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The State Bank of India (SBI) on Tuesday said there won’t be any service charges on Immediate Payment Service (IMPS) transactions upto 5 lakh done through internet banking and mobile banking, including YONO app. In addition, a new slab for 2 lakh to 5 lakh has been introduced with service charges of 20 + GST, starting 1 February 2022. The service charges on IMPS are in line with the service charges on NEFT/RTGS transactions, SBI said.

Under IMPS, there’s no service charge on transaction amounts up to 1,000. From 1,001 to 10,000, charge of 2 plus GST is applicable, transaction of 10,001 to 1 lakh attracts 4 plus GST fees and for amounts above 1 lakh upto 2 lakh, 12 plus GST is applied. These charges apply to only transactions carried through branch channels.

This provision has been introduced with an aim to encourage customers to adopt digital banking, SBI said.

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