SBI to waive off the charges on NEFT, RTGS and IMPS

Last Updated: July 14, 2019

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SBI to waive off the charges on NEFT, RTGS and IMPS
14 July 2019 Current Affairs: State Bank of India (SBI) has waived the charges on National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions through YONO, Internet, and mobile banking. This will be effective from July 1. The move comes after the Reserve Bank of India (RBI) has decided to waive off the charges with an aim to move the country towards less-cash economy. Before July 1, SBI used to charge between Rs.1 and Rs.5 for transactions through NEFT, and Rs.5 to 50 for RTGS transactions.
SBI has also decided to do away with the charges on fund transfer using the Immediate Payment Service (IMPS) through mobile phones. It will be effective from August 1. The bank has  reduced NEFT and RTGS charges for customers transacting through branch network by 20% across all slabs.

Aim:
SBI's aim is to promote the use of YONO, internet banking and mobile banking for doing NEFT and RTGS transactions without incurring any cost. The plan is in sync with the bank's strategy and Government of India’s vision to create a digital economy.

Real Time Gross Settlement System (RTGS):
The RTGS system is used for large value transactions. The minimum amount that can be remitted through RTGS is Rs.2 lakh with no upper or maximum ceiling. 

National Electronic Funds Transfer (NEFT):
NEFT is a nation-wide payment system that facilitates one-to-one funds transfer. NEFT system is used for fund transactions of up to Rs.2 lakh.

SBI:
Founded on: As 2 June 1806 (Bank of Calcutta), 15 April 1840 (Bank of Bombay), 1 July 1843 (Bank of Madras), 27 January 1921 (Imperial Bank of India), 1 July 1955 (State Bank of India)
Headquarters: Mumbai, Maharashtra
Chairman: Rajnish Kumar
Total assets: Rs.3,312,461 crore
SBI is the largest commercial bank and the largest mortgage lender across the country. 
SBI has 22,010 branches and 58,000 ATM/CDM across India.
 

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