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.
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.