New Delhi: The country’s largest public sector bank SBI has given good news to its customers. Now there will be no service charge for Immediate Payment Service (IMPS) transactions up to Rs 5 lakh made through internet banking and mobile banking. State Bank of India (SBI) on Tuesday said that this provision is also applicable for the users of the YONO app. If you go to the bank branch and get IMPS done, then you will have to pay the service charge along with GST. SBI said that these instructions will be applicable from February 1, 2022.
Let us inform you that till a few months ago, the maximum limit for IMPS transactions was Rs 2 lakh, which has now been increased to Rs 5 lakh. Till now SBI did not charge service charges only on IMPS transactions up to Rs 2 lakh.
Promotion of digital banking
SBI said that in order to promote digital banking among customers, it has been decided not to apply service charges on IMPS transactions through internet banking and mobile banking (including the YONO app). At the same time, a new slab of Rs 2 lakh to Rs 5 lakh has been made for IMPS transactions from bank branches. The service charge on the amount falling under this slab will be Rs 20 and GST will also be taken along with it.
Let us tell you that at present only IMPS transactions up to Rs 1,000 from bank branches are free from service charge. Transactions up to Rs. 1,001 Rs. 10,000 attract Rs. 2 + GST. On the other hand, Rs 4 + GST is applicable on transactions up to Rs 10,001 up to Rs 1 lakh. The service charge for Rs 1 lakh to Rs 2 lakh is Rs 12 + GST.
