SBI IMPS money transfer rule changes from February 15: New charges and limits explained in 5 points

The State Bank of India (SBI) is set to change the way customers pay for online IMPS money transfers, introducing service charges on higher-value transactions. The revised fee structure will come into effect from next month.

1) When will the new charges apply

2) What changes for online IMPS users

SBI will continue to offer free online IMPS transfers up to ₹25,000 through internet banking, mobile banking and the YONO app. However, transactions above this amount will attract service charges.

Transfers between ₹25,000 and ₹1 lakh will be charged ₹2 plus GST; those between ₹1 lakh and ₹2 lakh will cost ₹6 plus GST. Transfers above ₹2 lakh and up to ₹5 lakh will be charged at ₹10 plus GST.

3) Branch IMPS charges remain unchanged

Customers making IMPS transfers at SBI branches will see no change in charges. Existing fees, which range from ₹2 to ₹20 plus GST depending on the transaction value, will continue to apply under the revised framework.

4) Who will not pay IMPS charges

SBI has exempted certain salary packages and special savings account holders from the revised charges. These include DSP, PMSP, ICSP, CGSP, PSP and RSP accounts, along with Shaurya Family Pension Accounts and SBI Rishtey Family Savings Account holders.

5) Limits and important reminders

The daily IMPS transfer limit remains ₹5 lakh. Since IMPS transfers are processed instantly and cannot be reversed, customers are advised to carefully verify beneficiary details before completing a transaction.

What is IMPS?

IMPS is a popular method of instantly transferring money across bank accounts. It is a real-time electronic money transfer mechanism that immediately credits money to the payee or beneficiary account. Interbank transactions can be initiated via IMPS using various means, including mobile banking, internet banking, etc. The daily IMPS limit for transactions is ₹5 lakh.