SBI increases transaction limit on IMPS money transfer of up to Rs 5 lakh
State Bank of India has made a big announcement for its customers on Tuesday. The bank announced that the customers would not have to pay any charges from next month for instant digital remittance of up to Rs 5 lakh. There is no charge for sending Rs 2 lakh under Immediate Payment Service (IMPS). These instructions of SBI will be applicable from February 1.
SBI said that to encourage customers to switch to the bank’s digital modalities, and the bank will no longer charge for digital IMPS transactions up to Rs 5 lakh. In addition, The transaction can be done through YONO App, Internet Banking/ Mobile Banking.
Slab
IMPS Service Charges (Existing)
IMPS Service Charges (Revised)
Upto ₹ 1,000/-
Nil
No Change
Above ₹ 1000/- and upto ₹ 10,000/-
₹2/- + GST
Above ₹ 10,000/- and upto ₹ 1,00,000/-
₹4/- + GST
Above ₹ 1,00,000/- and upto ₹ 2,00,000/-
₹12/- + GST
Above ₹ 2,00,000/- and upto ₹ 5,00,000/-
New Slab
₹20/- + GST
The bank cleared that if any customer wishes to send money via IMPS by visiting a bank branch, there will be no charge for up to Rs 1000. However, transactions above Rs 1000 and up to Rs 2 lakh will hold GST along with a service charge of Rs 2 to Rs 12 from February 1, 2022. The Indian multinational public sector bank said it has added a new category of transactions above Rs 2 lakh and up to Rs 5 lakh.
SBI has increased the IMPS transaction limit to Rs 5 lac with NIL charges for transactions done through digital channels. For complete details, visit: https://t.co/2wpOQD7XCS#SBI #DigitalBanking #IMPS #AzadiKaAmritMahotsavWithSBI pic.twitter.com/QVbHmlzXHF
— State Bank of India (@TheOfficialSBI) January 4, 2022
For the transaction of this amount through the branch, GST (Goods and Services Tax) will be levied along with Rs 20 from February 1. If customers send money through internet banking, mobile banking, or the YONO app, they will not have to pay any charges.
IMPS provides robust and real-time fund transfer, providing instant, 24X7, interbank electronic fund transfer service. It can be accessed on multiple channels, including SMS, Mobile, and ATM. It allows instant money transfer within banks across India, which is safe and economical. Many banks charge customers using IMPS transactions. However, some banks offer IMPS free of cost depending on the type of account held by the customers or using IMPS through Internet Banking.
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