SBI has given this facility to its customers that they can do transactions up to five lakhs through IMPS without any charges.
In this regard, India’s largest bank has given information by tweeting. Customers will get this facility on IMPS transactions through digital channels. SBI has announced on Tuesday that, at present, there is no charge for sending up to Rs 2 lakh under Immediate Payment Service (IMPS).
The country’s largest bank said in a statement that to encourage customers to adopt the bank’s digital methods, SBI will no longer charge any charges for IMPS transactions up to Rs 5 lakh.
Facility will be available on YONO App, Internet Banking and Mobile Banking
According to PTI News, SBI has informed that this transaction can be done through YONO App, Internet Banking and Mobile Banking. If one wants to send money through IMPS by visiting a bank branch, there is no charge for up to Rs 1,000, but from February 1 on transactions above Rs 1,000 and up to Rs 2 lakh, there is no charge of Rs 2 to Rs 12. GST will be levied on it along with service charges.
SBI said that it has added a new category of transactions above Rs 2 lakh and up to Rs 5 lakh. For the transaction of this amount through the branch, GST will be levied with Rs 20 from February 1. If customers send money through internet banking, mobile banking or YONO app, then they will not have to pay any charges.
Sending money through NEFT is also free
According to SBI, there will be no charges for sending money through National Electronic Funds Transfer (NEFT) through digital medium. While sending money through NEFT through bank branch will have to pay GST in addition to Rs 2 to 20. Similarly, there will be no charges for sending money through RTGS through digital medium. While sending money through a bank branch will have to pay GST in addition to Rs 20 to 40.