SBI New Charges: SBI Revises IMPS Transaction Charges and Rules Effective February 15
SBI New Charges: State Bank of India (SBI), the country’s largest public sector lender, has announced significant revisions to the rules and charges associated with IMPS (Immediate Payment Service) money transfers. If you regularly use mobile banking or internet banking to transfer funds, this update is crucial for your financial planning. While the core method of transferring money remains the same, the “cost” attached to larger transactions is set to change.
In the era of Digital India, IMPS has become a go-to tool for instant payments. However, moving forward, transferring substantial amounts might require you to pay a service fee. Let’s delve into the effective dates, the new slab structures, and who remains exempt from these changes.
Effective Date of New Rules
According to the bank’s notification, these revised service charges will come into effect from February 15, 2026. Customers can continue to send money under the existing fee structure until midnight on February 14. Post this deadline, the new rates will be applicable primarily for those transferring larger sums via internet banking or mobile applications like YONO.
Revised Online Transfer Charges
SBI has introduced a new slab system for online IMPS transactions. The silver lining is that small transactions remain unaffected. Transfers up to ₹25,000 will continue to be free of charge. However, once the transfer amount exceeds this limit, specific charges along with GST will apply.
New IMPS Service Charges for Digital Channels:
| Transaction Amount | New Charges (Excluding GST) |
|---|---|
| Up to ₹25,000 | NIL (Free) |
| Above ₹25,000 to ₹1 Lakh | ₹2 + GST |
| Above ₹1 Lakh to ₹2 Lakh | ₹6 + GST |
| Above ₹2 Lakh to ₹5 Lakh | ₹10 + GST |
Branch vs. Digital: A Comparison
For customers who prefer the traditional method of visiting a branch to initiate an IMPS transfer, the status quo remains. There are no changes to the branch-assisted transfer fees. However, it is worth noting that digital transfers, even with the new charges, remain significantly cheaper than branch transactions.
- Branch Charges: While transfers up to ₹1,000 are free, amounts between ₹1,000 and ₹10,000 attract a fee of ₹2 + GST. For higher amounts (₹2 Lakh to ₹5 Lakh), the branch fee is ₹20 + GST.
Essentially, the fee structure continues to encourage digital adoption over physical branch visits.
Exemptions: Who Does Not Pay?
SBI has provided relief to specific customer categories. If you hold a salary package account, these new charges will not apply to you. Exempted account types include:
- DSP, PMSP, ICSP, CGSP, PSP, and RSP salary accounts.
- Shaurya Family Pension Account holders.
- SBI Rishtey Family Savings Account holders.
Transactions for these accounts will continue without any additional burden.
Transaction Limits and Safety Measures
The daily ceiling for IMPS transfers remains at ₹5 Lakh. Since IMPS operates on a 24×7 real-time basis, funds are credited to the beneficiary almost instantly. This speed makes reversal of funds virtually impossible in case of errors. Therefore, the bank strongly advises customers to double-check the beneficiary’s account number and IFSC code before authorizing any transaction.
