To boost online payments and digital or cashless drive, SBI has yet again reduced its transaction fee on IMPS or immediate payment services platform by as much as 80%. This has come as a huge relief for its customers. The bank on its twitter handle tweeted "Go Cashless with SBI: IMPS service charges now slashed up to 80 pct".

"Digitalization and excellence in operations is one of our core strategies in providing convenience to customers. It has resulted in reducing turnaround time along with extended benefits to the customers. In sync with our strategy and complementing the focus of Government of India to create a digital economy, we have taken one more step to promote use of internet banking and mobile banking for doing NEFT and RTGS transactions by reduction of the charges," Rajnish Kumar, Managing Director, NBG, SBI said earlier.

This said IMPS transactions valued below Rs. 1000 shall not entail any costs while for transactions above Rs. 1000 and upto Rs. 10000 and Rs. 10001 and 1,00,000, Rs. 1 and Rs. 2 shall be charged respectively. The transactions above Rs. 100000 and upto Rs. 2,00,000 would levy Rs. 3 as IMPS transaction fee for its users. The rates are effective from October 15. 2017