Money & Banking

SBI to remove IMPS charges on internet banking from August 1

Our Bureau Mumbai | Updated on July 08, 2019 Published on July 08, 2019

State Bank of India has decided to do away with the charges on IMPS (Immediate Payment Service) transactions on internet banking (INB)/ mobile banking service (MBS) with effect from August 1, 2019.

IMPS provides a robust and real time fund transfer facility, offering an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS, Branch and USSD(*99#). IMPS is an emphatic service which allows transfer of funds instantly within banks across India.

While it will offer IMPS free of charge on INB/MBS, India's largest bank has revised the same on IMPS transactions at branches. The charges on the first two IMPS slabs at branches remain unchanged -- nil for the up to Rs 1,000 slab and Rs 2 + GST (goods and service tax) for the Rs 1,001 up to Rs 10,000 slab.

The charges on the remaining three slabs have been revised -- to Rs 4 + GST (Rs 2 + GST now) on the Rs 10,001 up to Rs 25,000 slab; to Rs 4 + GST (Rs 5 + GST) on the Rs 25,001 up to Rs 1 lakh slab; and to Rs 12 + GST (Rs 10 + GST) on the Rs 1,00,001 up to Rs 2 lakh slab. The IMPS facility is provided by the National Payments Corporation of India (NPCI) through its existing National Financial System (NFS) switch.

As at March-end 2019, the share of transactions through alternate channels including Internet & Mobile Banking, POS & e-Commerce, ATM/ and UPI & YONO, for SBI was 88.1 per cent against 84.1 per cent as at March-end 2018.

Published on July 08, 2019
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