SBI To Remove Immediate Payment Service (IMPS) Charges From August 1: Ten Things To Know
- Along with customer convenience, the waiver in NEFT (National Electronic Funds Transfer ), IMPS and RTGS (real-time gross settlement)Â charges will attract more customers towards digital transactions, the bank said.
- SBI has already waived charges on NEFT (National Electronic Funds Transfer ) and RTGS (real-time gross settlement) transactions through internet and mobile banking from July 1.
- Additionally, the bank also reduced NEFT and RTGS charges for customers transacting through branch network by 20 per cent across all slabs.
- The National Electronic Funds Transfer (NEFT) system is used for fund transactions of up to Rs 2 lakh, while the real-time gross settlement (RTGS) system is meant for large-value instantaneous fund transfers.
- "In order to provide an impetus to digital funds movement, SBI waived-off RTGS and NEFT charges for YONO, internet banking (INB) and mobile banking (MB) customers from July 1, 2019," the bank said.
- Before July 1, SBI used to charge between Re 1 and Rs 5 for transactions through NEFT, and Rs 5-50 for RTGS route.Â
- These announcements by SBI came after Reserve Bank of India (RBI) decided to do away with the charges with an aim to move the country towards less-cash economy.
- Last month, the central bank waived-off the processing charges and time-varying charges on outward transaction of NEFT and RTGS which was levied on the banks.
- Meanwhile, SBI reduced its benchmark lending rates by five basis points across all tenors. The marginal cost of fund-based lending rate, or the MCLR, now stands at 8.40 per cent for the one-year tenor, down from 8.45 per cent, with effect from July 10.Â
- As on March 31, 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
