Online SBI: SBI offers internet banking services through its portal, onlineSBI.com

State Bank of India (SBI) has over the past few weeks lowered its charges applicable to fund transfer systems. From August 1, the country's largest bank has decided to waive its charges applicable to IMPS transactions initiated through net banking, mobile banking as well as mobile app YONO. From the same day, it has also decided to waive the charges applicable to IMPS transactions up to Rs 1,000 initiated through bank branches. From July 1, SBI waived its charges on RTGS and NEFT transactions initiated through online banking and YONO, it said on Twitter. (Also read: Online SBI - How to pay credit card bills through ATM)

Here's all you need to know about the reduction in online fund transfer charges as announced by SBI:

State Bank of India RTGS and NEFT transactions

The country's largest bank by assets has waived its charges applicable to all RTGS and NEFT transactions made through the online banking and YONO routes with effect from July 1. That means no additional charges will be levied from SBI customers initiating NEFT and RTGS fund transfers through internet banking, mobile banking and the bank's mobile app, YONO.

Also, with effect from July 1, the banking major has reduced the charges applicable to RTGS and NEFT transactions initiated at its branches by 20 per cent. That means SBI customers initiating fund transfers through payments systems NEFT and RTGS by visiting a bank branch will now get a relief of 20 per cent in charges.

State Bank of India IMPS charges

With effect from August 1, SBI has waived its charges applicable to IMPS transfers initiated through online banking and app YONO from August 1, the lender said on Twitter.

Also, with effect from August 1, the bank has waived its charges on IMPS transactions up to Rs 1,000 initiated at its branches.