There is a good news for the customers of State Bank of India. SBI customers will now be able to make payments up to Rs 5 lakh instantly through Immediate Payment Service (IMPS).
Earlier this limit was Rs 2 lakh. Not only this, there will be no fee for transferring up to Rs 5 lakh digitally through IMPS. These instructions of SBI will be applicable from February 1.
SBI made this announcement on Tuesday. The bank has also informed about this through tweet. SBI said in a statement that to encourage customers to switch to the bank’s digital modalities, SBI will no longer charge any charges for digital IMPS transactions up to Rs 5 lakh. This transaction can be done through YONO App, Internet Banking/ Mobile Banking.
If you went to the branch and did IMPS then…
SBI has said that if one wants to send money through IMPS by visiting a bank branch, then there will be zero charge on transactions up to Rs 1000 with effect from February 1, 2022. At the same time, there will be a charge on transactions above Rs 1000 to Rs 5 lakh.
How much charge on NEFT and RTGS
According to SBI, there will be no charges for sending money through National Electronic Funds Transfer (NEFT) through digital mode. Whereas, for sending money through NEFT through a bank branch, you will have to pay Rs 2 to Rs 20 plus GST. Similarly, there will be no charges for sending money through RTGS (Real Time Gross Settlement) through digital medium. Whereas for doing RTGS through bank branch, Rs 20 to Rs 40 plus GST will have to be paid.
