Online SBI money transfer: No charges on IMPS facility, know how to use it

Country’s largest bank, State Bank of India (SBI) recently decided to stop charging on Immediate Payment Service (IMPS) transaction charges on the internet and mobile banking with effect from August 1. The bank is also waiving IMPS charges for fund transfer up to Rs 1,000 through branch banking. 

IMPS is an instant online bank to bank electronic fund transfer service through mobile phones, which is also being extended through other channels such as ATMs and internet banking.

"The bank will also waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019," SBI said in a statement.

SBI customers can transfer money through IMPS by using IFSC or MMID, here is how to transfer funds using IMPS:

Step 1: Log in to the SBI portal by providing username and password.

Step 1: Click on Payments Transfer.

Step 1: Now, go to ‘IMPS Funds Transfer’ and tap on ‘Fund Transfer’.

Step 1: Click on the ‘Person to Person (Using MMID)’. Now provide the MMID and mobile number.

Step 1: Click on the ‘Person to Account (Using IFSC)’ option and click Proceed. Add beneficiary details such as name, account number, IFSC code, etc

Step 1: Now, you need to enter the amount to be transferred and click ‘Submit’

7) Verify details and click ‘Confirm’

8) Mobile-based OTP authentication can be used to approve the transaction.

The transfer of funds through IMPS is real-time and the credit will be transferred to beneficiary’s account almost instantly. While only mobile banking customers can remit money under IMPS. In order to increase digital transactions, SBI had waived off RTGS and NEFT charges for YONO, internet banking (INB) and mobile banking (MB) customers earlier.