With an aim to boost digital transactions, State Bank of India on Friday said that it has waived Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) charges for its app YONO, internet and mobile banking customers. The waiver is effective from 1 July 2019. SBI will also not levy Immediate Payment Service (IMPS) charges from 1 August, 2019.
The bank has also reduced RTGS and NEFT services through branch banking by 20%. It has also waived IMPS charges for fund transfer of up to ₹1,000 through branch banking. As on 31 March, 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore.