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SBI raises IMPS limit from Rs 2 lakh to Rs 5 lakh

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State Bank of India (SBI) has increased the limit of Immediate Payment Service (IMPS) transactions from Rs 2 lakh to Rs 5 lakh with nil charges on transactions through digital channels, the lender said in a statement .

In an aim to encourage customers to adopt digital banking, the bank will not levy any service charges on IMPS transactions up to Rs 5 lakh, 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 Rs 2 lakh to Rs 5 lakh has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f February 1, 2022,".

The service charges on IMPS are in line with the service charges on NEFT/RTGS transactions, the bank said.

Here are the latest SBI's IMPS charges:

 Slab Transactions at Branches Transactions through          Net Banking / Mobile / YONO
Existing Revisedw.e.f. 01.02.2022
Up to Rs  Rs 1,000 Nil   No Change     NIL
Above Rs 1,000/- and up to Rs 10,000/- Rs 2 + GST
Above Rs 10,000/- and up to Rs 1,00,000/- Rs 4 + GST
Above Rs  1,00,000/- and up to Rs 2,00,000/- Rs 12 + GST
Above Rs 2,00,000/- and up to Rs 5,00,000/- (New slab) N.A. Rs 20 + GST

Here are the latest SBI's NEFT charges:

Slab Transactions through Branches Transactions through          Net Banking / Mobile / YONO
Up to Rs 10,000 Rs 2 + GST    NIL
Above Rs 10,000/- and up to Rs 1,00,000/- Rs 4 + GST
Above Rs 1,00,000/- and up to Rs 2,00,000/- Rs 12 + GST
Above Rs 2,00,000/- Rs 20 + GST

Here are the latest SBI's RTGS charges:

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


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