No Charges on IMPS Transfer from August 1st 2019:
To digitalize the bank transactions makes SBI roll out a lot of zero charges for money transfer now. If it was the NEFT waived of costs from July 1st it is to be the IMPS charges waive off from August 1st 2019.It is to benefit more than 1.40 crores of people who use State Bank of India Internet Banking Serice and YONO Mobile App. The Government's push to digitalize the transactions has enabled the common man to enjoy the benefits.
The following is the table for the date and waived charges of SBI:
- RTGS: Real-time gross settlement
- NEFT: National electronic funds transfer
- IMPS: Immediate payment service
- YONO: You Only Need One (SBI App)
- INB - Internet banking
- MB - Mobile banking
The facts from the SBI twitter handle:
There are more doubts cleared in the twitter handle of the SBI. To a query on the charges of UPI or unified payments transfer used person to person transfer (P2P), SBI replied it does not charge UPI P2P transfers.
Also regarding the repayment of the NEFT charges done for transactions after July 1st the customers can contact the branch.