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State Bank of India now imposes nominal fees on certain online high-value transactions for retail customers using Immediate Payment Service (IMPS).

SBI’s revised charges for IMPS payments.
State Bank of India (SBI) has revised charges for retail customers using Immediate Payment Service (IMPS) to send each other money. Following the change initiated on August 15, SBI retail customers will now have to pay nominal fees for certain online high-value transactions. The SBI has kept the small value transfers free, but the fee will be levied on higher-value exchanges.
According to SBI’s revised structure, all customers will continue to enjoy free online IMPS transfers up to Rs 25,000. Charges will be imposed for different brackets of transfers beyond Rs 25,000.
Retail customers using the Immediate Payment Service for payments above Rs 25,000 up to Rs 1 lakh will have to pay Rs 2 + GST. For payments in the 1-2 lakh bracket, the charges will rise up to Rs 6 + GST. For those making payments in the Rs 2-5 lakh range, the charges will be Rs 10 + GST. At higher range of payments, charges can extend up to Rs 20 + GST. With the nominal fees now in place, branch IMPS charges have not been changed.
Notably, these SBI revised rates do not apply to salary package account holders of various government, defence and corporate categories. Such employees will continue to enjoy waivers for online IMPS transfers. According to Zee Biz, this includes “all variants of Defence Salary Package (DSP), Para Military Salary Package (PMSP), Indian Coast Guard Salary Package (ICGSP), Central Government Salary Package (CGSP), Police Salary Package (PSP), Railway Salary Package (RSP), Shaurya Family Pension Accounts, Corporate Salary Package (CSP), State Government Salary Package (SGSP), Startup Salary Package (SUSP), and Family Savings Account–SBI Rishtey.”
The National Payments Corporation of India (NPCI) boosts IMPS with a real-time payment system, accessible to Indian citizens throughout the day with a Rs 5 lakh transaction limit and SMS and IVR channels services.
No setup is required in advance for branch, ATM, and IVR transactions. But reports suggest that customers using mobile, internet and SMS banking will have to first register. SBI customers are advised to review updated rates to enjoy exemptions that may apply to their account category and prevent unforeseen deductions.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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