A very important update has come for the customers of India’s largest state-owned bank, State Bank of India (SBI). If you regularly transact money using your mobile or laptop, then this news is of special significance for you. The bank has made major changes in the rules and cost structure of IMPS or Immediate Payment Service.
In the era of Digital India, many of us rely on IMPS for small payments. But now, if you want to send large amounts of money online, you may have to pay additional charges. Let’s find out in detail from when this rule is being implemented and how much will be charged in which slab.
When will the new rule come into effect?
According to the announcement of SBI, these new charges or service rules will come into effect from February 15, 2026. That is, you will be able to transact money under the old rules till midnight of February 14. From this specific date, the new rate will be applicable for sending large amounts of money through online banking or mobile apps.
New charges for sending money online
Banks have created a new list or slab of charges for sending money online. The good news is that there will be no charge for sending money up to Rs 25,000 for small transactions. It will remain free as before. However, if the amount exceeds this amount, your pocket may be lighter.
IMPS charges list via digital (Net Banking/YONO):
Transaction amount New charges (GST extra)
Free up to Rs 25,000 (NIL)
More than Rs 25,000 to Rs 1 lakh 2 rupees + GST
More than Rs 1 lakh to Rs 2 lakh 6 rupees + GST
More than Rs 2 lakh to Rs 5 lakh 10 rupees + GST
What happens if you go to the bank to send money?
For those who are not yet used to digital means and prefer to go to the bank branch and stand in line to do IMPS, there is no change in the rules. However, remember that even if the online charges increase, it is still cheaper than the branch charges. While transactions up to Rs 1,000 are free at the bank’s branch, between Rs 1,000 and Rs 10,000, Rs 2 plus GST is charged. And for larger transactions between Rs 2 lakh and Rs 5 lakh, Rs 20 plus GST is charged at the branch. In other words, the bank is indirectly encouraging customers to use digital channels.
Who will not be charged?
SBI has exempted some special customers from this increased charge. If you have a salary package account (such as DSP, PMSP, ICSP, CGSP, PSP, RSP), then you do not have to worry. In addition, this transaction has also been kept completely free of charge for customers of ‘Shaurya Family Pension Account’ and ‘SBI Riste Family Savings Account’.
Cautions and transaction limits
You can send a maximum of Rs 5 lakh per day through the IMPS system. Since the money is credited to the beneficiary’s account in an instant in this method, it is almost impossible to get it back once the money is withdrawn. Therefore, the bank has advised to double-check the account number and IFSC code before sending money.
