SBI good news for account holders! Come August 1, no charges on IMPS transactions up to Rs 1,000 at branch

Good news has been given to State Bank of India (SBI) account holders, as their lender has waived off any NEFT and RTGS transaction carried via YONO, internet banking and mobile banking. But one of the key moves was made in IMPS transactions. For your information, from next month, SBI will waive off any IMPS transactions carried out online. However, what is noteworthy is that, SBI will still continue to charge NEFT, RTGS and IMPS transactions carried via their branches. However, SBI has also already notified that, they have reduced NEFT and RTGS charges for customers through branch network by 20% across all slabs from this month. Unlike NEFT and RTGS, from next month, you will not have to pay any charges if you are carrying out any IMPS transaction at SBI branch as well. 

In SBI’s waiver plan to boost digital transaction would be no IMPS charges for transactions done through YONO, internet banking and mobile banking effect from August 01, 2019. 

Earlier, if you carried IMPS transaction via internet or mobile service, then there are no charges for up to Rs 1,000 amount. From Rs 1,001 to Rs 10,000, the bank levied Rs 2 plus GST, which is also similar for Rs 10,001 to Rs 25,000. Further, there is currently 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. So, from next month, one will be free from these charges.

Interestingly,  also from next month there will be no charges on IMPS transactions carried at SBI branch network as well. However, the limit amount is Rs 1,000 only!

However, if IMPS transaction carried from branches are above Rs 1,001 to Rs 10,000 then Rs 2 plus GST is imposed by the bank. The charge is at Rs 4 plus GST 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. 

Notably, SBI had already made every IMPS transaction free irrespective of the amount carried through YONO.