SBI IMPS, NEFT, RTGS charges 2022: Check new IMPS limits and service charges list here
By Sanjay Maurya
New Charges for SBI IMPS, NEFT, and RTGS: The country’s largest lender, the State Bank of India, has increased the limit on its IMPS (Immediate Payment Service) transactions. SBI account holders may now make transactions up to INR 5 lakh instead of INR 2 lakh, according to the bank. In a recent announcement, the public sector bank also stated that it will not charge any service fees on IMPS transactions up to INR 5 lakh that are completed digitally, such as through internet banking, mobile banking, or YONO. The SBI said in a statement that this was done to encourage clients to switch to digital banking.
To encourage clients to use digital banking, SBI has not levied any type of Service Charges on IMPS transactions up to INR 5 lacs made via Internet banking/Mobile Banking, including YONO. There has been no change in the service costs for IMPS done through the Branch Channel in the current slabs in the case of Branch Channels, the SBI stated in a news statement dated January 4, Tuesday.
However, for transactions above INR 1,000 and up to INR 5 lakh made through bank branches in an offline form, a service charge along with applicable GST will be levied, the bank said. However, a new slab for INR 2,00,000 to INR 5,00,000 has been created, with planned service charges of INR 20 + GST beginning on February 1, 2022. The service costs for IMPS transactions are the same as for NEFT/RTGS transactions, according to the bank’s statement. The new modifications will take effect on February 1st, which is next month, according to the bank’s letter.
New Charges for SBI IMPS, NEFT, and RTGS 2022
| SBI IMPS Charges – Online Mode |
| There would be no service charge or GST on any IMPS transaction up to INR 5 lakh made using online or mobile banking. |
| SBI IMPS Charges – Offline Mode |
| Up to INR 1,000 – there is no charge |
| Above INR 1,000 and up to INR 10,000: GST + INR 2 service charge |
| Above INR 10,000 and up to INR 1,00,000: GST + INR 4 service charge |
| Above INR 1,00,000 and up to INR 2,00,000: INR 12 service charge + GST |
| Above INR 2,00,000 and up to INR 5,00,000 (new slab): INR 20 service charge + GST |
| NEFT Service Charges for SBI – Online Mode |
| There would be no service charge or GST on any NEFT transaction above INR 2 lakh made using online or mobile banking, including the YONO app. |
| NEFT Service Charges for SBI – Offline Mode |
| Up to INR 10,000: INR 2 service charge + GST |
| Above INR 10,000 & up to INR 1,00,000: INR 4 service charge + GST |
| Above INR 1,00,000/- and up to INR 2,00,000: INR 12 service charge + GST |
| Above INR 2,00,000: INR 20 service charge + GST |
| RTGS Service Charges for SBI – Online Mode |
| No service charge or GST will be levied on any RTGS transaction, done through the internet or mobile banking including the YONO app, even if it is above INR 5 lakh. |
| RTGS Service Charges for SBI – Offline Mode |
| Above INR 2,00,000 and up to INR 5,00,000: INR 20 service charge + GST |
| Above INR 5,00,000: INR 40 service charge + GST |
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