SBI, the largest bank of the public sector, has announced amendment in its immediate payment service (IMPS) Transaction Charge for retail customers, which will be applicable from 15 August 2025. This change will be effective on both online and branch transactions. Although small transactions have been exempted from this, this fee will apply only on big transactions.
For online users, IMPS transactions with value of more than Rs 25,000 will now be charged, while transactions up to this amount will be free. The purpose of this step is to balance the operational costs while maintaining the satisfaction of the customers.
What is IMPS Transaction?
IMPS is a actual payment service provided by the National Payment Corporation of India (NPCI). This allows users to transfer money across India. This service is available for 24 hours, in which every transaction limit on all channels except SMS and IVR is Rs 5 lakh. It is used to send money immediately through mobile banking or internet banking. Earlier, all online transactions under this service were free, but the new charge would apply to more than Rs 25000 transactions.
How much will be charged?
An amount of more than Rs 25,000 and up to Rs 1,00,000 will be charged Rs 2 plus GST. For transactions between Rs 1,00,001 and Rs 2,00,000, fee will be Rs 6 plus GST and for transactions between Rs 2,00,001 and Rs 5,00,000, fee will be charged Rs 10 plus GST.
SBI IMPS Fee
- Free up to Rs 25,000
- Rs 25001 – Rs 2 at Rs 1,00,000 + GST
- Rs 1,00,001 – Rs 6 + GST at Rs 2,00,000
- Rs 2,00,001 – Rs 10 at Rs 5,00,000 + GST
No changes in these charges
For transactions from the branch, SBI has upheld the current charge from Rs 2 + GST to Rs 20 + GST. This means that there will be no change in the transaction made through SBI branch channels. On the other hand, some account holders such as Defense Pay Package (DSP), paramilitary salary package (PMSP), and other specific salary packages will continue to avail the full discount for online IMPS transfer.
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