Service charge

SBI will not charge service fees on IMPS digital transactions

For IMPS transactions made at physical branches, a new tranche of ₹ 2 lakh to ₹ 5 lakh has been added

SBI is the country’s largest public sector lender | Photo file

The State Bank of India (SBI) said on Wednesday that it will not levy any service fees on Immediate Payment Service (IMPS) transactions until ??5 lakh via its digital channels.

The country’s largest PSU lender said, “SBI has increased the IMPS transaction limit to ??5 lake with ZERO fees for transactions made through digital channels.

It said transactions can be done through any of its digital channels such as the internet and mobile banking.

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For IMPS transactions made to physical branches, a new slab of ??2 lakh to ??5 lakh has been added and the service charge for the same will be levied at the ??20 + GST ​​from February 1st.

Prior to that, IMPS transactions were only allowed for transactions up to ??2 lakh. The Reserve Bank of India in October last year increased the transaction limit of IMPS by ??2 lakh to ??5 lakh. IMPS offers to install national funds for instant 24×7 transfer through banking channels.

IMPS transactions carried out in branches for amounts ranging from ??1000 to ??10,000 carry a service charge ??2 + TPS; ??10,000 to ??1 lakh carry a load of ??4 + GST. For transaction amounts ??1 lakh to ??2 lakh, a charge of ??12 + GST ​​is collected.