SBI hikes IMPS charges for retail customers from August 15; check what other banks charge

The State Bank of India has revised the charges for its Immediate Payment Service (IMPS) for both retail and corporate clients. The bank has updated the fees for some high-value online transactions. The revised charges will come into effect from August 15 for retail customers and from September 8 for corporate customers.

For its retail customers, the bank has proposed a fee of ₹2 (plus GST) for online IMPS transactions above ₹25,000 up to ₹1 lakh, while a fee of ₹6 (plus GST) and ₹10 (plus GST) will be charged for online IMPS transactions up to ₹2 lakh and up to ₹5 lakh, respectively. Let’s understand this in detail.

What is IMPS?

Immediate Payment Service is an instant, real-time and 24×7 interbank electronic funds transfer system in India. Provided by the National Payments Corporation of India (NPCI), IMPS allows individuals to send and receive money instantly through various banking channels like mobile banking, internet banking and ATMs. It's a convenient and secure way to transfer funds 24/7, even during holidays.

Retail charges

For retail customers, SBI has revised its charges for high-value online transactions. SBI has branch channels as well that offer IMPS, but the fees at branches have not changed. IMPS transactions at SBI branches will continue to remain the same, starting from ₹2 (plus GST) for small transfers and going up to ₹20 (plus GST) for the highest slab.

Revised IMPS Transaction Charges from August 15, 2025 (Retail)

These charges are not applicable to some SBI accounts. The IMPS charges for online transactions are waived for these:

• SBI’s Defence Salary Package (DSP)

• Para Military Salary Package (PMSP)

• Indian Coast Guard Salary Package (ICGSP)

• Central Government Salary Package (CGSP)

• Police Salary Package (PSP)

• Railway Salary Package (RSP)

• Shaurya Family Pension Accounts

• Corporate Salary Package (CSP)

• State Government Salary Package (SGSP)

• Startup Salary Package (SUSP)

• Family Savings Account – SBI Rishtey holders

Corporate charges

For corporate customers, SBI has revised its charges for high-value transactions, similar to the retail section. Here are the charges:

Revised IMPS Transaction Charges from September 8, 2025 (Corporate)

However, IMPS transaction charges are waived for online transactions on these accounts:

• Current Account – Gold

• Current Account – Diamond

• Current Account – Platinum

• Current Account – Rhodium

• Government Departments

• Autonomous bodies

• Statutory bodies

Other banks’ IMPS charges

Canara Bank: For transactions below ₹1,000, Canara Bank doesn’t charge a fee. For all transactions above ₹1,000, the bank has specified charges, as per the slab. Here are the charges:

Punjab National Bank: Like Canara Bank, PNB also doesn’t charge for IMPS transactions below ₹1,000. For other transactions, here are the charges:

Users must remember that IMPS is an immediate fund transfer service, which means that once you initiate a payment request, you can’t stop or cancel it. So you must ensure that the amount and the beneficiary details are entered correctly before initiating payment. Further, customers must be aware of IMPS charges so they can manage their finances accordingly. Refer to your bank’s website for charges and take note of all the periodic changes to be up to date.