SBI recently announced that it has increased the Immediate Payment Service (IMPS) limit for money transfers done at its bank branches. According to the SBI website, effective from February 1, 2022, a new slab for IMPS transactions has been added: Rs 2 lakh to Rs 5 lakh. The charges for sending money via IMPS for amounts between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST, according to the website.
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IMPS is a popular payment service provided by banks to allow real-time inter-bank fund transfer which is available 24 X 7 including on Sundays and holidays.
IMPS transactions are channel independent and can be initiated from Mobile/ Internet / ATM channels. Customers get the debit & credit confirmation by SMS. It is a service which is available 24 X 7 including on Sundays and holidays. One needs a mobile number and mobile money identifier or bank account and IFSC code or Aadhaar to make payments through IMPS. Payments can be made using internet banking, mobile banking or ATMs.
In October 2021, the Reserve Bank of India (RBI) announced a hike in the amount of money that can be transferred via IMPS. It increased the transaction limit from Rs 2 lakh to Rs 5 lakh.
According to SBI’s press release, the service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions.
SBI does not charge for IMPS, RTGS and NEFT transactions done through their net banking, mobile and YONO channels.