State Bank of India (SBI) has increased the limit of Immediate Payment Service (IMPS) transactions from Rs 2 lakh to Rs 5 lakh with nil charges on transactions through digital channels, the lender said in a statement on Tuesday.
"In an aim to encourage customers to adopt digital banking, the bank will not levy any service charges on IMPS transactions up to Rs 5 lakh, done through internet banking/mobile banking including YONO. In 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 lakh to Rs 5 lakh has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f February 1, 2022," SBI said.
The service charges on IMPS are in line with the service charges on NEFT/RTGS transactions, the bank said.
Here are the latest SBI's IMPS charges:
| Slab | Transactions at Branches | Transactions through Net Banking / Mobile / YONO | |
| Existing | Revisedw.e.f. 01.02.2022 | ||
| Up to Rs Rs 1,000 | Nil | No Change | NIL |
| Above Rs 1,000/- and up to Rs 10,000/- | Rs 2 + GST | ||
| Above Rs 10,000/- and up to Rs 1,00,000/- | Rs 4 + GST | ||
| Above Rs 1,00,000/- and up to Rs 2,00,000/- | Rs 12 + GST | ||
| Above Rs 2,00,000/- and up to Rs 5,00,000/- (New slab) | N.A. | Rs 20 + GST | |
Here are the latest SBI's NEFT charges:
| Slab | Transactions through Branches | Transactions through Net Banking / Mobile / YONO |
| Up to Rs 10,000 | Rs 2 + GST | NIL |
| Above Rs 10,000/- and up to Rs 1,00,000/- | Rs 4 + GST | |
| Above Rs 1,00,000/- and up to Rs 2,00,000/- | Rs 12 + GST | |
| Above Rs 2,00,000/- | Rs 20 + GST |
Here are the latest SBI's RTGS charges:
| Slab | Transactions through Branches | Transactions through Net Banking / Mobile / YONO | |
| Above Rs 2,00,000/- and up to Rs 5,00,000/- | Rs 20 + GST | NIL | |
| Above Rs 5,00,000/- | Rs 40 + GST | ||
The Reserve Bank of India (RBI) had in October 2021 announced that it is increasing Immediate Payment Service (IMPS) daily transaction limit from Rs 2 lakh to Rs 5 lakh.
(Edited by : Anshul)
First Published: Jan 4, 2022 5:52 PM IST
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