SBI new IMPS transaction limit, bank charges to change from February 1: All you need to know

SBI will be implementing some new charges for transactions made via Immediate Payment Service (IMPS). The bank account holders will have to pay the charges according to the new transactions rates from February 1.

SBI IMPS Transaction Limit

One of the biggest changes that will be implemented is the transaction limit. SBI will now be allowing transactions of up to Rs 5 lakh via IMPS. The previous limit was Rs 2 lakh. These transactions can be made both via online and offline modes.

SBI Offline IMPS Transaction Charges

SBI has introduced some new charges for IMPS transactions made via the offline mode. Customers who go to the bank branch to make the transactions will have to pay these charges.

According to the new IMPS charges, all offline transaction requests up to Rs 1000 will be not charged. For transactions ranging from Rs 1,000 to Rs 10,000, the customer will be charged Rs 2 and GST. The transactions in the range of Rs 10,000 to Rs 1,00,000 will attract charges of Rs 4 and GST charges.

SBI bank account holders will have to pay Rs 12 plus GST for each transaction made in the range of Rs 1,00,000 to Rs 2,00,000. The new slab introduced by SBI includes transactions in the range of Rs 2,00,000 to Rs 5,00,000. Account-holders will have to pay Rs 20 and GST per transaction.

SBI Online IMPS transaction Charges

All online IMPS transactions will be completely free of any extra charges. The bank will also not levy any GST charges on these transactions. All IMPS transactions made online via Internet Banking, Mobile Banking as well as through the YONO application will be exempt.

The online transactions have been exempt as the bank want to encourage its account holders to adopt online medium for their banking needs.

Earlier in January SBI released a statement saying, “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.”

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