SBI money transaction rules: If you are a customer of State Bank of India (SBI), then there is great news for you.Â
Now it will cost you to transfer money. Actually, SBI has increased the limit of Immediate Payment Service (IMPS) for money transfer done at its bank branch. These new rates have been implemented from February 1, 2022.
SBI in its statement said that there will be no service charge for Immediate Payment Service (IMPS) transactions up to ₹5 lakh made through internet banking and mobile banking including YONO app.
Customers will now be able to make payments up to Rs 5 lakh instantly through IMPS. Earlier this limit was Rs 2 lakh. However, if you do IMPS by visiting a bank branch, you may have to pay service charge along with GST.
According to the information given by the bank, a new slab of Rs 2 lakh to Rs 5 lakh has been made for IMPS transactions done from the branches of the bank. The service charge on the amount falling under this slab will be “Rs 20 + GST”. These instructions will come into effect from February 1, 2022.
SBI IMPS charges applicable for bank branch-
- Up to ₹1000 – No Fee
- Above ₹1000 and up to ₹10,000 – ₹2 + GST
- Above ₹ 10,000 and up to ₹ 1,00,000 – ₹ 4 + GST
- Above ₹ 1,00,000 and up to ₹ 2,00,000- ₹ 12 + GST
- Above ₹ 2,00,000/- and up to ₹ 5,00,000 – ₹ 20 + GST
SBI IMPS charges for online
No service charges on GST up to ₹5 lakh will be levied on any IMPS transaction done through internet or mobile banking. SBI is the largest bank in the country in terms of assets, deposits, branches, customers and employees.
The number of customers using Internet Banking and Mobile Banking is 94.4 million and around 21 million respectively.
