Here’s how much SBI will charge for IMPS transactions from 1 Feb. Read here

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State Bank of India, India’s largest public sector lender, has increased the IMPS (Immediate Payment Service) transaction limit to 5 lakh as per the directions of Reserve Bank of India (RBI).

In its October policy, RBI has raised the IMPS transaction limit to 5 lakh from earlier 2 lakh.

SBI, in a statement said, it will charge 20 plus GST on IMPS transactions abover 2 lakh till 5 lakh.

What is an IMPS?

IMPS provides robust and real time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like mobile, internet, ATM, SMS. It also allows transferring of funds instantly within banks across India which is not only safe but also economical. Currently on IMPS, 639 members are live which includes banks and PPIs.

The objectives of IMPS transactions

– To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds

– Making payment simpler just with the mobile number of the beneficiary

– To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments

– To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner

– To build the foundation for a full range of mobile based Banking se

Several Banks levy the charge for customers using IMPS transactions. However, certain banks offer IMPS free of cost depending on the type of account held by the customers or using IMPS via Internet banking.

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