When will SBI start charging for IMPS transfers over ₹25,000?

SBI will implement new IMPS fees for transfers exceeding ₹25,000 starting February 15.

Which SBI accounts are exempt from IMPS fees?

Certain salary and special savings accounts, including DSP, PMSP, and Shaurya Family Pension Accounts, are exempt.

What are the new IMPS service charges for SBI online transfers?

Fees range from ₹2 plus GST for ₹25,000-₹1 lakh to ₹10 plus GST for ₹2 lakh-₹5 lakh.

Home / Business and Economy / SBI IMPS Fees: New Charges Hit Transfers Over ₹25,000

SBI IMPS Fees: New Charges Hit Transfers Over ₹25,000

21 Jan

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Summary

SBI introduces IMPS fees for transfers above ₹25,000.
New charges apply to online and mobile banking transactions.
Certain savings accounts are exempt from the revised fees.

SBI IMPS Fees: New Charges Hit Transfers Over ₹25,000

Beginning February 15, State Bank of India (SBI) will implement new service charges for IMPS transfers made through its digital platforms. Transactions initiated via internet banking, mobile banking, or the YONO app for amounts greater than ₹25,000 will now be subject to fees. SBI will continue to offer free IMPS transfers up to this threshold.

The new fee structure includes ₹2 plus GST for transfers between ₹25,000 and ₹1 lakh, ₹6 plus GST for ₹1 lakh to ₹2 lakh, and ₹10 plus GST for ₹2 lakh to ₹5 lakh. Charges for branch transactions remain unchanged. However, certain salary and special savings accounts, such as DSP, PMSP, and Shaurya Family Pension Accounts, are exempt from these revised fees.

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