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SBI to waive off IMPS charges from 1 August 2019, everything you need to know

SBI to waive off IMPS charges from 1 August 2019, everything you need to know

If you’re a SBI account holder then you’ll be glad to know that the bank is all set to waive off the IMPS charges from 1 Aug 2019. Here is everything you need to know about this development.

The biggest public lender SBI provides a whole lot of benefits to its customers through its innovative plans and schemes. Recently it had removed transaction charges on the fund transfer through NEFT, RTGS to promote the digital payment plan of government.

Now it has again brought a smile on the face of its customers by waiveing off the transaction charge for fund transfer via IMPS. This plan will come into effect from August 01, 2019 allowing the users to receive and send money in real-time. The bank will also waive off IMPS charges for it’s MB, INB, YONO customers.

“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 will also waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019,” SBI said in a statement.

IMPS is an electronic fund transfer service that helps the customers in ending and receiving money throughout the country. The National Payment Corporation Of India manages it and it has been built upon the already existing National Financial Switch Network.

If we look at the statistics then till March end 2019 the people using the mobile banking services of SBI were 1.41 crore and the number of customers using internet banking was more than six crores. SBI has around 185 market share in mobile banking transactions.

The bank has already reduced NEFT and RTGS charges by 20% for customers transacting through the branch network.

The government seems to have a big role in this big relief that has come for the customers as it has been consistently promoting digital transaction in India. It has been pushing the customers to use digital channels for transfer of fund, payment and other monetary settlement.

SBI seems to take this initiative to promote the vision of the government so that most of the users can use the digital medium for payment.

The NEFT and RTGS charges that were applicable on mobile baking and internet banking were removed from 1 July 2019. The MD of SBI said that the decision has been taken with the government’s vision to create a digital economy.

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