SBI removes IMPS charges on digital fund transfers: Here is how much you can save

SBI removes IMPS charges on digital fund transfers: Here is how much you can save

The State Bank of India (SBI), the largest commercial bank in the country, has announced that the bank will waive-off the IMPS charge on fund transfer effective August 1, 2019. The SBI IMPS charge will be Nil for the users who want to transfer funds through YONO, internet banking (INB) and mobile banking (MB).

Earlier, the SBI had waived-off the NEFT, RTGS transaction charges for the transfer of funds by the accountholders effective July 1, 2019. From August 1, 2019, there will be zero charges for SBI IMPS, NEFT, RTGS use on net banking, mobile banking and on YONO.

Making fund transfer transactions through SBI Online or through YONO or SBI mobile banking will now not cost anything, however, conducting NEFT, RTGS transactions will still cost the user. As per the bank statement, “Additionally bank has already reduced NEFT and RTGS charges for customers transacting through branch network by 20 per cent across all slabs.” Also, there will be a waiver on IMPS charges for fund transfer up to Rs1,000 through branch banking.

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones and through other channels such as ATM, Internet Banking, etc. The funds in the case of IMPS gets credited into the beneficiary account immediately.

Below are the current charges for IMPS using SBI Yono Lite. This is how much one can save from August 1, 2019:

Amount Slab: Rs. 0 – 1,000
Existing IMPS Charges: NIL
Commission Amount debited from customer + GST: No Charges

Amount Slab: Rs. 1,001 – 10,000
Existing IMPS Charges: Rs.1
Commission Amount debited from customer + GST: Rs.2.36

Amount Slab: Rs. 10,001 – 25,000
Existing IMPS Charges: Rs.2
Commission Amount debited from customer + GST: Rs.2.36

Amount Slab: Rs. 25,001 – 1,00,000
Existing IMPS Charges: Rs.2
Commission Amount debited from customer + GST: Rs.5.90

Amount Slab: Rs. 1,00,001 – 2,00,000
Existing IMPS Charges: Rs.3
Commission Amount debited from customer + GST: Rs.11.80

Earlier, the Reserve Bank of India (RBI) had waived-off the processing charges and time-varying charges on outward transaction of NEFT and RTGS which was levied on the banks. With banks not bearing any cost, it was expected that the banks too will not charge their users on such transactions.

Source:-financialexpress

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