SBI makes free online IMPS transactions upto Rs 5 lakh

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Mumbai: The country’s largest lender State Bank of India said on Tuesday it has decided to enhance the free IMPS online transactions limit to Rs 5 lakh from the Rs 2 lakh in order to encourage customers to adopt digital banking.

SBI said in a statement that it will not levy any service charge on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh done through Internet banking/Mobile Banking including YONO.

In the case of Branch Channels, there is no change in the service charges in the existing slabs. However, a new slab for Rs 2 lakh to Rs 5 lakh has been added.

For IMPS transactions done through branches for amounts ranging Rs 2 lakh to Rs 5 lakh the proposed service charge is Rs 20 plus GST. The new charge will be effective from February 1, 2022.

“The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions,” SBI said.

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