In the case of branch channels, there is no change in service fees, SBI said.
New Delhi: To further boost digital banking, the State Bank of India (SBI) the country’s largest lender on Tuesday decided to increase its Instant Payment Services (IMPS) limit from 2 lakh Rs to 5 lakh Rs. “The Bank does not charge any service fees for IMPS transactions up to Rs 50,000, made through Internet banking or Mobile Banking including YONO (app),” SBI said in a statement. fox.
“In the case of branch channels, there is no change in service fees for IMPS in existing exchanges,” it added.
“A new slate for Rs 2 lakh to Rs 5 lakh has been added and the proposed service charge for this slab is Rs 20 plus GST (goods and services tax) effective from 1st Feb. 2022”, the lender mentioned.
“Service fees on IMPS are consistent with service fees on NEFT and RTGS transactions,” added SBI.
For IMPS at SBI branches, there is no fee for transactions up to Rs 1,000. The bank charges a fee of 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 version).
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 over Rs 2,00,000.
For RTGS (Real-time Gross Payment) at branches, SBI charges Rs 20 plus GST for transactions over Rs 2,00,000 and up to Rs 5,00,000; and Rs 40 plus GST for transactions over Rs 5,00,000.
However, there is no service fee for transactions made via online, mobile and YONO banking.
Meanwhile, SBI shares are 2.75% higher at Rs 483.75 on the NSE.
