SBI Cuts IMPS Charge: The country’s largest bank State Bank of India has announced that the bank will not charge any service charge on transfer of funds through online IMPS up to Rs 5 lakh. SBI has taken this decision to promote digital banking. Earlier, no service charge was levied on IMPS (Immediate Payment Service) transactions up to Rs 2 lakh.
Digital banking will get a boost
SBI has said that in order to promote digital banking, the bank will now not charge any service charge for online IMPS transactions up to Rs 5 lakh done through internet banking, mobile banking including YONO.
Transfer from branches will be charged
However, the bank will levy service charge on IMPS done through the branches of the bank. Under the new slab, customers will have to pay Rs 20 + GST plus service charge on IMPS transactions from bank branches ranging from Rs 2 lakh to Rs 5 lakh. The new rule is going to come into effect from February 1, 2022.
IMPS is a popular medium
For transactions done from bank branches, Rs 2 + GST has to be paid for transactions between Rs 1,000 and Rs 10,000. Rs.4+GST is to be paid on IMPS between Rs.10,000 to Rs.1,00,000 and Rs.12+GST is to be paid on IMPS between Rs.1 lakh to Rs.2 lakh. Actually, IMPS is more popular among customers than NEFT and RTGS because customers can transfer instant money through IMPS anytime in 24 hours.