SBI IMPS Charges: What Customers Need to Know
The State Bank of India (SBI) is set to introduce service charges on IMPS (Immediate Payment Service) transactions starting February 15. The new charges will apply to customers using internet banking, mobile banking, and the YONO app for fund transfers.
However, small-value transactions will continue to remain free of cost, offering relief to many customers.
New SBI IMPS Transaction Charges Explained
According to the latest update, SBI will levy IMPS charges based on the transaction amount. The revised fee structure is as follows:
- Up to ₹25,000:
✅ No service charge - ₹25,001 to ₹1 lakh:
💰 ₹2 + GST - ₹1 lakh to ₹2 lakh:
💰 ₹6 + GST - ₹2 lakh to ₹5 lakh:
💰 ₹6 + GST
These charges will be applicable only on IMPS fund transfers made through digital banking channels.
Who Will Be Affected by the New Charges?
The revised charges will impact customers who frequently use IMPS for medium and high-value transactions. Users transferring smaller amounts below ₹25,000 will not be charged, ensuring basic digital payments remain accessible.
The charges will be applicable for transactions made via:
- Internet Banking
- Mobile Banking
- YONO App
When Will the New SBI IMPS Charges Take Effect?
📅 The new IMPS transaction charges will come into force from February 15.
Customers are advised to take note of the updated fee structure while planning their digital fund transfers.
Why Is SBI Introducing IMPS Charges?
Banks often revise service charges to cover operational and infrastructure costs associated with real-time payment systems. Despite the new charges, IMPS remains one of the fastest and most reliable money transfer options in India.
Key Takeaways
- SBI to charge IMPS transactions from February 15
- Transfers up to ₹25,000 remain free
- Charges range from ₹2 to ₹6 plus GST for higher amounts
- Applies to internet banking, mobile banking, and YONO app
Conclusion
The introduction of IMPS service charges by SBI marks a small change in digital banking costs, especially for users making higher-value transfers. Customers can continue to enjoy free IMPS transactions for smaller amounts, while planning larger transfers with the revised charges in mind.
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