The country's largest bank SBI has terminated the IMPS, NEFT and RTGS charges. State Bank of India said in a statement that it has abolished the entire country for Yono, Internet Banking and Mobile Banking customers from 1 July to 2019.
The bank is going to eliminate IMPS charge from August 1, 2019 for internet banking, mobile banking and yono customers from August 1. By March 31, 2019, 60 million subscribers in the State Bank of India use internet banking. There are 1.41 crore people using mobile banking. Digital and Lifestyle platform of the bank uses 10 million subscribers.
The bank has already reduced the fee by 20 percent for NEFT and RTGS transactions through Branch. SBI has taken these steps to increase digital transactions. The bank's retail and digital banking MD PK Gupta said that the purpose of the bank is to increase the customer's convenience and to encourage them to adopt digital route. SBI has terminated the NEFT and RTGS charges to increase Yono, Internet Banking and Mobile Banking.
SBI used to charge Rs 2.5 for transferring up to Rs 10,000. At the same time, Rs 5 to Rs 10 lakh to Rs 1 lakh is NEFT charged. 15 rupees for 1 lakh to 2 lakh rupees and 25 rupees more than 2 lakh rupees.
At the same time, charges ranging from 25 rupees to 56 rupees were charged for RTGS transfer. RTGS is above 2 lakh rupees. In the recent monetary policy, the Reserve Bank decided to end RTGS and NEFT charges from 1 July.
The bank charges 1 rupee charge for IMPS transfer upto Rs. 1000. From Rs 1001 to Rs 10 thousand 2 rupees, Rs 10001 to Rs 1 lakh, 2 rupees are IMPS charge. There is an IMPS charge of Rs 1 lakh and up to Rs 2 lakh. Taxes are also added in this.
There is no charge for Rs.1000 for IMPS transfer via Internet Banking and Mobile Banking. At the same time, Rs. 1001 to Rs. 1 lacs is 5 rupees plus GST. 15 rupees plus GST charge from Rs 100001 to Rs 2 lakh.
SBI had a deposit base of 29 lakh crores till March 31, 2019. There was an accommodation of 22 lakh crores. The bank has 22010 branches across the country. Apart from this, there are also 58 thousand ATMs.
