The country’s largest public sector bank,State Bank of India (SBI),has given a big blow to its crores of customers. The bank has announced to charge for online IMPS (Immediate Payment Service) transactions. This new rule will come into effect from August 15,2025. Earlier,online IMPS transactions were completely free,but now customers will have to pay additional charges on transfers of more than ₹ 25,000. This news is very important for all those who transact money through digital means. Let us know about this change in detail.
What are the new rules on online IMPS transactions
According to the official website of SBI,a nominal fee will now be charged on online IMPS. This fee is divided into different slabs.
Up to ₹ 25,000: There will be no charge on transactions up to this amount.
From ₹ 25,001 to ₹ 1 lakh: – ₹ 2 + GST will be charged.
₹1 lakh to ₹2 lakh:- ₹6 + GST will be charged.
₹2 lakh to ₹5 lakh:- ₹10 + GST will be charged.
This change will apply only to online mediums,such as internet banking and mobile banking. There is no change in the fee on IMPS transactions from the bank branch.
These customers will get an exemption
The good news is that not all customers will have to bear the burden of this fee. Some special account holders will still get a complete exemption from this charge.
Customers who have a salary package account will not have to pay any fee for online IMPS. The revised service charges for corporate customers will be applicable from 8 September 2025. Apart from this,some categories of current accounts (such as Gold,Diamond,Platinum,Rhodium,Government Departments) will also be free from online IMPS charges.
What is IMPS
Immediate Payment Service (IMPS) is a service that allows you to transact money instantly and in real-time. This service is available 24 hours a day and 365 days a year,and is operated by the National Payment Corporation of India (NPCI). With the help of this service,customers can send and receive money instantly. This move by SBI is a big change for digital transactions. Customers will now have to take care of this new fee while making online transfers.
