New Delhi: India’s largest public sector lender State Bank of India (SBI) has announced revision on its Immediate Payment Service (IMPS) charges for retail customers. SBI’s latest IPMS charges are applicable from February 15.
The National Payments Corporation of India (NPCI) offers IMPS, a real-time payment system that is accessible around the clock and has a Rs 5 lakh transaction limit (apart from SMS and IVR channels).Â
Check out the details of IMPS charges levied by State Bank of India from February 15
|    Slab   |
   IMPS (Service Charges)       |
||||
|---|---|---|---|---|---|
|    Online Channel   |
   Branch Channel   |
 | |||
|    Existing   |
   Proposed   |
   Existing   |
   Proposed*   |
 | |
|    Upto ₹1,000/-   |
   Free   |
   Free   |
   Free   |
   Free   |
 |
|    Above ₹1,000/- up to   ₹10,000/-   |
   Free   |
   Free   |
   ₹2/- + GST   |
   ₹2/- + GST   |
 |
|    Above ₹10,000/- up to   ₹25,000/-   |
   Free   |
   Free   |
   ₹4/- + GST   |
   ₹4/- + GST   |
 |
|    Above ₹25,000/- up to   ₹1,00,000/-   |
   Free   |
   ₹2/- + GST   |
   ₹4/- + GST   |
   ₹4/- + GST   |
 |
|    Above ₹1,00,000/- up to   ₹2,00,000/-   |
   Free   |
   ₹6/- + GST   |
   ₹12/- + GST   |
   ₹12/- + GST   |
 |
|    Above ₹2,00,000/- up to ₹5,00,000/-   |
   Free   |
   ₹10/- + GST   |
   ₹20/- + GST   |
   ₹20/- + GST   |
 |
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SBI IMPS transaction charges waived for following Salary Package accounts
— DSP, PMSP, ICGSP, CGSP, PSP and RSP including Shaurya Family Pension Accounts.
— CSP/ SGSP/SUSP and Family Savings Account-SBI RISHTEY
IMPS, known as Immediate Payment Service, is a popular method of transferring money. It allows for 24×7 instant domestic funds transfer through various channels such as mobile banking apps, bank branches, ATMs, SMS, and IVRS.
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