SBI | IMPS
SBI to not levy service charge on online IMPS transactions up to Rs 5 lakhs
Mumbai/IBNS: Public sector lender State Bank of India Tuesday said it would not levy any service charge on online Immediate Payment Service (IMPS) transactions up to Rs 5 lakh.
So far, the bank exempted service charge on online IMPS transactions up to Rs 2 lakh.
"In an aim to encourage customers to adopt digital banking, SBI has not levied any service charges on IMPS transactions up to Rs 5 lacs, done through internet banking/mobile banking, including YONO," the bank said in a statement.
IMPS transactions conducted through bank branches would attract a service charge and the banks' branches have been directed accordingly.
"The proposed service charges for this slab is Rs 20 + GST," SBI said.
This directive will be effective from February 1, 2022, it added.
Compared to NEFT and RTGS, IMPS is more popular among net-banking users due to its 24x7 availability, and instant domestic funds transfer feature.
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