After NEFT, RTGS, SBI waives off IMPS charges

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Mumbai: With an aim to take India towards a cashless economy, RBI decided to do away with National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement System (RTGS) charges. Following which State Bank of India (SBI) has waived charges through the internet and mobile banking from July 1.

Now, in good news to SBI customers, the bank also decides to waive IMPS (Immediate Payment Service) charges from August 1.

In a released statement, it said, “The bank will waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019,”.

RBI levies processing charges and time-varying charges on banks for outward transactions through the RTGS and NEFT.

Narendra Modi government aims to boost India in the line of “Digital India”, so to implement the same various measures had been taken from time to time.

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