SBI to revise IMPS charges for retail customers from August 15; check details

The State Bank of India (SBI) has announced a revision in its Immediate Payment Service (IMPS) transaction charges for retail customers, effective from August 15, 2025. This change will impact both online and branch transactions, with new charges introduced for higher-value transfers, while some transaction slabs will remain unchanged. High-value online IMPS transactions exceeding Rs 25,000 will now incur nominal charges, whereas transactions up to this amount will continue to be free for online users. This move is aimed at balancing operational costs while maintaining customer satisfaction.

IMPS, a real-time payment service offered by the National Payments Corporation of India (NPCI), allows users to transfer funds instantly across India. The service is available around the clock, with a per-transaction limit of Rs 5 lakh applicable to all channels except SMS and IVR. Previously, all online transactions under this service were free, but the new charges will apply to transactions above Rs 25,000. Specifically, amounts above Rs 25,000 and up to Rs 1,00,000 will have a charge of Rs 2 plus GST. For transactions between Rs 1,00,001 and Rs 2,00,000, the charge will be Rs 6 plus GST, and for transactions between Rs 2,00,001 and Rs 5,00,000, the charge will be Rs 10 plus GST. These adjustments reflect the bank's strategy to optimize its digital service offerings.

SBI IMPS charges (from Aug 15, 2025)

Transaction Slab         New Charge (from Aug 15, 2025)
Up to Rs 25,000         Free
Rs 25,001– Rs 1,00,000         Rs 2 + GST
Rs 1,00,001 – Rs 2,00,000         Rs 6 + GST
Rs 2,00,001 – Rs 5,00,000         Rs 10 + GST

Same charges in case

For branch transactions, SBI has retained the existing charges ranging from Rs 2 plus GST to Rs 20 plus GST. This implies no changes for transactions made through SBI branch channels. On the other hand, certain account holders, such as those with Defence Salary Package (DSP), Para Military Salary Package (PMSP), and other specified salary packages will continue to enjoy full waivers for online IMPS transfers. This includes various government and police service personnel, recognising their unique requirements. These waivers are part of SBI's commitment to supporting essential service sectors.

Corporate customers

The revised fee structure mirrors existing retail slabs and will also extend to corporate customers from September 8, 2025. However, select current accounts such as Gold, Diamond, Platinum, and Rhodium, as well as accounts held by government departments and statutory bodies, will continue to enjoy waivers on IMPS charges. These waivers underscore SBI's approach to supporting specific sectors and organisations by alleviating the financial burden of transactional charges.

IMPS vs NEFT vs RTGS: When to choose what

Choose IMPS when:

You need an instant transfer, any time of day, including weekends and holidays.

You prefer using mobile or internet banking for quick digital transactions.

The transfer amount is between Rs 1 and Rs 5,00,000.

You want immediate, real-time confirmation of the payment.

Example uses: repaying a friend, sending money on holidays, or covering urgent personal expenses.

Choose NEFT when:

The transfer is not urgent and can be processed in batches during banking hours.

You’re making regular payments like rent, school fees, or vendor bills.

You want low or zero transaction charges, especially online.

You can transfer funds either online or by visiting a bank branch.

The transfer amount can be from Rs 1 up to several lakhs.

Example uses: utility bill payments, salary credits, or scheduled transactions.

Choose RTGS when:

You’re transferring more than Rs 2,00,000.

The payment must be processed instantly with high security.

You’re handling high-value business deals, property purchases, or corporate settlements.

You need priority processing for large transactions.

Example uses: real estate payments, corporate payouts, or urgent high-value fund transfers.