SBI Big Update: IMPS charges to change from next month; check new rate

New Delhi: State Bank of India (SBI) customers are in for good news, as the public sector lender has announced that users won’t have to pay service charges on digital Immediate Payment Service (IMPS) transactions worth up to Rs 5 lakh, starting from February 1, 2022. 

SBI customers can use the bank’s net banking, mobile banking and YONO facilities to use the IMPS feature for free for transactions up to Rs 5 lakh. Previously, the country’s largest public sector bank allowed customers to do online IMPS transactions worth up to Rs 2 lakh. However, SBI has now increased the limit to Rs 5 lakh. 

In a press release dated January 4, SBI said, “In an aim to encourage customers to adopt digital banking, SBI has not levied any Service Charges on IMPS transactions up to Rs. 5 lacs, done through Internet banking/Mobile Banking including YONO. In the case of Branch Channels, there has been no change in the service charges for IMPS done through the Branch Channel in the existing slabs." 

“However, a new slab for Rs 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022. The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions," the bank added.

However, if a customer visits an SBI branch for an IMPS transaction, the individual will have to pay the IPMS fee in the existing slabs. Currently, there is no charge for offline IMPS transactions worth Rs 1,000 or less, while a Rs 2 service charge + GST is charged on transactions above Rs 1,000 and up to Rs 10,000. Also Read: iOS 15.4 Update: Face ID unlocking with a mask on becomes a reality, know other features

Similarly, Rs  4 service charge + GST is levied on offline IMPS transactions above Rs 10,000 and up to Rs 1,00,000. Also, customers will have to pay Rs Rs 12 service charge + GST on offline transactions above Rs 1,00,000 and up to Rs 2,00,000, while Rs 20 service charge + GST will be charged for payments above Rs 2,00,000 and up to Rs 5,00,000. Also Read: Google to invest $1 billion in Airtel; pick up 1.28% stake for $700 million

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