Along with the
several other charges, there are also charges applicable for the banking
facility popularly known as IMPS along with RTGS and NEFT. It is an instant
payment transfer facility made available round the clock.
RTGS is preferred for
the instant fund transfer of bigger amount while NEFT is meant for the fund
transfers upto 2 lakh.
The country’s largest
bank State bank of India (SBI) in a statement has announced the waiver of
immediate payment service (IMPS) charges i.e. IMPS for its online banking
valued customers, YONO customers, and mobile banking customers. It will help
customers to save money and enjoy free IMPS services for the fund up to INR 1000. This waiver will be applicable from
It is indeed good news for SBI customers who are already taking the advantage of charges waiver on RTGS (Real-time gross settlement) and NEFT (National Electronic Funds Transfer) which came into effect from July 1.
The Reserve Bank of India (RBI) last month waived
off time-varying charges along with processing charges on all the outward
transaction of RTGS & NEFT and RTGS which was imposed on all the banks
The prevailing IMPS charged by State Bank of
India is Rupee 1+GST on IMPS transaction of amount ranging from 1001 to
Now you can have a look at the applicable IMPS
Charges Effective August 1.
Amount IMPS Charge
Up to Rs. 1,000 No Charges
Rs.1001 to Rs. 10,000 Rs. 1 + GST
Rs.10, 001 to Rs. 1, 00,000 Rs. 2 + GST
Rs. 1, 00,001 to 2,
00,000 Rs. 3 + GST
The millions of the existing SBI customers and the
potential customers countrywide will be benefited by this announcements made by
the bank. Not only will it increase the trust of its customers but also
encourage digital transactions.
The customer base of the largest Indian bank has been constantly growing. Also, the quality of service across its branches has been standardized. Today, you can find highly contented users taking the limitless advantage of the varied financial products offered by the SBI bank.
There has also been remarkable increase in the
mobile banking customers of SBI bank. According to the latest information,
there are over 6 crore SBI customers making the use of internet banking which
has been made secure, easy, and hassle-free.
The year 2019 seems to be the year of good news particularly for State Bank of India customers. Service charge waiver on RTGS, NEFT, and now IMPS subject to certain conditions is welcomed countrywide. Internet banking, mobile banking and YONO customers of SBI will make the best use of it and will notice increase in their day to day online transaction.