SBI New Rule: If you’re an SBI account holder, this news is very important for you. SBI is implementing new rules. These rules won’t change the way you send money via mobile or laptop, but the cost will change. SBI has amended its IMPS transaction rules. The bank will implement these new rules within a few days.
In this digital age, we use IMPS for every small payment, ensuring instant transfer of funds. However, larger transactions can incur high costs. In this article, let’s explore the changes being made by SBI and how they will impact the public.
Learn When the New Rule Will Be Implemented
SBI’s new IMPS service charges will be effective from February 15, 2026. This means that customers can transfer money using the old charges until the night of February 14, 2026. After that, the new charges will apply to every digital IMPS transaction. The bank states that this change has been made keeping in mind the increasing use of digital banking.
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How much will you pay for online IMPS?
If you transfer up to ₹25,000 through internet banking or the YONO app, you will not incur any charges. This facility will remain free as before. However, a nominal charge will now be levied for transfers above ₹25,000. Transfers between ₹25,000 and ₹1 lakh will incur a fee of ₹2 plus GST, ₹6 plus GST for ₹1 lakh to ₹2 lakh, and ₹10 plus GST for ₹2 lakh to ₹5 lakh. These charges will apply uniformly across all digital platforms.
Relief for those making IMPS transfers through branches
There are no changes to the charges for customers who make IMPS transfers through a bank branch. Transfers up to ₹1,000 through the branch will be free. Transfers between ₹1,000 and ₹10,000 will cost ₹2 plus GST, and transfers between ₹2 lakh and ₹5 lakh will cost ₹20 plus GST. The bank is encouraging digital transactions more.
These account holders will not have to pay any charges
SBI has completely exempted certain accounts from the new charges. Customers with salary package accounts will not be charged any fees. Account holders in the DSP, PMSP, ICSP, CGSP, PSP, and RSP categories will also receive this relief. Furthermore, the new charges will not apply to the Shaurya Family Pension Account and the SBI Rishtey Family Savings Account.
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Learn about the limits and necessary precautions
A maximum of ₹5 lakh can be transferred through IMPS in a single day. This limit will remain the same. The bank has also advised customers that IMPS is a real-time service, so funds are credited instantly, and in case of an error, it is very difficult to recover them. Be sure to check your account number and IFSC code before making a transaction.
What is IMPS, and why is it important?
IMPS, or Immediate Payment Service, is a banking facility that operates 24 hours a day, year-round. Money can be sent instantly, even on holidays. Recently, SBI also made changes to ATM and cash deposit machine charges, which are now fully implemented.
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Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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