SBI New Rules Update! IMPS transaction charges changed from February 1 - Check revised charge and other details here

SBI New Rules: The customers of the State Bank of India (SBI) must know that the largest public sector lender in the country has changed certain money transfer rules from February 1, 2022. The bank has introduced new slabs for Immediate Payment Service (IMPS).

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The SBI customers must know that under the revised rules, the largest public sector lender in the country will allow them to IMPS transactions up to Rs 5 lakh instead of Rs 2 lakh.

An SBI press release on January 4, 2022 said, "In an aim to encourage customers to adopt digital banking, SBI has not levied any Service Charge on IMPS transaction up to Rs 5 lacs, done through Internet banking/Mobile Banking/including YONO. 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."

The SBI has also issued a notification to inform the IMPS charges in offline mode. They are as follows:

1) Up to Rs 1000 - Nil

2) Above Rs 1000 and up to Rs 10,000 - Rs 2 service charge + GST

3) Above Rs 10,000 and up to Rs 1,00,000 - Rs 4 service charge + GST

4) Above Rs 1,00,000 and up to Rs 2,00,000 - Rs 12 service charge + GST

5) Above Rs 2,00,000 and up to Rs 5,00,000 - Rs 20 service charge + GST, as per the new slab

In the Reserve Bank of India (RBI) Monetary Committee Policy (MPC) meet that took place in the month of October last year, the IMPS limit was increased.

"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.