State Bank of India (SBI) has increased its Immediate Payment Service (IMPS) transaction limit. To encourage customers to adopt digital banking, the lender has increased the free IMPS Online Transactions limit to to 5 lakh 2 lakhs. Customers can do transactions from February 1 5 lakh instead of earlier 2 lakh limit, the bank announced.
State Bank Of India In a statement, it said that it will not levy any service charge on Immediate Payment Service (IMPS) transactions. 5 lakhs through Internet Banking/ Mobile Banking including YONO.
However, a new slab for from 2 lakhs 5 lakh has been added. For amounts for IMPS transactions done through branches from 2 lakhs 5 lakh is the proposed service charge 20 plus GST. The new charge will be effective from February 1, 2022.
“The service charges on IMPS are in line with the service charges on NEFT/RTGS transactions,” SBI said.
In case of branch channels, there is no change in the service charges in the existing slab.
SBI has fixed the service charges for transferring money under the new IMPS slab: 20, excluding GST. for transactions under 2 lakh, the service charge will be charged between the bank 2 to 12, plus GST.
However, for IMPS transactions done digitally through net banking, mobile banking or YONO, SBI will not charge any service charges.
SBI IMPS charges applicable for branches
So far 1000 – no fee
above 1000/- and up to 10,000- 2 + GST
above 10,000/- and up to 1,00,000- 4 + GST
above 1,00,000/- and up to 2,00,000- 12 + GST
above 2,00,000/- and up to 5,00,000 – 20 + GST
SBI IMPS Fee for Online
No service charge on GST will be levied on any IMPS transaction done through internet or mobile banking 5 lakh
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and employees. The number of customers using Internet Banking and Mobile Banking is 94.4 million and around 21 million respectively.
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