SBI customers ALERT! Big change in IMPS service - Know details, charges here

State Bank of India (SBI) services are used by crores of account holders across the country as well as overseas. Among the many banking and financial services offer by India’s largest public sector lender are its online money transfer services. The limit for the IMPS transaction service given by private and public sector banks was increased to Rs 5 lakh by the Reserve Bank of India (RBI), in its October policy.

In a recent announced, SBI has increased the IMPS transaction limit for its customers from Rs 2 lakh to Rs 5 lakh, in accordance with RBI’s directives. To avail the IMPS service in this new limit, SBI will charge Rs 20 + GST on for IMPS transactions which are above Rs 2 lakh up till Rs 5 lakh.

IMPS transaction services for bank customers

A staple online transfer service, the IMPS transaction is a preferred choice for real-time money transfer. IMPS transactions can be done round the clock and are instant. The service can be used through mobile, computer, ATM and SMS.

While several banks charge customers for IMPS transactions, some also offer free IMPS service. This may be dependent on the type of customer account with the bank.