Lending major State Bank of India on Friday said that it has waived charges on RTGS and NEFT transactions with effect from July 1.

In a statement, the bank also announced waiver of charges on IMPS (immediate payment service) effective from August 1.

"In order to provide an impetus to digital funds movement, State Bank of India (SBI), the largest commercial bank in the country has waived RTGS (Real Time Gross Settlement) and NEFT (National Electronics Funds Transfer System) charges for YONO (an integrated digital and lifestyle platform by SBI), internet banking (INB) and mobile banking (MB) customers from July 1, 2019," it said.

The SBI used to charge between Rs 1-5 for transactions through NEFT, and Rs 5-50 for RTGS transactions before July 1.

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The Reserve Bank of India (RBI) decided not to impose charges on RTGS and NEFT transactions on banks from July and also urged the banks to pass on the benefit to the customers. (IANS)