fbpx
  Previous   Next
HomeBusinessSBI Increases IMPS Transaction Limit To Rs 5 lakh

SBI Increases IMPS Transaction Limit To Rs 5 lakh

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News

India Has Two Major Obstacles In Dealing With China: Jaishankar 

Speaking at the media summit, Mr. Jaishankar said asserted that India has two enormous handicaps in dealing with China including the defeat in the...

Assam CM’s Dig At Rahul Gandhi Says Rahul Gandhi Looks Like Saddam Hussain

Assam chief minister Himanta Biswa Sarma in his latest dig at Rahul Gandhi said that the Congress leader's looks have changed and he looks...

Nearly 75% Twitter Employees Layoffs In A Month, Will Elon Musk’s New Policy Be Able To Assure The Employees

After cutting nearly 75% workforce of Twitter in less than a month since the takeover, Elon Musk is now reported to have kept the...

RELATED NEWS

Keep Your Money Safe, Jeff Bezos Warns Economic Recession

Amazon founder Jeff Bezos recently warned consumers and businesses that they should consider postponing large purchases during the holiday season as an economic recession...

G20 Presidency Is A Proud Occasion For Every Indian: PM Modi

Indonesia President Joko Widodo handed over the G20 Presidency to India at the closing ceremony of the 17th intergovernmental summit in Bali on Wednesday....

Unmanned Trains Will Run Soon In India

Bharat Electronics Ltd (BEL) has signed an agreement with Delhi Metro Rail Corporation Ltd (DMRC) to jointly develop an indigenous communication-based train control system...