SBI new rules on IMPS rate comes into effect from today

The change in service charges of the State Bank of India's IMPS will come into effect from February 1, 2022. Now, for transactions up to Rs 2 lakh, the SBI will not levy any charges. Besides, the bankers' bank RBI has increased the limit on IMPS up to Rs 5 lakh. Hence, other PSU banks have brought modifications in their IMPS rates.

New Delhi: The change in service charges of the State Bank of India's (SBI) IMPS will come into effect from February 1, 2022. Now, for transactions up to Rs 2 lakh, the SBI will not levy any charges. Besides, the bankers' bank RBI has increased the limit on IMPS up to Rs 5 lakh. Hence, other PSU banks have brought modifications in their IMPS rates.

The SBI said no charges will be levied on customers using IMPS through Internet banking, mobile banking, YONO SBI app or other digital media, for transactions up to Rs 5 lakh. However, customers visiting an SBI branch will have to pay fees for the IMPS. Customers visiting a bank branch are paying charges for the IMPS and these fees were applicable earlier also. Therefore, those visiting the SBI branch have to pay charges as usual. There is no let-up in IMPS rates for customers visiting the branch, stated the SBI.

Besides, a change in rates for domestic cooking gas as well as the commercial refill is also on the cards, because oil companies usually announce new rates on the first date of a month. At present, the rate of non-subsidised domestic LPG refill in Delhi is Rs 899.50, Kolkata (Rs 926), Mumbai (Rs 899.50), Chennai (Rs 915.50), whereas the existing rate of commercial cooking gas in Delhi is Rs 1998.50, Kolkata (Rs 2,076), Mumbai (Rs 1,948.50) and Chennai (Rs 2,131).

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM and Internet Banking.