New Delhi: The State Bank of India has waived off IMPS charges, ANI reported on Friday. Now, no fees will be levied on online money transfers for the SBI account holders.

As per the bank’s statement, the waiver will be in effect from August 1.

Earlier, the bank had waived off charges on fund transfer through NEFT, RTGS by the users.

In June, the Reserve Bank of India had decided not to impose any charges on fund transfer through RTGS and NEFT. After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems from July 1, the Reserve Bank of India (RBI) had also asked banks to pass on the benefits to customers from the same day. The real-time gross settlement (RTGS) system is meant for large-value instantaneous fund transfers, while the national electronic funds transfer (NEFT) system is used for fund transfers of up to Rs 2 lakh.

The RBI had also constituted a high-level committee under IBA Chief Executive V G Kannan to examine ATM charges and fees by banks amid demands for reviewing the levies. The use of automated teller machines (ATMs) has been growing significantly and there have been persistent demands to change ATM charges and fees.

(With PTI inputs)