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Good news! After NEFT, RTGS, SBI makes all IMPS transactions free

In a big relief to SBI customers, the public sector bank has said it will not impose IMPS (Immediate Payment Service) charges from August 1, 2019. The SBI IMPS charges will also be zero for the users who want to transfer funds via its app Yono, internet banking and mobile banking.

"The bank will waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019," the state-owned lender said in a statement.

Earlier, the country's largest lender had waived off IMPS charges on fund transfer of up to Rs 1,000 only. However, from August 1, there will be nil charges on all other IMPS slabs ( Rs 1,001 to 10,000; Rs 10, 001 to Rs 25,000; Rs 25,001 to Rs 100,000; Rs 100,001 to  Rs 200,000).

IMPS is an interbank electronic fund transfer service, which is available round the clock. In July, the state-owned bank had also waived off  NEFT (National Electronic Funds Transfer) and RTGS ( Real Time Gross Settlement System) charges, after the Reserve Bank of India(RBI) decided to do away with the charges with an aim to move the country towards less-cash economy.. The RTGS is meant for large-value instantaneous fund transfers while the NEFT System is used for fund transfers up to Rs 2 lakh.

At March-end, 2019, the number of SBI customers using internet banking were more than six crores, while 1.41 crore persons were using mobile banking services.

The bank claims to have around 18 per cent market share in mobile banking transactions.

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