No charges on online fund transfer
State Bank of India (SBI), the country's largest lender, has waived charges on national electronic funds transfer (NEFT) and real-time gross settlement (RTGS) transactions through internet and mobile banking from July 1.
To boost digital transactions
SBI's decision came after the Reserve Bank of India (RBI) announced its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, with an aim to move the country towards a less-cash economy. The RBI had also asked banks to pass on the benefits to customers from the same day.
No charge on IMPS transfers
State Bank has also removed charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1.
SBI's fund transfer charges before July 1
SBI used to charge between Re 1 and Rs 5 for NEFT, and Rs 5-50 for RTGS, prior to July 1.
What State Bank of India said
"In order to provide an impetus to digital funds movement, SBI waived-off RTGS and NEFT charges for YONO, internet banking (INB) and mobile banking (MB) customers from July 1, 2019," the bank said in a statement.
Emphasis on boosting digital transactions
Along with customer convenience, the waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions, the bank said.
SBI customers using internet, mobile banking
More than 6 crore SBI customers were using internet banking, while 1.21 crore customers were using its mobile banking services, by March 2019.
SBI's share in mobile banking transactions
SBI claims to have around 18 per cent market share in mobile banking transactions.
20 per cent reduction in NEFT, RTGS charges through branch network
The bank has already reduced NEFT and RTGS charges for customers transacting through branch network by 20 per cent across all slabs.
Country's largest commercial bank
SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It also has the largest network of 22,010 branches in the country and an ATM/CDM (cash deposit machine) network of over 58,000.