New Delhi, Aug 13
The State Bank of India (SBI) will revise Immediate Payment Service (IMPS) charges for retail customers from August 15, introducing nominal fees for certain online high-value transactions while keeping small-value transfers free.
All customers will continue to receive free online IMPS transfers up to Rs 25,000 under the new arrangement
This includes all variants of Defence Salary Package (DSP), Para Military Salary Package (PMSP), Indian Coast Guard Salary Package (ICGSP), Central Government Salary Package (CGSP), Police Salary Package (PSP), Railway Salary Package (RSP), Shaurya Family Pension Accounts, Corporate Salary Package (CSP), State Government Salary Package (SGSP), Startup Salary Package (SUSP), and Family Savings Account–SBI Rishtey.
With fees ranging from Rs 2 + GST for the lowest slab to Rs 20 + GST for the highest, branch IMPS charges have not changed.
Higher-value transactions cost Rs 12 + GST at branches and Rs 10 + GST online.
Customers are encouraged to review the updated rates in light of SBI's changes to maximise the exemptions that apply to their account category and prevent unforeseen deductions