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Aug 10

SBI Customers Making Online Transactions to Enjoy (IMPS) without any Charges

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 Aug 1.

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.

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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 earlier.

The prevailing IMPS charged by State Bank of India is Rupee 1+GST on IMPS transaction of amount ranging from 1001 to 10,000. 

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.   

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