SBI money transaction New rules: Change in charges and limits of IMPS from this month

By Anil Gundmi Last updated Feb 2, 2022 - 6: 15 pm

The State Bank of India (SBI), has increased the limit on its immediate payment service (IMPS) transactions. In order to encourage customers to adopt digital banking, the lender has enhanced the free IMPS online transactions limit to Rs 5 lakh from Rs 2 lakh.

As of February 1, customers can make transactions up to Rs 5 lakh instead of the earlier Rs 2 lakh limit, the bank announced. SBI said in a statement that it will not levy any service charge on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh done through Internet banking/Mobile Banking including YONO. However, a new slab for Rs 2 lakh to Rs 5 lakh has been added.

For IMPS transactions done through branches for amounts ranging Rs 2 lakh to Rs 5 lakh the proposed service charge is Rs 20 plus GST. The new charge will be effective from February 1, 2022. “The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions,” SBI said. In the case of Branch Channels, there is no change in the service charges in the existing slabs.

The SBI has fixed the service charges for transferring money under the new IMPS slab at Rs 20, excluding GST. For transactions under Rs 2 lakh, the bank will levy a service charge between Rs 2 to 12, plus GST. However, for IMPS transactions done digitally through net banking, mobile banking or YONO, SBI will not levy any service charge, it noted.

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SBI IMPS charges applicable for branches

Upto Rs 1000 – No charges

Above Rs 1000/- and upto Rs 10,000- Rs 2 + GST

Above Rs 10,000/- and upto Rs 1,00,000- Rs 4 + GST

Above Rs 1,00,000/- and upto Rs 2,00,000- Rs 12 + GST

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Above Rs 2,00,000/- and upto Rs 5,00,000 – RS 20 + GST

SBI IMPS charges for online

No service charge on GST will be levied on any IMPS transaction done through the internet or mobile banking, up Rs 5 lakh.