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 March 31, 2019, the number of SBI customers using internet banking are more than 6cr and mobile banking services stands at 1.41cr.
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 1cr. Along with customer convenience, the waiver in NEFT, IMPS and RTGS charges will attract more customers towards digital transactions.
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 the 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.