SBI said that there is no change in the service charges in case of branch channels.
New Delhi: In a move to push digital banking further, the country’s largest lender State Bank of India (SBI) on Tuesday decided to increase the Immediate Payment Service (IMPS) limit from Rs 2 lakh to Rs 5 lakh. “The bank has not levied any service charges on IMPS transactions up to Rs 5 lakh made through internet banking or mobile banking including YONO (App),” SBI said in a release.
“There is no change in the service charges of IMPS in the existing slab in case of branch channels,” it said.
“A new slab has been added for Rs 2 lakh to Rs 5 lakh, and the proposed service charge for this slab is Rs 20 plus GST (goods and services tax) with effect from February 1, 2022,” the lender noted.
SBI further said, “The service charges on IMPS are in line with the service charges on NEFT and RTGS transactions.”
For IMPS at SBI branches, there is no charge for transactions up to Rs 1,000. For transactions up to Rs 10,000, the bank charges Rs 2 plus GST. Rs 4 plus GST for transactions up to Rs 1,00,000; Rs 12 plus GST for transactions up to Rs 2,00,000; and Rs 20 plus GST (new slab) for transactions up to Rs 5,00,000.
For NEFT (National Electronic Funds Transfer) at branches, SBI charges Rs 2 plus GST for transactions up to Rs 10,000; Rs 4 plus GST for transactions up to Rs 1,00,000; Rs 12 plus GST for transactions up to Rs 2,00,000; and Rs 20 plus GST for transactions above Rs 2,00,000.
For RTGS (Real Time Gross Settlement) at branches, SBI charges Rs 20 plus GST for transactions above Rs 2,00,000 and up to Rs 5,00,000; and Rs 40 plus GST for transactions above Rs 5,00,000.
However, there is no service charge for transactions done through net banking, mobile and YONO.
Meanwhile, SBI shares closed 2.75 per cent higher at Rs 483.75 on the NSE.
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