January 25, 2022

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SBI transaction rules changing from next month –All you want to know

New Delhi: From next month i.e, February 1, State Bank of India (SBI) will put in place new rules regarding transaction via IMPS.

SBI has enhanced the limit on IMPS transactions from Rs 2 lakh upto Rs 5 lakh. Though the bank will charge customers along with GST on IMPS through bank branches from next month, there will be nil charges on transactions through Digital Channels, said SBI.

“In an aim to encourage customers to adopt digital banking, SBI has not levied any Service Charges on IMPS transactions upto Rs. 5 lacs, 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 ₹ 2,00,000 to ₹ 5,00,000 has been added and the proposed service charges for this slab is ₹ 20 + GST w.e.f 01.02.2022,” SBI said in a statement recently.

Check out State Bank of India’s IMPS charges effective from 01 February 2022

Slab Transactions at Branches Transactions through Net Banking / Mobile / YONO
Existing Revised
w.e.f. 01.02.2022
Upto Rs ₹ 1000 Nil

No Change

NIL

Above ₹ 1000/- and upto ₹ 10,000/- ₹ 2 + GST
Above ₹ 10,000/- and upto ₹ 1,00,000/- ₹ 4 + GST
Above ₹ 1,00,000/- and upto ₹ 2,00,000/- ₹ 12 + GST
Above ₹ 2,00,000/- and upto ₹ 5,00,000/- (New slab) N.A. ₹ 20 + GST

Check out State Bank of India’s NEFT transaction charges

lab Transactions through Branches Transactions through Net Banking / Mobile / YONO
Upto Rs ₹ 10000 ₹ 2 + GST

NIL

Above ₹ 10,000/- and upto ₹ 1,00,000/- ₹ 4 + GST
Above ₹ 1,00,000/- and upto ₹ 2,00,000/- ₹ 12 + GST
Above ₹ 2,00,000/- ₹ 20 + GST

Check out State Bank of India’s RTGS transaction charges

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

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

What is IMPS 

IMPS service is offered by National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India. It is also being extended through other channels such as ATM, Internet Banking, etc. IMPS Inward and Outward transactions are available 24X7 because there are no holiday restrictions on IMPS inward and outward transactions.

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