New Delhi: State Bank of India (SBI), the largest public sector bank, has withdrawn the transaction charges from NEFT and RTGS from internet and mobile. This rule will take effect from August 1. A statement from the bank said that SBI will not charge IMPS even from August 1.
"In order to promote digital transactions, SBI has launched YON (SBI's Integrated Digital and Lifestyle Platform), RTGS (Real Time Gross Settlement) and NEFT (National) for Internet Banking and Mobile Banking. "SBI has earlier charged Rs 1 to 5 for NEFT and Rs 5-50 for RTGS.
The Reserve Bank of India (RBI) decided not to levy charges on banks on RTGS and NEFT transfers from July and asked banks to transfer the benefits to customers. All SBI customers can avail of IMPS's free service. Immediate Payment Services means the mode of transferring funds through IMPS mobile. This allows the account holder to transfer money from mobile.