In a bid to boost digital transactions in the country, the State Bank of India (SBI) has announced that it will not set any service charge on the Immediate Payment Service (IMPS) transactions up to Rs 5 lakh via its digital banking channels.
Informing its consumers in a tweet, the country’s largest public-sector lender said that “SBI has increased the IMPS transaction limit to Rs 5 lac with NIL charges for transactions done through digital channels.”
The bank further reported that these transactions can be embarked through any of its digital banking channels such as internet banking & mobile banking including the YONO SBI app.
For those IMPS transactions that will be held out through the branches of the bank, a new rangle of Rs 2 lakh to Rs 5 lakh has been added and the service charge for the same will be set at Rs 20+GST with effect from February 1, 2022
Prior to this, IMPS transactions were allowed only for transactions up to Rs 2 lakh. The Reserve Bank of India (RBI) had in October last year raised the transaction limit of IMPS from Rs 2 lakh to Rs 5 lakh. IMPS offers instant domestic funds transfer facility 24×7 through banking channels.
The IMPS transactions that are conducted at branches for amounts ranging from Rs 1,000 to Rs 10,000 carry a service charge of Rs 2+GST, while that for Rs 10,000 to Rs 1,00,000 has a charge of Rs 4+GST. For transaction amounts of Rs 1 lakh to Rs 2 lakh, a charge of Rs 12+GST is levied.