As per the new SBI rules, if any customer does a transaction of more than Rs 25,000 via IMPS through online channels, he/she will be charged a fee.
The State Bank of India (SBI) is set to implement a notable change by making the Immediate Payment Service (IMPS) via mobile app or internet banking slightly more expensive. The upcoming change is slated to be rolled out on February 15, 2025. Previously, SBI customers could use online IMPS transfers free of charge. However, as per the new rules, sending larger amounts will incur a fee. It is to be noted that the impact of the changed rules won’t be much on ordinary customers, as sending amounts up to Rs 25,000 via IMPS will remain completely free, as before. It implies that those making small transactions don’t have to worry about any extra charges.
IMPS charges
As per the new SBI rules, if any customer does a transaction of more than Rs 25,000 via IMPS through online channels, he/she will be charged a fee.
- For amounts between Rs 25,000 and Rs 1 lakh, a fee of Rs 2 plus applicable GST will be charged.
- For IMPS transactions between Rs 1 lakh and Rs 2 lakh, the fee will increase to Rs 6, along with GST.
- For larger amounts between Rs 2 lakh and Rs 5 lakh transferred via IMPS, a fee of Rs 10 plus GST will be levied.
Here’s what the bank said
The bank’s reasoning behind this change is that it is required to carry out the maintenance and operational works related to digital services. Notably, the changes are being rolled out to IMPS transactions made through mobile apps and internet banking. If a customer sends money via IMPS through a bank branch, the previously applicable charges will continue as before.
According to experts, the latest decision will largely impact customers making large digital transfers. SBI’s decision has hogged the limelight, as it has come amidst an era known for promoting digital payments. It is advised to customers to check the charges prior to making a transfer and consider options like NEFT or RTGS if needed.
