SBI, the largest scheduled commercial bank in India, provides its customers with a list of services to make personal banking for them easy and economic. With this idea in mind, SBI is one of the few banks in India that charge very less fee, be it for the RTGS transactions, a demand draft or for the fairly new addition in the list, IMPS. Here, we will talk about the SBI IMPS charges, i.e. the IMPS charges for a transaction.
What is SBI IMPS?
SBI IMPS stands for State Bank of India Immediate Payment Services. It is an instant fund transfer service that allows customers to transfer funds using their mobile phones, internet banking or even ATMs. To carry out an IMPS transfer, the details required are beneficiary name, account number, branch name and IFSC code.
SBI IMPS Charges
SBI provides its customers with the option to do IMPS transfer online or at the branch. Below-mentioned are the charges of SBI IMPS for online transfers and via branch, both:
SBI IMPS Charges: Online
From 1st February 2022, SBI has stopped levying any IMPS charges on its customers for carrying out IMPS transactions via digital channels of netbanking and mobile banking, both. This is applicable for all the IMPS transfers of up to Rs 5 lakhs in a day.
SBI IMPS Charges: Offline
With the above relaxation to digital banking users, SBI enhanced its IMPS charges for customers who do IMPS at the branch to encourage digital banking in the country. These charges are:
| Slab | SBI IMPS Charges (Revised) w.e.f.1st Feb. 2022 | SBI IMPS Charges (Previous) before 1st Feb. 2022 |
| Up to Rs 1,000 | Nil | Nil |
| Above Rs 1,000 to Rs 10,000 | Rs 2 | Rs 2 |
| Above Rs 10,000 to Rs 1 lakh | Rs 4 | Rs 4 |
| Above Rs 1 lakh to Rs 2 lakhs | Rs 12 | Rs 12 |
| Above Rs 2 lakhs to Rs 5 lakhs | Rs 20 + GST | NA |
Also, check all related details about the IMPS:
SBI IMPS Charges : FAQs
There are zero SBI IMPS charges for customers who use the service via SBI netbanking or mobile banking options.
You can transfer up to Rs 5 lakhs via SBI IMPS.
Yes. SBI IMPS charges for transfers done using the branch channel were increased, effective from 1st Feb 2022. In it a new slab was added for amount ranging between Rs 2 lakhs to Rs 5 lakhs on which Rs 20 plus GST was added as IMPS service charge.
Yes. It is necessary that remitter should have sufficient funds before he/she initiates IMPS.
The name of beneficiary, account number of beneficiary, and IFSC code of the beneficiary’s bank are the required beneficiary details to initiate SBI IMPS.
