Boosting digital transactions! SBI to not levy service charges on IMPS up to Rs 5 lakh

SBI IMPS Charges: There is good news for the State Bank of India (SBI) customers. In an aim to encourage digital transactions among its customers, the largest public sector lender in the country has not levied any service charges on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh.

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The SBI customers must note that SBI will not levy any service charges on IMPS transactions up to Rs 5 lakh done through Internet banking/Mobile Banking including YONO. The customers must also note that 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 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST with effect from 01.02.2022, as per the SBI release.

Now, the SBI customers must be aware of the various charges.

IMPS service charge

NEFT Service Charges

It has to be noted in this context that the RBI in its Monetary Policy Committee (MPC) meeting in October increased the daily limit of IMPS transactions to Rs 5 lakh from earlier Rs 2 lakh.

It can be noted that IMPS of National Payments Corporation of India (NPCI) is an important payment system providing 24x7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS.

"In view of the importance of the IMPS system in processing of domestic payment transactions, it is proposed to increase the per-transaction limit from Rs 2 lakh to Rs 5 lakh for channels other than SMS and IVRS," RBI said in a statement.