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SBI introduced some new charges for IMPS transactions via the offline mode. Customers who go to the bank to make transfers will have to pay these charges.
SBI bank has announced that users won’t have to pay service charges on digital Immediate Payment Service (IMPS) transactions worth up to Rs 5 lakh, starting from February 1, 2022.
SBI has enhanced the limit on IMPS transactions from Rs 2 lakh upto Rs 5 lakh.
Though SBI will charge customers along with GST on IMPS through bank branches from next month, there will be no charges on transactions through Digital Channels.
The country's largest lender State Bank of India said on Tuesday it has decided to enhance the free IMPS online transactions limit to Rs 5 lakh from the Rs 2 lakh in order to encourage customers to adopt digital banking.