SBI waives off IMPS, NEFT, RTGS; millions to be benefitted

State Bank of India has announced that it is waiving charges on IMPS, NEFT, and RTGS transactions through the internet and mobile banking after the Reserve Bank of India decided to do so in a bid to move the country towards a less-cash economy.

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

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service. On June 11, the RBI directed banks to withdraw the charges levied on the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) transactions.

The directive was issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).