SBI Bank Account Holders ALERT! IMPS Limit, Charges Changed, Know About New Rules
SBI Bank Account Holders ALERT! IMPS Limit, Charges Changed, Know About New Rules
Under new rules, SBI customers can do transactions of up to Rs 5 lakh, instead of Rs 2 lakh, the bank has notified

SBI IMPS, NEFT, RTGS New Charges: The State Bank of India, the country’s largest lender has increased limit on its IMPS (Immediate Payment Service) transactions. Under this, SBI account holders can do transactions of up to Rs 5 lakh, instead of Rs 2 lakh, the bank has notified. In a recent statement, the public sector bank has also said that it will not levy any service charges on IMPS transactions up to Rs 5 lakh done digitally, that is though internet banking, mobile banking and YONO. This has been done keeping in mind the aim to encourage customers to adapt to digital banking, the SBI said in its statement.

“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,” the SBI said in its press release dated January 4, Tuesday.

However, for transactions above Rs 1,000 and up to Rs 5 lakh done though bank branches in an offline mode, a service charge along with applicable GST will be levied, the bank said. “However, a new slab for Rs 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022. The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions,” said the bank in its statement.

The new changes are set to come into effect on February 1, that is next month, said the bank in its notification.

SBI IMPS Charges — Online Mode

No service charge or GST will be levied on any IMPS transaction, done through internet or mobile banking, up to Rs 5 lakh.

SBI IMPS Charges — Offline Mode

Up to Rs 1,000: No charge

Above Rs 1,000 and up to Rs 10,000: Rs 2 service charge + GST

Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

Above Rs 1,00,000 and up to Rs 2,00,000: Rs 12 service charge + GST

Above Rs 2,00,000 and up to Rs 5,00,000 (new slab): Rs 20 service charge + GST

NEFT Service Charges for SBI — Online Mode

No service charge or GST will be levied on any NEFT transaction, done through internet or mobile banking including the YONO app, even if it is above Rs 2 lakh.

NEFT Service Charges for SBI — Offline Mode

Up to Rs 10,000: Rs 2 service charge + GST

Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

Above Rs 1,00,000/- and up to Rs 2,00,000: Rs 12 service charge + GST

Above Rs 2,00,000: Rs 20 service charge + GST

RTGS Service Charges for SBI — Online Mode

No service charge or GST will be levied on any RTGS transaction, done through internet or mobile banking including the YONO app, even if it is above Rs 5 lakh.

RTGS Service Charges for SBI — Offline Mode

Above Rs 2,00,000 and up to Rs 5,00,000: Rs 20 service charge + GST

Above Rs 5,00,000: Rs 40 service charge + GST

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The number of customers in SBI using internet banking and mobile banking stand at 94.4 million and close to 21 million respectively. The integrated digital and lifestyle platform – YONO SBI, has around 44 million registered users, which witnesses 12 million logins per day, as per the bank.

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