Online IMPS up to ₹5 lakh is free, says SBI

To encourage customers to adopt digital banking, State Bank of India (SBI) has decided to not levy any service charges on IMPS transactions of up to ₹5 lakh, done through Internet and mobile banking.

“In case of branch channels, there has been no change in the service charges for IMPS done through the branch channel in the existing slabs.

However, a new slab for ₹2 lakh to ₹5 lakh has been added and the proposed service charge for this slab is ₹20, plus GST. These are in line with the charges on NEFT/RTGS transactions,” the bank said.

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