Good News For 45 Crore SBI Customers! Pay Zero Fees For These IMPS Transactions, Forever (Full Details)

There is some good news for more than 45 crore SBI customers, across India.. All IMPS transactions till Rs 5 lakh will now attract zero service fees.

Earlier, it the threshold was Rs 2 lakh.

IMPS transactions are instant electronic fund transfer service between different banks, through mobile phones and net banking. IMPS services are available 24 * 7, 365 days a week.

AIM of not charging for this service

As we know that internet banking or digital banking is one of the fastest growing banking sectors yet it has some limitations, like the service charge was earlier on transactions of Rs 2Lakhs and above which is not a big amount for the big companies and industries however 5 Lakhs is.

The proposed service charge for this slab is Rs 20+ GST as said by RBI. It is said that this rule will come into effect from February 1^st, 2022. 

Charges for Bank Branches 

IMPS transactions conducted at bank branch for an amount ranging from Rs 1,000 to Rs 10,000 draw a service charge of Rs 2+GST. If the transaction amount ranges from Rs 10,000 to Rs 1,00,000, a charge of Rs 4+GST is levied.

On transactions of amount between Rs 1,00,000 and Rs 2,00,000, a charge of Rs 12+GST is imposed.

Now it is interesting how some amount is yet being charged on the services being conducted at the bank but if the same transaction is done online there will be no service charge.

Going with the mindset of Indian people they still trust branch services more than the internet services now this step of RBI will make more people invest their time in digital Banking.