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• State Bank of India (SBI) has decided not to levy any service charge on IMPS transactions up to ₹5 lakh done via internet banking or mobile banking and YONO mobile app

The country's largest state-owned bank State Bank of India (SBI) has decided not to levy any service charge on IMPS transactions up to ₹5 lakh done via internet banking or mobile banking, including YONO mobile app. However, for branch channels, there will be no change in service charge for IPMS in the existing slabs.

Also, SBI has introduced a new slab for IPMS transactions between ₹2,00,000 and ₹5,00,000, for which the proposed service charges are fixed at ₹20 + GST, with effect from February 2, 2022. 

The service charges on IMPS are in line with the service charges on NEFT or RTGS transactions, SBI bank said in a statement.

Here's a 5-point explainer on new SBI IMPS money transfer rules: 

1.) The latest decision by SBI to not any levy service charge on IMPS transactions up to ₹5 lakh done via net banking or mobile banking or YOYO is aimed at encouraging customers to adopt digital banking.

2.) Under IMPS, there’s no service charge on transaction up to ₹1,000. From ₹1,001 to ₹10,000, charge of ₹2 plus GST is applicable; transaction of ₹10,001 to ₹1 lakh attracts ₹4 plus GST fees and for amounts above ₹1 lakh up to ₹2 lakh; ₹12 plus GST is applied. These charges apply to only transactions carried through branch channels. However, if you do these transactions via net banking or mobile banking or YOYO app, no charges will be levied. The new slab of ₹2 lakh- ₹5 lakh will attract ₹20+GST if you do it at bank branch.

3.) Under the SBI's NEFT slabs, transactions up to ₹10,000 attract ₹2 plus GST as service charge, if you do it at any bank branch. The transactions from ₹10,000 up to ₹1 lakh attract ₹4 + GST, while transactions between ₹1 lakh and ₹2 lakh attract ₹12 + GST as service charge if it happens at any bank branch. For transactions over ₹2 lakh, customers have to pay ₹20 plus GST. However, those doing NEFT transactions via net banking or mobile banking or YONO don't have to pay anything.

4.) In case of RTGS, transactions between ₹2 lakh and ₹5 lakh attract ₹20 plus GST, while those above ₹5 lakh attracts ₹40 + GST. Customers doing RTGS transactions via net banking or mobile banking or YONO don't have to pay service charge.

5.) If you don't want to pay service charges on NEFT, IMPS, or RTGS transactions, you can avail of the net banking or mobile banking or YONO mobile services, and carry out transactions up to ₹5 lakh for free.