Reuters: State Bank of India waives off IMPS, NEFT and RTGS charges.
This means that SBI account holders will not have to pay fees for online money transfers.
Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones.
NEFT settles fund transfers in half-hourly batches with 23 settlements occurring between 8:00 am and 7:00 pm on weekdays and the first, third and fifth Saturday of the calendar month.
RTGS (Real Time Gross Settlement) is the fastest possible money transfer system through the banking channel. Because settlements are made in real time, transactions are not subject to any waiting periods.