The State Bank of India (SBI) intends to amend its online transaction regulations for IMPS, NEFT, and RTGS transfers. SBI has doubled the limit on its IMPS (Immediate Payment Service) transactions, which will take effect in February 2022.
As a result of this change, SBI account holders can now conduct transactions of up to Rs.5 lakh instead of Rs.2 lakh.
In addition, SBI has declared in an official statement that it would not levy any service charges on digital IMPS transactions up to Rs.5 lakh (for example, internet banking, mobile banking, and YONO).
SBI made this initiative to encourage people to use online banking and get more familiar with digital banking measures. Let's take a look at the important SBI rules that are likely to change in February 2022.
SBI New Rules Effective February 20, 2022
SBI IMPS Charges : Online Mode
No service charge or GST would be imposed on any IMPS transaction conducted via internet or mobile banking on amounts up to Rs.5 lakh.
Customers should be aware that this includes transactions done using the YONO app as well.
SBI IMPS Charges: Offline Mode
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Up to Rs.1000: No charge
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Above Rs.1000 and up to Rs.10000: Rs.2 service charge + GST
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Above Rs.10000 and up to Rs.100000: Rs.4 service charge + GST
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Above Rs.100000 and up to Rs.200000: Rs.12 service charge + GST
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Above Rs.200000 and up to Rs.500000 (new slab): Rs.20 service charge + GST
NEFT Service Charges for SBI: Online Mode
SBI shall levy no service charge or GST on any NEFT transaction made using internet or mobile banking, including the YONO app, even if it exceeds Rs.2 lakh.
NEFT Service Charges for SBI: Offline Mode
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Up to Rs.10000: Rs.2 service charge + GST
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Above Rs.10000 and up to Rs.1000000: Rs.4 service charge + GST
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Above Rs.1000000 and up to Rs.2000000: Rs.12 service charge + GST
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Above Rs.2000000: Rs.20 service charge + GST
SBI RTGS Service Charges: Online Mode
Even if the amount is more than Rs.5 lakh, no service charge or GST would be paid on any RTGS transaction made via internet or mobile banking, including the YONO app.
RTGS Service Charges for SBI : Offline Mode
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Above Rs.200000 and up to Rs.500000: Rs.20 service charge + GST
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Above Rs.500000: Rs.40 service charge + GST
