scorecardresearch
SBI adds new IMPS slab, to levy charge of Rs 20+ GST per transaction from 1 Feb

SBI adds new IMPS slab, to levy charge of Rs 20+ GST per transaction from 1 Feb

The lender also added that it has increased IMPS limit for money transfers done at its bank branches.

State Bank of India State Bank of India

India's largest public sector bank, State Bank of India (SBI), has announced that it has introduced a new Immediate Payment Service (IMPS) slab for transactions between Rs 2 lakh to Rs 5 lakh. The lender added that charges for sending money via IMPS for amounts between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST effective from 1 February, 2022.

The lender also added that it has increased IMPS limit for money transfers done at its bank branches.

Photo credit: State Bank of India
Photo credit: State Bank of India

What is IMPS?

The IMPS of the National Payments Corporation of India (NPCI) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. As per the SBI website, it is also being extended through other channels such as ATM, Internet Banking, etc.

In October, 2020 the Reserve Bank of India (RBI) had said that the limit to transfer money under IMPS has been increased from ₹2 lakh to ₹5 lakh. The announcement was made by RBI governor Shaktikanta Das at a press briefing on the monetary policy committee outcomes.

The Rs 2 lakh limit was introduced by the RBI in January 2014. This was, however, other than the SMS and IVRS channels.