Good news for SBI customers, IMPS service charges slashed up to 80 pct

In a good news for the SBI customers, the bank has slashed Immediate Payment Service (IMPS) charges up to 80 pct. This latest development by the State Bank of India comes as a huge relief for the SBI customers. If the users are doing an online transaction of money after selecting IMPS option, then they will have to pay 80 pct less charge than what they used to pay earlier. The announcement was made by the State Bank of India on its Twitter handle on Wednesday afternoon. “Go Cashless with SBI: IMPS service charges now slashed up to 80 pct,” SBI tweeted from its official handle. After the implementation of the revised charges, online transactions will certainly become cheaper.

After the revision, no IMPS service charge will be imposed on online transactions under Rs 1000. For the transactions between Rs 1000 and Rs 10,000, the users will have to pay Re 1 while for an amount between Rs 10,001 and Rs 1,00,000, the users will be charged Rs 2. For the transactions between Rs 1,00,0001 and Rs 2,00,000, the IMPS service charge is Rs 3. All these rates are effective from 15th October, 2017.

Earlier in January, SBI which is the largest commercial bank in the country had reduced charges for NEFT and RTGS transactions up to 75 pct. These charges were applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank. Apart from this, the bank also waived charges for fund transfer of up to Rs 1,000 done through IMPS effective 1st July 2017.

“Digitalization and excellence in operations is one of our core strategies in providing convenience to customers. It has resulted in reducing turnaround time along with extended benefits to the customers. In sync with our strategy and complementing the focus of Government of India to create a digital economy, we have taken one more step to promote use of internet banking and mobile banking for doing NEFT and RTGS transactions by reduction of the charges,” Rajnish Kumar, Managing Director, NBG, SBI had said back then.

State Bank of India