SBI’s New Rule: The largest public sector bank in the country, State Bank of India, has made the decision to update the service charge for online money transfers using IMPS (Immediate Payment Service). This new fee structure will take effect on February 15th. After this date, customers will need to pay extra fees (SBI IMPS Charges) for high-value online IMPS transactions.
Money Transfer New Rules
Under SBI’s new guidelines, there will be no fees for online IMPS transfers up to Rs 25,000. This applies to transactions made via internet banking, mobile banking, and the YONO app. However, a service charge will apply for transfers that exceed Rs 25,000.
Here’s the fee for sending money
The bank will impose a charge of Rs 2 plus GST for online IMPS transfers ranging from Rs 25,000 to Rs 1 lakh. For amounts between Rs 1 lakh and Rs 2 lakh, the charge will be Rs 6 plus GST. If the transaction amount exceeds Rs 2 lakh and is up to Rs 5 lakh, a charge of Rs 10 plus GST (IMPS Service Charge) will be applicable. SBI IMPS New Rules SBI has made it clear that there are no changes for IMPS transactions conducted through branches.
The existing charges for IMPS at the branch will continue to apply. These charges vary from Rs 2 to Rs 20 plus GST based on the transaction amount. Certain account holders are completely exempt from IMPS charges. The bank has fully exempted specific categories of account holders from the new IMPS fees.
Account holders with salary and special savings accounts like DSP, PMSP, ICSP, CGSP, PSP, and RSP will not incur IMPS service fees. Additionally, holders of the Shaurya Family Pension Account and SBI Rishtey Family Savings Account will also be free from any charges. The IMPS transfer limit is set at Rs. 5 lakh. SBI has kept the daily transfer limit for IMPS at Rs. 5 lakh. The bank has advised customers that IMPS transactions are processed in real time and cannot be reversed. Therefore, it’s important to double-check the beneficiary’s details before making a transfer.
What is IMPS?
IMPS is a real-time electronic fund transfer system that instantly transfers funds to the beneficiary’s account. Customers can conduct IMPS transactions through digital channels such as mobile banking and internet banking. This change comes after SBI recently updated ATM and ADWM transaction charges.