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Thursday, January 27, 2022

SBI not to levy service charge on IMPS transactions done through digital banking channels

Informing its customers, State Bank of India (SBI) said that it has increased the IMPS transaction limit to Rs 5 lakh with NIL charges for transactions done through digital channels.

By: Express Web Desk | New Delhi |
Updated: January 5, 2022 12:56:20 pm
A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India. (REUTERS/File Photo)

In a bid to boost digital transactions in the country, the State Bank of India (SBI) has announced that it will not levy any service charge on the Immediate Payment Service (IMPS) transactions up to Rs 5 lakh through its digital banking channels.

Informing its customers 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 informed that these transactions can be undertaken through any of its digital banking channels such as internet banking and mobile banking including YONO SBI app.

For those IMPS transactions that will be carried out through the branches of the bank, a new slab of Rs 2 lakh to Rs 5 lakh has been added and the service charge for the same will be levied 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.

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