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.

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