Here’s some good news for SBI customers. The State Bank of India will not be charging its customers for Immediate Payment Service (IMPS) from now on, starting today i.e., 1 August 2019.
The largest commercial bank in the country had earlier waived-off transnational charges for National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) for YONO (SBI’s digital banking platform), internet banking as well as mobile banking, that came into effect from 1 July 2019.
The State Bank of India has taken this step in order to encourage digital banking and support the idea of creating a digital economy.
The Reserve Bank of India had earlier, on 11 June, directed the banks to withdraw charges levied on NEFT and RTGS transactions.
SBI has also lowered the interest rates for Fixed Deposit or (FD) to be in effect from 1 August as well. The bank will also waive off charges for fund transfer through IMPS for upto Rs 1000 through branch banking.
SBI has also cut interest rate on bulk deposits of Rs 2,00,00,000 and above.
About NEFT:
Through NEFT, funds can be transferred from one bank account to another. The transaction is made within a few hours and there is no upper or lower limit for said transaction.
About RTGS:
There is a minimum amount limit for transferring funds through RTGS. The money transfer cannot be less than Rs 2 lakhs. The funds are transferred as soon as the request is received by the bank.
About IMPS:
IMPS is an instant payment inter-bank electronic funds transfer system available 24/7 throughout the year (including the bank holidays). IMPS is managed by the National Payments Corporation of India (NPCI).
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