What does it mean? Check revised nominal fees
State Bank of India will revise IMPS transaction charges for retail customers effective August 15, 2025. The online transactions above Rs 25,000 will incur charges ranging from Rs 2 to Rs 10 plus GST. Here’s all you need to know.
India’s largest bank, the State Bank of India (SBI), has announced a revision in Immediate Payment Service (IMPS) charges for retail customers effective from August 15. The bank has introduced nominal fees for online high-value transactions, while waiving small-value transfers free.
What does it mean?
The State Bank of India has announced a nominal fee for fund transfer through IMPS through the online channel. Although there is no change in charges for fund transfer below Rs 25000 through IMPS done via a branch, a nominal charge ranging from Rs 2-10 plus Goods and Services Tax (GST). will be there on the funds above Rs 25000.Â
With fees ranging from Rs 2 + GST for the lowest slab to Rs 20 + GST for the highest, branch IMPS charges have not changed.
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How much charge will senders incur for online IMPS transactions in SBI?
All customers will continue to receive free online IMPS transfers up to Rs 25,000 under the new arrangement. According to media reports, charges will apply, though, for amounts over Rs 25,000: Rs 2 + GST for transactions over Rs 25,000 and up to Rs 1 lakh, Rs 6 + GST for amounts over Rs 1 lakh and up to Rs 2 lakh, and Rs 10 + GST for transfers over Rs 2 lakh and up to Rs 5 lakh.
Who will be exempt from IMPS charges?
SBI waives IMPS transaction charges for salary package accounts in online channels for all variants, including
– Defence Salary Package (DSP)
– Para Military Salary Package (PMSP)
– Indian Coast Guard Salary Package (ICGSP)
– Central Government Salary Package (CGSP)
– Police Salary Package (PSP)
– Railway Salary Package (RSP)
– Shaurya Family Pension Accounts
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What is IMPS?
The National Payments Corporation of India (NPCI) offers IMPS, a real-time payment system that is accessible around the clock and has a Rs 5 lakh transaction limit (apart from SMS and IVR channels). While branch, ATM, and IVR transactions don’t require any setup in advance, customers who use mobile banking, internet banking, or SMS banking must first register, the reports stated.
Customers are encouraged to review the updated rates in light of SBI’s changes to maximise the exemptions that apply to their account category and prevent unforeseen deductions.
(With inputs from IANS)
