The country’s largest lender State Bank of India (SBI) on Tuesday decided to increase the Immediate Payment Service (IMPS) limit from ₹ 2 lakh to ₹ 5 lakh. “The bank has not levied any service charges on IMPS transactions up to ₹ 5 lakh, done through Internet banking or Mobile Banking including YONO (app),” SBI stated in a release.
“In the case of branch channels, there has been no change in the service charges for IMPS in the existing slabs,” it added.
“A new slab for ₹ 2 lakh to ₹ 5 lakh has been added, and proposed service charges for this slab is ₹ 20 plus GST (goods and services tax) with effective from February 1, 2022,” the lender mentioned.
“The service charges on IMPS are in line with the service charges on NEFT and RTGS transactions,” SBI further said.
For IMPS at SBI branches, there’s no charge for transactions up to ₹ 1,000. The bank charges ₹ 2 plus GST for transactions up to ₹ 10,000. ₹ 4 plus GST for transactions up to ₹ 1,00,000; ₹ 12 plus GST for transactions up to ₹ 2,00,000; and ₹ 20 plus GST for transactions up to ₹ 5,00,000 (new slab).
For NEFT (National Electronic Funds Transfer) at branches, SBI charges ₹ 2 plus GST for transactions up to ₹ 10,000; ₹ 4 plus GST for transactions up to ₹ 1,00,000; ₹ 12 plus GST for transactions up to ₹ 2,00,000; and ₹ 20 plus GST for transactions above ₹ 2,00,000.
For RTGS (Real Time Gross Settlement) at branches, SBI charges ₹ 20 plus GST for transactions above ₹ 2,00,000 and up to ₹ 5,00,000; and ₹ 40 plus GST for transactions above ₹ 5,00,000.
However, there’s no service charge for the transactions done via net banking, mobile and YONO.
