There is important news for millions of people who use digital banking. The State Bank of India (SBI), the country’s largest public sector bank, has announced new charges for IMPS money transfers made through mobile apps and internet banking. These new charges will come into effect from February 15.
Earlier, most SBI customers could send money through IMPS online without paying any fee. However, this will no longer be the case for higher-value transactions.
IMPS Transfers Up to ₹25,000 Will Remain Free
SBI has given relief to ordinary customers by keeping small IMPS transfers free. Any IMPS transaction of up to ₹25,000 made through online channels will continue to be completely free, just like before.
This means customers who mostly send small amounts will not face any extra burden.
New IMPS Charges for Higher Amounts
Under the new rules, SBI will charge fees for IMPS transactions above ₹25,000 made through mobile apps or internet banking. The charges are as follows:
₹25,000 to ₹1 lakh: ₹2 + GST
₹1 lakh to ₹2 lakh: ₹6 + GST
₹2 lakh to ₹5 lakh: ₹10 + GST
These charges apply only to online IMPS transactions.
Reason Behind the Change
According to SBI, the decision has been taken to cover the maintenance and operational costs of digital banking services. The bank clarified that these new charges apply only to IMPS transfers made through digital platforms.
If customers send money via IMPS by visiting a bank branch, the existing charges will continue without any change.
Impact on Digital Banking Users
Experts believe that this move will mainly affect customers who frequently make large digital transfers, while users making smaller payments will remain unaffected.
The decision has sparked discussion, especially as SBI continues to promote digital payments.
Customers are advised to check charges carefully before transferring money and may consider using alternatives like NEFT or RTGS, depending on the transfer amount and urgency.
