SBI will no longer charge any charges for online IMPS transactions up to Rs 5 lakh

Daily Current Affairs / SBI will no longer charge any charges for online IMPS transactions up to Rs 5 lakh

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Category : Business and economics Published on: January 06 2022

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The country's largest lender State Bank of India has decided to enhance the free IMPS online transactions limit to Rs 5 lakh from the Rs 2 lakh to encourage customers to adopt digital banking.
SBI will not levy any service charge on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh done through Internet banking/Mobile Banking including YONO.
For IMPS transactions done through branches for amounts ranging Rs 2 lakh to Rs 5 lakh the proposed service charge is Rs 20 plus GST. The new charge will be effective from February 1, 2022.