In an effort to boost digital transactions in the country, the State Bank of India (SBI) has announced that it will not charge any service fees on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh through its digital banking channels.
Informing clients in a tweet, the country’s largest public sector lender said that “SBI has increased the IMPS transaction limit to Rs 5 lac with NIL fees for transactions made through digital channels.”
The bank further informed that these transactions can be done through any of its digital banking channels such as online banking and mobile banking, including the YONO SBI app.
SBI has increased the IMPS transaction limit to Rs 5 lac with NIL fees for transactions made through digital channels. For more details visit: https://t.co/2wpOQD7XCS#SBI #DigitalBanking #IMPS #AzadiKaAmritMahotsavWithSBI pic.twitter.com/QVbHmlzXHF
– State Bank of India (@TheOfficialSBI) January 4, 2022
For IMPS transactions which will be carried out through the bank’s branches, a new tranche of Rs 2 lakh to Rs 5 lakh has been added and the corresponding service charge will be levied at Rs 20 + GST as of February 1. , 2022.
Prior to that, IMPS transactions were only allowed for transactions up to Rs 2 lakh. The Reserve Bank of India (RBI) had in October last year increased the transaction limit of IMPS from Rs 2 lakh to Rs 5 lakh. IMPS offers an instant 24/7 domestic money transfer facility through banking channels.
IMPS transactions which are carried out in branches for amounts ranging from Rs 1,000 to Rs 10,000 incur a service charge of Rs 2 + GST, while those for Rs 10,000 to Rs 1,000,000 incur a fee of Rs 4 + GST. For transaction amounts of Rs 1 lakh to Rs 2 lakh, a fee of Rs 12 + GST is levied.