There is great news for customers of State Bank of India (SBI), the country's largest public sector bank. SBI has made Free IMPS service related to money transactions for its customers from August 1. Apart from this, SBI has also decided to terminate the charges of NEFT and RTGS. Let us tell you that after the expiry of the charges of online transactions like NEFT, RTGS, IMPS, the SBI has also ordered its customers to free it with it. Let us know that three options for fund transfer (NEFT, RTGS, and IMPS) are found in online banking.

What happens IMPS: Immediate Payment Services – The abbreviation of Immediate Payment Services is IMPS. IMPS is a mode of transfer of funds through mobile. Using this mode the account holder can transfer funds from mobile to his friend or relative. This facility is provided by NPCI (National Payment Corporation of India).

You can transfer 24X7 funds through this. The special feature of this service is that there is a real-time fund transfer in it. If you have transferred the funds to someone at IM at 3 pm, then at the same time the account holder's account will be reached. You can also use this service on the holiday day. While NEFT and RTGS service is available only for a certain time In addition, fund transfer takes place on the day of the working day. In such a case, if you transfer funds on the day of the holiday, then it is pending until working day.