SBI Rules Change: From next month, customers of India’s largest public sector lender, the State Bank of India, will not have to pay any service charges on on IMPS (Immediate Payment Service) transactions up to Rs 5 lakh done digitally, that is though internet banking, mobile banking and YONO. Starting February 1, 2022, which is next month, the bank is set to undergo a change in its operations regarding online transactions including IMPS, NEFT and RTGS. The SBI has also increased limit on its IMPS (Immediate Payment Service) transactions. Under this, SBI account holders can do IMPS transactions of up to Rs 5 lakh, instead of Rs 2 lakh, the bank notified earlier this month.
SBI IMPS, NEFT, RTGS Rules Change: What Notification Says
“In an aim to encourage customers to adopt digital banking, SBI has not levied any Service Charges on IMPS transactions upto Rs. 5 lacs, done through Internet banking/Mobile Banking including YONO. In case of Branch Channels, there has been no change in the service charges for IMPS done through the Branch Channel in the existing slabs,” the SBI said in its press release dated January 4.
“However, a new slab for Rs 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022. The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions,” added the bank.
SBI New Rules on IMPS, NEFT and RTGS Transactions
SBI IMPS Charges — Online Mode
No service charge or GST will be levied on any IMPS transaction, done through internet or mobile banking, up to an amount of Rs 5 lakh. This includes transactions through the YONO app.
SBI IMPS Charges — Offline Mode
Up to Rs 1,000: No charge
Above Rs 1,000 and up to Rs 10,000: Rs 2 service charge + GST
Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST
Above Rs 1,00,000 and up to Rs 2,00,000: Rs 12 service charge + GST
Above Rs 2,00,000 and up to Rs 5,00,000 (new slab): Rs 20 service charge + GST
NEFT Service Charges for SBI — Online Mode
No service charge or GST will be levied on any NEFT transaction, done through internet or mobile banking including the YONO app, even if it is above Rs 2 lakh.
NEFT Service Charges for SBI — Offline Mode
Up to Rs 10,000: Rs 2 service charge + GST
Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST
Above Rs 1,00,000/- and up to Rs 2,00,000: Rs 12 service charge + GST
Above Rs 2,00,000: Rs 20 service charge + GST
RTGS Service Charges for SBI — Online Mode
No service charge or GST will be levied on any RTGS transaction, done through internet or mobile banking including the YONO app, even if it is above Rs 5 lakh.
RTGS Service Charges for SBI — Offline Mode
Above Rs 2,00,000 and up to Rs 5,00,000: Rs 20 service charge + GST
Above Rs 5,00,000: Rs 40 service charge + GST
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