The State Bank of India (SBI) has announced revisions to its Immediate Payment Service (IMPS) transaction charges for online transfers.
Customers transferring sums above Rs 25,000 through internet or mobile banking platforms will be subject to nominal fees, whilst IMPS transactions conducted at bank branches will remain free of charge.
Corporate clients will see the revised charges come into effect slightly later.
According to details published on the official SBI website, IMPS transfers above Rs 25,000 via online channels will attract fees ranging between Rs 2 and Rs 10, excluding GST.
Specifically, transactions above Rs 25,000 but below Rs 1 lakh will incur a fee of Rs 2. Transfers between Rs 1 lakh and Rs 2 lakh will be charged at Rs 6, and those from Rs 2 lakh to Rs 5 lakh at Rs 10.
The revised structure, limited exclusively to online channels, is designed to create a more consistent approach across different modes of transfer.
Certain customers will, however, remain exempt. Salary package account holders will continue to enjoy full waivers, as will select current account categories, including Gold, Diamond, Platinum, Rhodium, Government Departments, and Autonomous or Statutory Bodies.
This ensures that privileged and institutional clients retain their benefits despite the policy change.
For corporate clients, the implementation of the revised fee structure has been deferred to September, offering additional time to adjust to the updated norms.
The move underscores SBI’s efforts to balance operational efficiency with the increasing demand for digital banking services, ensuring both sustainability and scalability in its service delivery.
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