SBI Announces Zero Charges of all Digital Transactions

SBI announces zero charges of all digital transactions

State Bank of India, the largest public sector bank of India, has made a fantastic announcement today to its account holders. From August 1st 2019 its customers have to pay nothing for all digital transactions in SBI. This waiver of IMPS or immediate payment services charges is a welcome move for the people of India. It includes money transfer from SBI account to any bank account.

All digital transactions waived of charges

Already the charges for NEFT and RTGS up to 2 lakhs was cancelled from July 1st 2019 by SBI. And from August 1st all the digital transactions either by mobile, YONO (You only need one) app, or internet banking will have zero charges. SBI has done this for making people transact money more in the digital format.

A welcome move the largest bank in India

SBI is the largest bank in India with more than 22,010 branches and counting. They have an ATM/CDM (cash deposit machine) network of more than 58,000. Registered users of YONO app have crossed 1 crore. SBI is the largest lender in the country by this announcement of no transactions on RTGS, NEFT and NEFT will benefit more than 1.40 crores of customers.

Finance Minister announced in the budget for pushing digital transactions

The finance minister during the presentation of the budget on July 5th has said there would be a push for more digital transactions. As per her announcement, the digital drive is initiated by the largest bank first. If it is followed by other public sector banks like Punjab National Bank, Canara Bank, and others, it will be a great move towards digitalization and also benefit for the Indian citizens.

State Bank of India should also consider reducing the charges of withdrawing money from ATMs of other banks. The savings account holders are charged Rs. 23/- per withdrawal of cash from ATM of other branches.

SBI announcement today will bring cheers to the millions of its account holders across India.