'Good news' for SBI customers, the bank took this big step

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SBI

If you have an account with the State Bank of India (SBI) then there is good news for you. In fact, as per the instructions of the Reserve Bank of India (RBI), the State Bank of India has increased the limit of IMPS (Immediate Payment Service) transactions to Rs 5 lakh.

SBI Increases IMPS Transaction Limit. If you have an account with the State Bank of India (SBI) then there is good news for you. Actually, as per the directions of the Reserve Bank of India (RBI), the State Bank of India has increased the limit of IMPS (Instant Payment Service) transactions to Rs 5 lakh. Let us inform you that RBI in its October policy, had increased the IMPS transaction limit to Rs 5 lakh from the earlier Rs 2 lakh. Keeping this in mind, SBI has made this change.

However, SB will charge Rs 20 plus GST on IMPS transactions ranging from Rs 2 lakh to Rs 5 lakh. IMPS is a facility of real-time fund transfer, providing 24X7 instant interbank electronic fund transfer service. It can be accessed on multiple channels like Mobile, Internet, ATM, SMS.

Many banks charge customers using IMPS transactions. However, some banks offer IMPS free of charge depending on the type of account of the customers or using IMPS through Internet Banking. But, SBI is one of the banks that charge for this.

How much does SBI charge on IMPS?

  • There is no charge for IMPS transactions up to Rs 1,000.
  • IMPS transactions of Rs 1,000 to Rs 10,000 attract Rs 2 plus GST.
  • IMPS transactions of Rs 10,000 to Rs 1,00,000 attract Rs 4 plus GST.
  • IMPS transactions of Rs 1,00,000 to Rs 2,00,000 attract Rs 12 plus GST.
  • IMPS transactions between Rs 2,00,000 to Rs 5,00,000 will attract Rs 20 plus GST.
  • SBI has created a new slab for IMPS transactions from Rs 2 lakh to Rs 5 lakh. However, no changes have been made to the old slabs.