SBI customers can avail up to Rs 5 lakh free transactions through Bank Net Banking, Mobile Banking and IMO feature through Yono. Earlier, SBI Bank only allowed customers with IMPS transactions worth up to Rs 2 lakh. SBI has now increased this limit to Rs 5 lakh.
‘To encourage customers to take up digital banking, we have decided not to impose any charges on IMPS transactions up to Rs 5 lakh. These transactions can be done for free through internet banking, mobile banking and Yono. However, IMPS service charges will not change on branch channels. Transactions can be done at the branches within the existing slabs. ‘ SBI said in a statement.
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However, the bank has introduced a new slab for transactions between Rs 2 lakh and Rs 5 lakh at its branches. Under this slab, Rs 20 plus GST will be levied from the 1st of next month. The bank said it was looking to keep IMPS service charges in line with Neft and RTGS service charges.
IMPS charges at bank branches ..
- There is no fee for IMPS transactions of Rs.1000 or less
- A service charge of Rs 2 plus plus GST is levied on transactions between Rs 1,000 and Rs 10,000.
- Rs 10 thousand to Rs. A service charge of Rs 4 plus GST is levied on IMPS transactions up to Rs 1 lakh.
- For IMPS transactions above Rs 1 lakh and above up to Rs 2 lakh, a service charge of Rs 12 plus GST is payable.
- A new service charge of Rs 20 plus GST will be levied on new IMPS transactions between Rs 2 lakh and Rs 5 lakh.
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