SBI IMPS Limit- What is the Maximum and Minimum Limit for IMPS Fund Transfer Service?

Customers can use the State Bank of India's Immediate Payment Services (IMPS) (SBI). IMPS is a service that allows you to transfer money instantly using your phone, internet banking, or even ATMs. An IMPS transfer requires the beneficiary's name, account number, branch name, and other information.

Customers can also use IMPS to send and receive money by entering an MMID and a mobile number. Customers can send money using both the MMID and the IFSC. Money can be transferred from one person to another or from one account to another in SBI. This service is accessible via both net banking and the mobile application.

What is IMPS?

Immediate Payment Service (IMPS) is a mobile phone-based interbank electronic fund transfer service. It is also being expanded via other channels such as ATMs, Internet Banking, and so on. All registered users of SBI Anywhere Personal with transaction rights on one or more accounts have access to this feature. IMPS provides a reliable and real-time fund transfer service that is available 24 hours a day, seven days a week via mobile, internet, ATM, and SMS.

Benefits

• IMPS money transfers are as safe and secure as NEFT and RTGS.
• This service is simple to use on any smart device or phone with an internet connection.
• One of the quickest ways to transfer funds between bank accounts.
• Payments are made quickly and without delay.
• This service is available around the clock, seven days a week i.e 24/7

What is MMID?

The Mobile Money Identification Number (MMID) is a seven-digit number, the first four of which are the bank's unique identification number for IMPS.

Minimum and Maximum limit for IMPS

For transactions up to 10,000, the bank charges 2 plus GST. 4 plus GST for transactions up to a million dollars; 12 plus GST for transactions up to a million dollars; and 20 plus GST for transactions up to a million dollars.

Charges for IMPS

There is no transaction fee for IMPS at SBI branches.

Timings for initiating and receiving IMPS remittances

IMPS Inward and Outward transactions are available 24 hours a day, seven days a week. There are no restrictions on IMPS inbound and outbound transactions during holidays.