The State Bank of India (SBI), country's largest lender, has waived off the IMPS charge on fund transfer. Now, the IMPS charges will be free from August 1, 2019. SBI IMPS charges will be Nil for the users who want to transfer funds through YONO, internet banking and mobile banking.
Earlier, SBI had waived off the NEFT, RTGS transaction charges for the transfer of funds by the users effective July 1, 2019.
From August 1, 2019, there will be zero charges for SBI IMPS, NEFT, RTGS use on net banking and YONO.
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is being extended through other channels like ATM, Internet Banking etc.