The State Bank Of India (SBI) has revised the limits of immediate payments service (IMPS) with effect from February 1, 2022, the bank announced in a statement last week. According to the revised IMPS transaction rules, the limit for IMPS Online transactions including that of internet banking/Net banking through YONO, has been increased to Rs Rs 5 lakh from Rs 2 lakh. The bank has also added a new slab of IMPS transactions of Rs 2 lakh to Rs 5 lakh.
Last month, the bank had said that it will not levy any service charges for IMPS transactions up to Rs 5 lakh done online. However, for IMPS transactions up to Rs 5 lakh done via any SBI Branch, a service charge of Rs 20/-+GST has been introduced. Meanwhile, there is no change in service charges for the existing slabs.
| Slab | IMPS Existing Service Charges (For SBI Branch) | IMPS Revised Service Charges (For SBI Branch) | IMPS Service Charges For Digital Transactions |
| Up to Rs 1000/- | Nil | No Change | No Change |
| From Rs 1,000 to Rs 10,000 | Rs 2/-+GST | No Change | No Change |
| Above Rs 10,000 to Rs 1 Lakh | Rs 4/-+GST | No Change | No Change |
| Above Rs 1 Lakh to Rs 2 Lakh | Rs 12/-+GST | No Change | No Change |
| Above Rs 2 Lakh to Rs 5 Lakh | New Slab | Rs 20/-+GST | No Change |
To increase the digital transaction, the National Payment Corporation Of India (NPCI) offers IMPS services, so that customers can make instant monetary transactions through banks or any Prepaid Payment Instrument Issuers (PPI) authorised by RBI. In October last year, the Reserve Bank Of India had announced that it would revise the IMPS transaction guidelines and the payment will increase from Rs 2 lakh daily transactions, to Rs 5 lakh daily transactions.
