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.

More News

Eknath Shinde Will Be New Chief Minister of Maharashtra: Devendra Fadnavis

Eknath Shinde will be the new Chief Minister of Maharashtra, said BJP leader Devendra Fadnavis during a press conference on Thursday. The announcement came...

Coronavirus: India Reports 14,506 New Covid Cases

India logged 14,506 new coronavirus cases in the last 24 hours, taking the total number of COVID-19 cases to 4,34,33,345. According to the Union...

Russian Prez Is Getting ‘Exactly What He Didn’t Want’: US Prez

US President Joe Biden on Wednesday said Russian President Vladimir Putin is getting ‘exactly what he didn’t want’ the NATO-nation of Europe, the media...

RELATED NEWS

Akash Ambani Is The New Chairman of Reliance Jio

Mukesh Ambani’s son, Akash Ambani, was named chairman of the board at Reliance Jio on Tuesday, signaling a transition in leadership for one of...

G7 Agrees To Explore Imposing A Ban On Transporting Russian Oil

The Group of Seven economic powers has agreed to explore imposing a ban on transporting Russian oil that has been sold above a certain...

Sensex Rises 433 Points, Nifty Settles At 15,832

The Benchmark indices ended higher for the third straight session on June 27 with Nifty above 15800 amid buying across the sectors. At close, the...