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SBI Not To Impose Service Charges On Online IMPS Transactions Up To Rs. 5 Lacs

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The country's largest public-sector lender, State Bank of India (SBI), has stated that it would not impose service charges on (Immediate Payment Service) IMPS transactions up to Rs 5 lakh made through digital banking channels of the bank itself. SBI has alerted its customers through a tweet that "SBI has increased the IMPS transaction limit to Rs 5 lac with NIL charges for transactions done through digital channels."

 
SBI Not To Impose Service Charges On Online IMPS Transactions Up To Rs. 5 Lacs

To make it easier for readers to understand, SBI would not charge any service charges on IMPS transactions up to Rs. 5 lakhs that are conducted using the bank's digital channels, such as internet banking and mobile banking, including YONO SBI. With effect from February 1, 2022, a new transaction slab of Rs 2 lakh to Rs 5 lakh has been introduced by SBI for IMPS transactions conducted through the bank's branches, and the service charge for the same would be charged at Rs 20+GST.

 

The service charge for IMPS transactions made at branches for amounts above Rs 1,000 up to Rs 10,000 is Rs 2+GST, while the service charge for amounts above Rs 10,000 up to Rs 1,00,000 is Rs 4+GST. Whereas a service charge of Rs 12+GST would be applied to IMPS transactions of amounts above Rs 1 lakh and up to Rs 2 lakh. The Reserve Bank of India (RBI) increased the IMPS transaction ceiling from Rs 2 lakh to Rs 5 lakh in October of last year.

IMPS is a widely used instant payment inter-bank electronic funds transfer system that allows real-time transactions via mobile, internet, and ATM channels, and is available 24 hours a day, seven days a week, including Sundays and holidays. To make an IMPS payment, you'll need a mobile number and a 7-digits mobile money identifier (MMD), or a bank account and an IFSC code, or an Aadhaar number.

On the other hand, SBI has also clarified that the service charges for the branch channel on IMPS are in line with the service charges on NEFT, RTGS transactions. This implies that IMPS, RTGS, and NEFT transactions made through SBI's digital channels are free of service charge.

SBI New IMPS Transaction Charges

SlabIMPS Service Charges (Existing)IMPS Service Charges (Revised)
Upto Rs 1,000/NilNo Change
Above Rs 1000/- and upto Rs 10,000/-Rs 2/- + GSTNo Change
Above Rs 10,000/- and upto Rs 1,00,000/-Rs. 4/- + GSTNo Change
Above Rs 1,00,000/- and upto Rs 2,00,000/-Rs. 12/- + GSTNo Change
Above Rs 2,00,000/- and upto Rs 5,00,000/-New SlabRs 20/- + GST
Source: SBI W.e.f. 01.02.2022

SBI NEFT Service Charges

SlabBranch ChannelOnline Channel
Upto Rs 10,000Rs. 2.00+ GST --NIL--
Upto Rs 10,001 to Rs. 1 lacRs. 4.00+ GST --NIL--
Above Rs. 1 lac upto Rs. 2 lacRs. 12.00+ GST --NIL--
Above Rs. 2 lacRs. 20.00+ GST --NIL--
Source: SBI

SBI RTGS Charges

SlabBranch ChannelOnline Channel
Rs. 2 lac to Rs. 5 lacRs. 20.00+ GST --NIL--
Above Rs. 2 lacRs. 40.00+ GST --NIL--
Source: SBI

Read more about: sbi imps rtgs neft
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