New Delhi: India’s largest lender State Bank of India (SBI) has enhanced the limit on IMPS transactions from Rs 2 lakh upto Rs 5 lakh. Though the bank will charge customers along with GST on IMPS through bank branches from next month, there will be nil charges on transactions through Digital Channels, said SBI.


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“In an aim to encourage customers to adopt digital banking, SBI has not levied any Service Charges on IMPS transactions upto Rs. 5 lacs, done through Internet banking/Mobile Banking including YONO. In case of Branch Channels, there has been no change in the service charges for IMPS done through the Branch Channel in the existing slabs. However, a new slab for ₹ 2,00,000 to ₹ 5,00,000 has been added and the proposed service charges for this slab is ₹ 20 + GST w.e.f 01.02.2022,” SBI said in a statement.


Check out State Bank of India’s IMPS charges effective from 01 February 2022


Slab Transactions at Branches Transactions through Net Banking / Mobile / YONO
Existing Revised
w.e.f. 01.02.2022
Upto Rs ₹ 1000 Nil

No Change

NIL
Above ₹ 1000/- and upto ₹ 10,000/- ₹ 2 + GST
Above ₹ 10,000/- and upto ₹ 1,00,000/- ₹ 4 + GST
Above ₹ 1,00,000/- and upto ₹ 2,00,000/- ₹ 12 + GST
Above ₹ 2,00,000/- and upto ₹ 5,00,000/- (New slab) N.A. ₹ 20 + GST

Check out State Bank of India’s NEFT transaction charges


lab Transactions through Branches Transactions through Net Banking / Mobile / YONO
Upto Rs ₹ 10000 ₹ 2 + GST


NIL
Above ₹ 10,000/- and upto ₹ 1,00,000/- ₹ 4 + GST
Above ₹ 1,00,000/- and upto ₹ 2,00,000/- ₹ 12 + GST
Above ₹ 2,00,000/- ₹ 20 + GST

Check out State Bank of India’s RTGS transaction charges


Slab Transactions through Branches Transactions through Net Banking / Mobile / YONO
Above ₹ 2,00,000/- and upto ₹ 5,00,000/- ₹ 20 + GST
NIL
Above ₹ 5,00,000/- ₹ 40 + GST

The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions, SBI has said.


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