SBI Revise IMPS Charges: The State Bank of India is now making changes to its Immediate Payment Service charges for retail customers. From now on, some big online transfers will have a small fee, but small value transfers will still be free. The bank said these changes are only for certain customers, and many will still get the service without any charges.
Income Tax Bill 2025: Changes in slabs, rebates, and property rules
SBI IMPS charges
From August 15, the changes will be applicable.
SBI Free IMPS transfer limit
After the changes, all customers will continue to receive free online IMPS transfers up to Rs 25,000.
IMPS charges after Rs 25,000 transfer
For amounts-
Rs 25,000 and up to Rs 1 lakh: Rs 2 + GST
Rs 1 lakh and up to Rs 2 lakh: Rs 6 + GST
Rs 2 lakh and up to Rs 5 lakh: Rs 10 + GST
These transactions were free earlier.
SBI Revise IMPS Charges won’t Apply on these
This change will not affect people who have salary package accounts from different government, defence, and corporate groups. These customers will still enjoy free IMPS transfers online. The list includes Defence Salary Package, Para Military Salary Package, Indian Coast Guard Salary Package, Central Government Salary Package, Police Salary Package, Railway Salary Package, Shaurya Family Pension Accounts, Corporate Salary Package, State Government Salary Package, Startup Salary Package, and Family Savings Account under SBI Rishtey.
The new charges will be between ₹2 plus GST for the smallest slab and ₹20 plus GST for the highest slab. The charges for IMPS done through branches will stay the same. IMPS is run by the National Payments Corporation of India and works 24/7 with a limit of ₹5 lakh per transaction, except for SMS and IVR channels. People who use mobile banking, internet banking, or SMS banking need to register first, but those using branch, ATM, or IVR don’t have to do that.
Buybacks to Attract Higher Taxes Post-Oct 1: How Investors Can Minimize Impact
Other Banks’ IMPS Charges
Canara Bank right now gives free IMPS for transfers below ₹1,000. After that, the fees go from ₹3 plus GST for ₹1,000 to ₹10,000, up to ₹20 plus GST for ₹2 lakh to ₹5 lakh. In branches, higher value transfers cost ₹12 plus GST and online it is ₹10 plus GST.
Punjab National Bank gives free IMPS for up to ₹1,000. Then it charges ₹6 plus GST for branch transfers and ₹5 plus GST for online transfers up to ₹1 lakh.
Banks are telling customers to check the updated rates carefully after SBI’s changes, so they can make the most of the exemptions for their account type and avoid surprise deductions.
