SBI customers alert! You will have to pay more for IMPS transaction from THIS date --Check transaction limit and other details

New Delhi: India's largest lender State Bank of India (SBI) has increased the limit for money transaction via Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh, however the sad news for customers is that the bank will charge you for it. 

The SBI website reads that the bank will charge you Rs 20 + GST, for IMPS transactions between Rs 2 lakh and Rs 5 lakh. The charges will be effective from February 1, 2022. The charges for remitting money thorugh IMPS using SBI Anywhere Personal below Rs 2 lakh is however Nil.

What is IMPS (Immediate Payment Service)?

IMPS service is offered by National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India. It is also being extended through other channels such as ATM, Internet Banking, etc. IMPS Inward and Outward transactions are available 24X7 because there are no holiday restrictions on IMPS inward and outward transactions.

The Reserve Bank of India (RBI) had in October 2021 announced that it is increasing Immediate Payment Service (IMPS) daily transaction limit increased from Rs 2 lakh to Rs 5 lakh.

“Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24x7 through various channels. In view of the importance of the IMPS system and for enhanced consumer convenience, it is proposed to increase the per transaction limit from Rs 2 lakh to Rs 5 lakh.