Highlights

  • SBI raises IMPS transfer limit to Rs 5 lakh
  • No service charge on digital transaction of IMPS
  • Branch transfer (offline transfer) to attract fee

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SBI changes IMPS norms, service charges - here is all you need to know

In comparison to NEFT/RTGS, IMPS is more popular among net-banking users due to its 24x7 availability, and instant domestic funds transfer feature

The State Bank of India (SBI) has increased the limit on IMPS transactions from Rs 2 lakh to Rs 5 lakh. India's largest bank is also giving digital banking another push as it has decided not to , levy any Service Charges on IMPS transactions up to Rs 5 lakhs done through Internet banking/Mobile Banking including YONO.

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However the bank stated that transfers done via a bank branch will attract charges, "For IMPS transactions conducted through bank branches, new slab of Rs 2 lakh to Rs 5 lakh has been added for levying service charge. The proposed service charges for this slab is Rs 20 + GST," SBI said, adding that this directive will come into effect from February 1, 2022.

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