State Bank of India will from February 1 add a new slab for the immediate payment service limit for money transfers. This is in the range between Rs 2 lakh to Rs 5 lakh, where the proposed service charges is Rs 20 plus GST.
State Bank of India (SBI) will from February 1 add a new slab for the immediate payment service (IMPS) limit for money transfers. This is in the range between Rs 2 lakh to Rs 5 lakh, where the proposed service charges s Rs 20 plus GST.
A popular payment service provided by banks, IMPS allows real-time inter-bank fund transfer which is available 24 X 7 including on Sundays and holidays.
SBI said it has not levied any service charges on IMPS transactions up to Rs 5 lakh, done through internet and mobile banking, including YONO.
The bank also clarified that there has been no change in the service charges for IMPS done through the branch channel in the existing slabs.
The service charges on IMPS are in line with those on NEFT/RTGS transactions, SBI added.
