comscore SBI increases limit on IMPS money transfer of up to Rs 5 lakh without extra fees
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SBI increases transaction limit on IMPS money transfer of up to Rs 5 lakh

The bank cleared that if any customer wishes to send money via IMPS by visiting a bank branch, then there will be no charge for up to Rs 1000. However, transactions above Rs 1000 and up to Rs 2 lakh will hold GST along with a service charge of Rs 2 to Rs 12 from February 1, 2022.

SBI bank

State Bank of India has made a big announcement for its customers on Tuesday. The bank announced that the customers would not have to pay any charges from next month for instant digital remittance of up to Rs 5 lakh. There is no charge for sending Rs 2 lakh under Immediate Payment Service (IMPS). These instructions of SBI will be applicable from February 1. Also Read - SBI internet banking, YONO apps, and other bank services will not work tomorrow: Check timings, other details

SBI said that to encourage customers to switch to the bank’s digital modalities, and the bank will no longer charge for digital IMPS transactions up to Rs 5 lakh. In addition, The transaction can be done through YONO App, Internet Banking/ Mobile Banking. Also Read - SBI internet banking, YONO app, and UPI services affected till May 8: Here is why

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IMPS Service Charges (Existing) IMPS Service Charges (Revised)

Upto ₹ 1,000/-

Nil

 

 

 

No Change

Above ₹ 1000/- and upto ₹ 10,000/-

₹2/- + GST

Above ₹ 10,000/- and upto ₹ 1,00,000/-

₹4/- + GST

Above ₹ 1,00,000/- and upto ₹ 2,00,000/-

₹12/- + GST

Above ₹ 2,00,000/- and upto ₹ 5,00,000/-

New Slab

₹20/- + GST

The bank cleared that if any customer wishes to send money via IMPS by visiting a bank branch, there will be no charge for up to Rs 1000. However, transactions above Rs 1000 and up to Rs 2 lakh will hold GST along with a service charge of Rs 2 to Rs 12 from February 1, 2022. The Indian multinational public sector bank said it has added a new category of transactions above Rs 2 lakh and up to Rs 5 lakh.

For the transaction of this amount through the branch, GST (Goods and Services Tax) will be levied along with Rs 20 from February 1. If customers send money through internet banking, mobile banking, or the YONO app, they will not have to pay any charges.

IMPS provides robust and real-time fund transfer, providing instant, 24X7, interbank electronic fund transfer service. It can be accessed on multiple channels, including SMS, Mobile, and ATM. It allows instant money transfer within banks across India, which is safe and economical. Many banks charge customers using IMPS transactions. However, some banks offer IMPS free of cost depending on the type of account held by the customers or using IMPS through Internet Banking.

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  • Published Date: January 5, 2022 11:52 AM IST



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