After NEFT and RTGS, it is Immediate Payment Service (IMPS) that comes to mind. This facility is open 24X7 for anyone holding a bank account. When a fund transfer is initiated by a person using IMPS, the initiator bank sends a message to IMPS, which debits the money and sends it to the receiving account. All this procedure happens within 5 – 10 seconds. However, maximum amount that a person can send through this portal is up to Rs 2 lakh in a day. One of the major benefit of carrying an IMPS transaction, is that it also have less charges compared to NEFT and RTGS. Interestingly, if you are a State Bank of India (SBI) customer, then you must note that your bank has revised charges for IMPS from this year. 

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At SBI, if you carry out IMPS transaction via internet or mobile service, then there are no charges for up to Rs 1,000 amount. However, from Rs 1,001 to Rs 10,000, the bank levies Rs 2 plus GST, which is also similar for Rs 10,001 to Rs 25,000. Further, there is Rs 5 plus GST levied on transaction between Rs 25,001 to Rs 1 lakh. The charge is even higher at Rs 10 plus GST, if the amount is ranging between Rs 1,00,001 to Rs 2 lakh. 

If an IMPS is done at SBI branch, then there is zero charge on between Rs 0 to Rs 1,000 transaction. However, Rs 2 plus GST is imposed on Rs 1,001 to Rs 10,000 transaction. But there is Rs 4 plus GST each levied on IMPS done ranging from Rs 10,001 to Rs 25,000 and Rs 25,001 to Rs 1 lakh. Rs 12 plus GST is imposed between Rs 1,00,001 to Rs 2 lakh. 

If IMPS carried using SBI Yono, every transaction irrespective of the amount is free of charges. 

The facility is available to all registered users of SBI Anywhere Personal having transaction rights on one or more accounts.

Here's how you can add a beneficiary and continue carrying IMPS at SBI Online. 

a. Log on to 'www.onlinesbi.com'

b. Visit 'Profile' section and click on Manage Beneficiary.

c. Select 'IMPS Beneficiary'

d. Add details for the beneficiary

e. Approve the beneficiary using OTP (one time password) received on your registered mobile number.

But note, you can add and approve only one beneficiary in a calendar day, which will be activated by the internet banking system within 4 hours, if approved by you using OTP during the period from 6.00 AM to 8.00 PM (IST). Beneficiary approved after 8.00 PM will be activated on the next day after 8.00 AM (IST). You can commence funds transfer to the new beneficiary only after its activation.