SBI Big Update: If you are an SBI bank customer, this news might be important for you. SBI has given a major shock to its customers. Bank customers are looking disappointed after this announcement. After increasing ATM charges, SBI has now decided to increase the Immediate Payment Service (IMPS) service charges. This move comes after SBI increased ATM transaction fees on January 12th.
According to the latest rate charges published on the bank’s official website, the revised IMPS charges will be implemented from February 15th. This service is used for instant money transfers. Many people use it to send money. This increase in charges will affect a large number of people.
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How much has the IMPS charge increased?
SBI has introduced new charges for online IMPS transactions exceeding Rs. 25,000. This category was previously free. IMPS transfers at bank branches are still free.
What are the new changes?
Under the new rules, some changes have been made to the IMPS transfer charges. Now, there will be no charge for sending amounts up to Rs. 10,000 through both online and bank branch methods. For transfers exceeding Rs. 10,000 and up to Rs. 25,000, the system will remain the same. That is, online IMPS transfers will be completely free, while sending through a branch will incur a charge of Rs. 4 plus GST, as before.
For sending amounts exceeding Rs. 25,000 and up to Rs. 1 lakh online, a charge of Rs. 2 plus GST will now be levied. Previously, there was no charge for online transfers in this slab. For amounts exceeding Rs. 1 lakh and up to Rs. 2 lakh, the online IMPS charge has increased to Rs. 6 plus GST.
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If the transfer amount is more than Rs. 2 lakh and up to Rs. 5 lakh, then Rs. 10 plus GST will have to be paid for online IMPS. There has been no change in the charges for transfers made through bank branches across all these slabs. IMPS transactions through the branch channel will continue to be charged between Rs 4 and Rs 20 plus GST, depending on the transfer amount.
Who has received relief?
However, some account holders have been exempted from this increase. State Bank of India has clarified that the IMPS service will remain free of charge for customers holding Defence Salary Package, Central Government Salary Package, Pension Salary Package, Railway Salary Package, and Shaurya Family Pension Accounts. In addition, some selected institutional accounts and family-linked savings account categories have also been exempted from this fee.