SBI To Waive Immediate Payment Service (IMPS) Charges For Online Banking Customers

SBI or State Bank of India, the country's largest lender by assets, has decided to waive IMPS (Immediate Payment Service) charges for its internet banking, mobile banking and YONO customers, with effect from August 1, the lender said in a statement today. For bank branches, SBI has announced a waiver on IMPS charges for fund transfer up to Rs 1,000. IMPS is an instant payment service that enables round-the-clock money transfer through the use of mobile app, mobile banking or internet banking. Earlier, the bank waived off RTGS (Real-time gross settlement) and NEFT (National Electronic Funds Transfer) charges for its customers, with effect from July 1.

The lender reduced NEFT and RTGS charges through branch banking by 20 per cent. RTGS is meant for large-value instantaneous fund transfers while the NEFT system is used for fund transfers up to Rs 2 lakh.

SBI currently charges 1 rupee plus GST on transactions valued from Rs 1,001 to Rs 10,000 for IMPS transactions.

Here are the other IMPS charges levied by SBI:

Last month, the Reserve Bank of India (RBI) waived-off the processing charges and time-varying charges on outward transaction of NEFT and RTGS which was levied on the banks. 

Meanwhile, SBI reduced its benchmark lending rates by five basis points across all tenors. The marginal cost of fund-based lending rate, or the MCLR, now stands at 8.40 per cent for the one-year tenor, down from 8.45 per cent, with effect from July 10. 

As on March 31, 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore, the lender said in the statement.