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The country's largest lender State Bank of India (SBI) has revised charges on fund transfers through the IMPS (Immediate Payment Service) effective from August 15.
Although there is no change in charges for fund transfer through IMPS done via branch, fund transfer above ₹ 25,00o would attract charges through the online channel from August 15, as per the information posted on the SBI website.
Transactions above ₹ 25,000 done through online channels will now attract nominal charges ranging from ₹ 2-10 plus Goods and Services Tax (GST).
Transfer of funds above ₹ 25,000 but less than ₹ 1 lakh would attract a service charge of ₹ 2; for amounts of ₹ 1-2 lakh, ₹ 6, and for amounts of ₹ 2-5 lakh, ₹ 10.
Salary package account holders continue to enjoy full waivers for online IMPS transfers.
For corporate customers, revised service charges are going to be effective from September 8, 2025, it said.
IMPS transaction charges waived for current account (Gold, Diamond, Platinum, Rhodium, Govt Departments, Autonomous/Statutory bodies etc,) for online transactions, it said.
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