SBI to revise IMPS charges from August 15 for certain transactions

New Delhi, Aug 13 (IANS) The State Bank of India (SBI) will revise Immediate Payment Service (IMPS) charges for retail customers from August 15, introducing nominal fees for certain online high-value transactions while keeping small-value transfers free.

All customers will continue to receive free online IMPS transfers up to Rs 25,000 under the new arrangement.

According to media reports, charges will apply, though, for amounts over Rs 25,000: Rs 2 + GST for transactions over Rs 25,000 and up to Rs 1 lakh, Rs 6 + GST for amounts over Rs 1 lakh and up to Rs 2 lakh, and Rs 10 + GST for transfers over Rs 2 lakh and up to Rs 5 lakh.

The revised rates do not apply to salary package account holders of various government, defence, and corporate categories, who will continue to enjoy waivers for online IMPS transfers, the reports said.

This includes all variants of Defence Salary Package (DSP), Para Military Salary Package (PMSP), Indian Coast Guard Salary Package (ICGSP), Central Government Salary Package (CGSP), Police Salary Package (PSP), Railway Salary Package (RSP), Shaurya Family Pension Accounts, Corporate Salary Package (CSP), State Government Salary Package (SGSP), Startup Salary Package (SUSP), and Family Savings Account–SBI Rishtey.

With fees ranging from Rs 2 + GST for the lowest slab to Rs 20 + GST for the highest, branch IMPS charges have not changed.

The National Payments Corporation of India (NPCI) offers IMPS, a real-time payment system that is accessible around the clock and has a Rs 5 lakh transaction limit (apart from SMS and IVR channels).

While branch, ATM, and IVR transactions don't require any setup in advance, customers who use mobile banking, internet banking, or SMS banking must first register, the reports stated.

For transactions under Rs 1,000, Canara Bank currently provides free IMPS. After that, fees range from Rs 3 + GST (between Rs 1,000 and Rs 10,000) to Rs 20 + GST (between Rs 2 lakh and Rs 5 lakh).

Higher-value transactions cost Rs 12 + GST at branches and Rs 10 + GST online.

The Punjab National Bank waives fees for transactions up to Rs 1,000 and charges Rs 6 + GST in branches or Rs 5 + GST online for amounts up to Rs 1 lakh.

Customers are encouraged to review the updated rates in light of SBI's changes to maximise the exemptions that apply to their account category and prevent unforeseen deductions.

--IANS

aps/vd