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State Bank of India waives off IMPS, NEFT, RTGS charges

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.

State Bank of India waives off IMPS, NEFT, RTGS charges

New Delhi: The country's largest lender State Bank of India (SBI) has waived off for YONO, internet banking and mobile banking customers.

While waiver of charges for NEFT, RTGS transaction for YONO, internet banking and mobile banking came to effect from July 1, 2019, IMPS charges will be waived on all these platforms from August 1, 2019.

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.

The Reserve Bank of India in its last Monetary policy had asked banks to make RTGS and NEFT transaction free for customers.

RBI levies minimum charges on banks for transactions routed through its RTGS meant for large-value instantaneous fund transfers and the NEFT System for other fund transfers. Banks, in turn, levy charges on their customers.

RTGS is a financial transaction system, where there is continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. RTGS transactions or transfers have no amount cap.

NEFT is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and corporates can electronically transfer funds from any bank branch to any individual, firm or corporate having an account with any other bank branch in the country participating in the Scheme.