Added on : 2019-07-12 17:40:51
The country's largest bank, which has about 25 percent market share, has also decided to do away with the charges on fund transfer through mobile phones using the IMPS (immediate payment service) from August 1. "The bank will also waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019," the state-owned lender said in a statement. The waiving off of transaction charges for online transfers is an attempt to encourage digital payments.
Before July 1, SBI used to charge between Re 1 and Rs 5 for transactions through NEFT, and Rs 5-50 for RTGS route.