SBI not to levy service charge on digital IMPS transactions

For IMPS transactions carried out at physical branches, a new slab of ₹2 lakh to ₹5 lakh has been added

SBI is the country’s largest public-sector lender | File photo

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.”

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.

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