SBI IMPS fund transfer charges New rules

SBI IMPS fund transfer charges New rules

State Bank of India (SBI) has decided not to impose any service charge on IMPS transactions up to ₹ 5 lakh through YONO mobile app and mobile banking or internet banking.

State Bank of India (SBI), the country’s largest state-owned bank, has decided not to impose any service charge on IMPS transactions up to ₹ 5 lakh. There will be no service charge for IMPS transactions up to ₹ 5 lakh made through internet banking or mobile banking including YONO mobile app. Yet, for branch channels, there will be no change in service charge for IPMS in existing slabs. 

SBI has introduced a new slab for ₹ 2,00,000 and ₹ 5,00,000 IPMS transactions. For which service charges are fixed at ₹ 20 + GST, effective February 2, 2022.

SBI IMPS fund transfer charges New rules

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Here are 5 points of the new SBI IMPS Money Transfer Rules

1.) No service charge will be levied on IMPS transactions up to 5 lakh made through YONO mobile app and mobile banking or internet banking. The new decision by SBI is aimed at encouraging customers to adopt digital banking.

2.)  Under IMPS, there is no service charge for transactions up to 1,000. From ₹ 1,001 to ₹ 10,000, a charge of 2 plus GST will apply. 10,001 to 1 lakh on transactions with more than 4 GST fees and up to ₹ 2 lakh for transactions over ₹ 1 lakh; ₹ 12 plus GST is applicable. These charges will only apply to transactions made through branch channels.
But, if you make these transactions through Net Banking or Mobile Banking, or the YOYO app, there is no charge. The new slab of ₹ 2 lakh- ₹ 5 lakh will cost ₹ 20 + GST ​​if you do it at a bank branch.

3.) Under SBI’s NEFT slabs,  2 and GST are charged as service charges on transactions up to ₹ 10,000. But if you do it in another bank branch, you will have to pay ₹ 4 + GST ​​on transactions of ₹ 10,000 to ₹ 1 lakh. For transactions between ₹ 1 lakh and 2 lakh, the service charge would be ₹ 12 + GST. For transactions over ₹ 2 million, customers have to pay ₹ 20 plus GST. However, those who make NEFT transactions through Net Banking or Mobile Banking, or YONO do not have to pay anything.

4.) In the case of RTGS, there is ₹ 20 and GST on transactions between ₹ 2 million and ₹ 5 million. But over ₹ 5 million is 40 + GST. Customers doing RTGS transactions through Net Banking or Mobile Banking or YONO do not have to pay the service charge.

5.) If you do not wish to pay a service charge on NEFT, IMPS, or RTGS transactions. You can avail of services through YONO mobile app and mobile banking or internet banking and transactions up to 5 million. You can do it for free.