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SBI waives RTGS, NEFT charges

The State Bank of India said it had decided to waive RTGS and NEFT charges for YONO, internet banking and mobile banking customers of the bank from 1 July. The bank will also waive IMPS charges for these customers from 1 August. The bank has more than 6 crore internet banking customers and 1.41 crore mobile banking customers. It also has 18% market share in mobile banking transactions. Its YONO users stand at 1 crore. P.K. Gupta, MD (Retail & Digital Banking) of the bank, said one of the bank’s core strategies is to provide convenience to customers and encourage them to take the digital route for transferring funds. In sync with this strategy and government’s vision to create a digital economy, the bank has taken this step to promote use of YONO, internet banking and mobile banking for doing NEFT and RTGS transactions without incurring any cost, he added. The bank has also reduced NEFT and RTGS charges for customers transacting through branch network by 20% across all slabs

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