SBI to increase charges on IMPS transactions from February 1; all you need to know

FPJ Web TeamUpdated: Tuesday, January 04, 2022, 04:21 PM IST
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A new IMPS service charge of Rs. 20 would be charged from 1st February 2022 on IMPS transactions slab of Rs 2 lakh to Rs 5 lakh. / Representational Image |

With the aim to encourage customers to adopt digital banking, SBI has not levied any Service Charges on IMPS transactions upto Rs. 5 lakhs, 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 Rs 2 to Rs 5 lakh has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022. The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions.

According to the SBI website, a new IMPS service charge of Rs. 20 would be charged from 1st February 2022 on IMPS transactions slab of Rs 2 lakh to Rs 5 lakh.

As of now, SBI does not charge any service charges on IMPS Fund transfer for the amount Rs.1000 up to Rs. 2 lakh. However, from next month, SBI would charge the stated service charges on IMPS fund transfers of more than Rs 2 lakh but less than Rs 5 lakh per transaction.

What is IMPS?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc

IMPS Service Charges

IMPS Service Charges | SBI

RBI The Reserve Bank of India (RBI) on Monday released 'framework for facilitating small value digital payments in offline mode'. "The framework incorporates the feedback received from the pilot experiments on offline transactions conducted in different parts of the country during the period from September 2020 to June 2021," the RBI said in a statement.

An offline digital payment means a transaction which does not require internet or telecom connectivity. Under this new framework, such payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets, mobile devices, etc. Such transactions would not require an Additional Factor of Authentication (AFA). Since the transactions are offline, alerts (by way of SMS and/or e-mail) will be received by the customer after a time lag. Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2000 for all transactions until balance in the account is replenished.

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