State Bank of India (SBI) will introduce nominal charges for online IMPS transfers exceeding ₹25,000 starting August 15. Learn about the revised fee structure and exemptions.
IMPS Charges Revised: What’s New?
- ₹25,001 to ₹1 lakh – ₹2
- ₹1 lakh to ₹2 lakh – ₹6
- ₹2 lakh to ₹5 lakh – ₹10
These charges are exclusive of GST and will apply to transactions via internet banking, YONO, or mobile banking.
Who is Exempted from These Charges?
SBI offers complete waivers to:
- Salary Package Account Holders
- Select Current Accounts: Gold, Diamond, Platinum, Rhodium tiers, Government departments, and autonomous/statutory bodies
Charges for Corporate Customers
Corporate customers will experience the revised charge structure from September 8, 2025, with customizations for large-volume transactions.
IMPS: A Snapshot
IMPS facilitates real-time fund transfers across India 24×7, popular for P2P payments, bill settlements, and online shopping transactions.
Why This Move Matters
SBI’s decision aims to recover operational costs, prevent excessive micro-transactions, and align fee structures with digital upgrades, especially as UPI remains free for P2P transfers.
Key Takeaways for Competitive Exams:
- SBI to levy nominal charges on online IMPS transfers over ₹25,000 from August 15.
- Fee structure: ₹2–₹10 + GST based on transaction amount.
- Exemptions for Salary Package Account Holders and select Current Accounts.
- Corporate customers to witness revised charges from September 8, 2025.
- IMPS: Popular for real-time fund transfers across India, including P2P payments and online shopping settlements.
