SBI waives off IMPS, NEFT and RTGS charges


Reduces NEFT and RTGS charges through branch banking by 20%

Chandigarh, July 12, 2019: In order to provide an impetus to digital funds movement, State Bank of India (SBI), the largest commercial bank in the country 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.

As on 31st March, 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore. State bank of India also boasts of around 18% market share in mobile banking transactions. Registered users of YONO – an integrated digital and lifestyle platform by SBI stands at nearly 1 Crore. Along with customer convenience, the waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions.

Mr. P.K. Gupta, MD (Retail & Digital Banking), SBI said, “One of our bank’s core strategies is to provide convenience to customers and encourage them to take the digital route for transferring funds. In sync with our strategy and Government of India’s vision to create a digital economy, SBI has taken this step to promote use of YONO, internet banking and mobile banking for doing NEFT and RTGS transactions without incurring any cost.”

Additionally bank has already reduced NEFT and RTGS charges for customers transacting through branch network by 20% across all slabs

About State Bank of India

State Bank of India (SBI) the largest commercial bank in terms of assets, deposits, branches, customers and employees; is also the largest mortgage lender in the country. As on March 31, 2019, the bank has a deposit base of over Rs. 29 lakh crore with CASA ratio of 45.74% and advances of over Rs. 22 lakh crore. SBI commands around 35% of market share in home loans and auto loans. The Bank has the largest network of 22,010 branches in India and an ATM / CDM network of over 58,000. The number of customers using internet banking facility are more than 6 crore and mobile banking services stand at 1.41 crore. Downloads for YONO – an integrated digital and lifestyle platform by SBI – are over 2 Crore, with more than 15 lakh logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide.