New Delhi: To further push digital banking, the country's largest lender State Bank of India (SBI) on Tuesday decided to increase the Immediate Payment Service (IMPS) limit from Rs 2 lakh to Rs 5 lakh. "The bank has not levied any service charges on IMPS transactions up to Rs 5 lakh, done through Internet banking or Mobile Banking including YONO (app)," SBI stated in a release.
"In the case of branch channels, there has been no change in the service charges for IMPS in the existing slabs," it added.
"A new slab for Rs 2 lakh to Rs 5 lakh has been added, and proposed service charges for this slab is Rs 20 plus GST (goods and services tax) with effective from February 1, 2022," the lender mentioned.
"The service charges on IMPS are in line with the service charges on NEFT and RTGS transactions," SBI further said.
For IMPS at SBI branches, there's no charge for transactions up to Rs 1,000. The bank charges Rs 2 plus GST for transactions up to Rs 10,000. Rs 4 plus GST for transactions up to Rs 1,00,000; Rs 12 plus GST for transactions up to Rs 2,00,000; and Rs 20 plus GST for transactions up to Rs 5,00,000 (new slab).
For NEFT (National Electronic Funds Transfer) at branches, SBI charges Rs 2 plus GST for transactions up to Rs 10,000; Rs 4 plus GST for transactions up to Rs 1,00,000; Rs 12 plus GST for transactions up to Rs 2,00,000; and Rs 20 plus GST for transactions above Rs 2,00,000.
For RTGS (Real Time Gross Settlement) at branches, SBI charges Rs 20 plus GST for transactions above Rs 2,00,000 and up to Rs 5,00,000; and Rs 40 plus GST for transactions above Rs 5,00,000.
However, there's no service charge for the transactions done via net banking, mobile and YONO.
Meanwhile, SBI shares settled 2.75 per cent higher at Rs 483.75 on NSE.