No longer free: SBI to charge fees for…, customers to pay for transferring money via…, charges apply from August 15

IMPS No Longer Free from August 15: It comes as a big shock for the customers of the largest public sector bank – State Bank of India, as the state-owned bank has made its instant money transfer service (IMPS) chargeable. It means that customers will have to pay a fee for transferring money via IMPS from August 15. However, SBI was not charging any fee for the service earlier. Notably, IMPS is an instant money transfer facility that banks offer to their customers. Through this service, customers can transfer money in no time. The IMPS service is available 24 hours, 365 days a year. By using this facility, customers can transfer a maximum amount of Rs 5 lakh at a time. Let’s check how much fee SBI is charging for IMPS.

How Much Fee Will Be Charged For An IMPS Transaction

It is worth noting that this decision will affect all the customers of SBI who use IMPS service through internet banking, mobile banking or UPI.
However, those who are transferring an amount of Ts 25,000 don’t have to pay any amount.
Customers who transfer Rs 25,001 to Rs 1 lakh will be charged a fee of Rs 2 + GST.
Those who transfer Rs 1 lakh to Rs 2 lakh after August 15 will have to pay Rs 6 + GST.
Similarly, money transfer above Rs 2 lakh to Rs 5 lakh has a minimal fee of Rs 10 + GST.
Previously, there were no fees associated with these online transactions; however, now a charge will be applied for each tier.

Is There Any Relief To Salaried Customers?

Notably, customers who have a special salary package account don’t have to pay any fee for transferring money through IMPS. The account include – DSP, CGSP, PSP, RSP, CSP, SGSP, ICGSP, and SUSP.
Fulbaria customers (salaried) who use these accounts don’t have to pay any charges for IMPS transactions.

No Change In IMPS From The Branch

At SBI branches, the fees for IMPS transactions will remain unchanged. It means no fee will be charge at the branch. Customers will continue to incur charges ranging from Rs 2 to Rs 20 plus GST, depending on the transfer amount.

The IMPS Fee

When a customer transfers money via IMPS using the internet service, his/he has to pay a minimum fee for using the instant money transfer service. The fee can vary and depends on the amount the customer wishes to transfer. Typically, the bank applies this fee for digital services, network costs, and transaction processing. SBI customers should now consider these factors when using online IMPS.

News