New SBI money transaction rules: Change in IMPS charges and limits from this month
In order to encourage customers to adopt digital banking, SBI has enhanced the free IMPS online transactions limit
PremiumThe State Bank of India (SBI), has increased the limit on its immediate payment service (IMPS) transactions. In order to encourage customers to adopt digital banking, the lender has enhanced the free IMPS online transactions limit to ₹5 lakh from ₹2 lakh. As of February 1, customers can make transactions up to ₹5 lakh instead of the earlier ₹2 lakh limit, the bank announced.
SBI said in a statement that it will not levy any service charge on Immediate Payment Service (IMPS) transactions up to ₹5 lakh done through Internet banking/Mobile Banking including YONO.
However, a new slab for ₹2 lakh to ₹5 lakh has been added. For IMPS transactions done through branches for amounts ranging ₹2 lakh to ₹5 lakh the proposed service charge is ₹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 the case of Branch Channels, there is no change in the service charges in the existing slabs.
The SBI has fixed the service charges for transferring money under the new IMPS slab at ₹20, excluding GST. For transactions under ₹2 lakh, the bank will levy a service charge between ₹2 to 12, plus GST.
However, for IMPS transactions done digitally through net banking, mobile banking or YONO, SBI will not levy any service charge, it noted.
SBI IMPS charges applicable for branches
Upto ₹ ₹1000 - No charges
Above ₹ 1000/- and upto ₹ 10,000- ₹2 + GST
Above ₹ 10,000/- and upto ₹ 1,00,000- ₹4 + GST
Above ₹ 1,00,000/- and upto ₹ 2,00,000- ₹12 + GST
Above ₹ 2,00,000/- and upto ₹ 5,00,000 - ₹20 + GST
SBI IMPS charges for online
No service charge on GST will be levied on any IMPS transaction done through the internet or mobile banking, up o ₹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 stands at 94.4 million and close to 21 million respectively.
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