SBI Waives off IMPS Charges From August 1, No Transaction Charge on NEFT, RTGS Too
Representational Image (Photo Credits: PTI)

Mumbai, July 12: State Bank of India (SBI) account holders, here is some more good news for you. The bank has waived off IMPS charges which will be effective from August 1, 2019. This means the SBI IMPS charge will be zero for those users who want to transfer funds through YONO, internet banking (INB) and mobile banking (MB). SBI Home Loan Interest Rate Reduced by 5 Basis Points on Loan up to Rs 30 Lakh.

The bank had earlier waived off the NEFT, RTGS transaction charges for transfer of funds effective July 1, 2019. So from August 1, there will be absolutely no charges for using any of the SBI facilities like-IMPS, NEFT, RTGS, net banking, mobile banking and on YONO-n integrated digital and lifestyle platform by SBI.

According to a Zee News report, as on 31st March 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore. SBI has around 18 percent market share in mobile banking transactions. Registered users of YONO -stands at nearly 1 Crore. This waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions.