Home / Money / Personal Finance /  New SBI money transaction rules: Change in IMPS charges and limits from this month

The 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. 

 

 

 

 

 

 

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout