SBI not to levy service charge on digital IMPS transactions

The State Bank of India (SBI) on Wednesday said it will not levy any service charge on Immediate Payment Service (IMPS) transactions up to ₹5 lakh through its digital channels.

The country’s largest PSU lender said: “SBI has increased the IMPS transaction limit to ₹5 lac with NIL charges for transactions done through digital channels.”

SBI has increased the IMPS transaction limit to Rs 5 lac with NIL charges for transactions done through digital channels. For complete details, visit: https://t.co/2wpOQD7XCS#SBI #DigitalBanking #IMPS #AzadiKaAmritMahotsavWithSBI pic.twitter.com/QVbHmlzXHF

— State Bank of India (@TheOfficialSBI) January 4, 2022

It said the transactions can be undertaken through any of its digital channels such as internet and mobile banking.

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For IMPS transactions carried out at physical branches, a new slab of ₹2 lakh to ₹5 lakh has been added and the service charge for the same will be levied at ₹20 + GST with effect from February 1.

Prior to this, IMPS transactions were allowed only for transactions up to ₹2 lakh. The Reserve Bank of India had in October last year raised the transaction limit of IMPS from ₹2 lakh to ₹5 lakh. IMPS offers instant domestic funds transfer facility 24×7 through banking channels.

IMPS transactions conducted at branches for amounts ranging from ₹1,000 to ₹10,000 carry a service charge of ₹2 + GST; ₹10,000 to ₹1 lakh carry a charge of ₹4 + GST. For transaction amounts of ₹1 lakh to ₹2 lakh, a charge of ₹12 + GST is levied.