banking major has at least 18 percent market share in mobile banking in India.
The decision to waive off transaction charges through the internet as well as mobile banking would certainly encourage digital transactions across the country by further escalating the penetration of online transactions.
In line with the bank’s vision for supporting the cashless economy, the state-owned bank has also reduced on NEFT, and RTGS charges up to 20 percent across all slabs for branch transactions.
Acknowledging the same, Mr. P K Gupta, SBI MD, Retail & Digital Marketing says, in sync with SBI’s strategy and GoI’s vision to create a digital economy, the 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.
State Bank of India is the largest commercial bank of the country and possesses the highest base of assets, deposits, branches, customers, and employees. Indisputably, it is also India’s largest mortgage lender.
With 22,010 bank branches and over 58000 ATM/ CDM (cash deposit machine), the bank connects through the length and breadth of the country.