Customers of SBI, beware! From THIS date forward, you will have to pay more for IMPS transactions — Examine the transaction limit and other specifics

New Delhi: The State Bank of India (SBI), India’s largest lender, has increased the limit for money transactions via Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh, but customers should be aware that the bank will charge them for it.

According to the SBI website, the bank will charge you Rs 20 + GST for IMPS transactions between Rs 2 lakh and Rs 5 lakh. The fees will go into effect on February 1, 2022. However, there are no fees for sending money through IMPS using SBI Anywhere Personal if the amount is less than Rs 2 lakh.

The National Payments Corporation of India (NPCI) provides the IMPS service, which allows customers to transfer money instantly through banks and RBI-authorized Prepaid Payment Instrument Issuers (PPI) across India. It is also being expanded through other channels, such as ATMs and Internet banking. Because there are no holiday restrictions on IMPS inward and outward transactions, they are available 24 hours a day, seven days a week.

The Reserve Bank of India (RBI) announced in October 2021 that it is increasing the daily transaction limit for Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh.

Immediate Payment Service (IMPS) provides instant domestic funds transfer via various channels 24 hours a day, seven days a week. Given the importance of the IMPS system and the desire to improve consumer convenience, it is proposed that the per transaction limit be increased from Rs 2 lakh to Rs 5 lakh.

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