Mumbai:The country's largest lender State Bank of India said on Tuesday it has decided to enhance the free IMPS online transactions limit to Rs 5 lakh from the Rs 2 lakh in order to encourage customers to adopt digital banking.
SBI said in a statement that it will not levy any service charge on Immediate Payment Service (IMPS) transactions up to Rs 5 lakh done through Internet banking/Mobile Banking including YONO. In the case of Branch Channels, there is no change in the service charges in the existing slabs.
However, a new slab for Rs 2 lakh to Rs 5 lakh has been added. For IMPS transactions done through branches for amounts ranging Rs 2 lakh to Rs 5 lakh the proposed service charge is Rs 20 plus GST. The new charge will be effective from February 1, 2022.