SBI enhances the limit on IMPS transactions from Rs. 2 lac upto Rs. 5 lac with nil charges on transactions through Digital Channels

by Suman Gupta

Mumbai – January 4, 2022: In an aim to encourage customers to adopt digital banking, SBI has not levied any Service Charges on IMPS transactions upto Rs. 5 lacs, done through Internet banking/Mobile Banking including YONO. In case of Branch Channels, there has been no change in the service charges for IMPS done through the Branch Channel in the existing slabs. However, a new slab for ₹ 2,00,000 to ₹ 5,00,000 has been added and the proposed service charges for this slab is ₹ 20 + GST w.e.f 01.02.2022. The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions.

Please see the charts:

IMPS Service Charges

NEFT Service Charges

RTGS Service Charges

About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on September 30, 2021, the bank has a deposit base of over Rs. 38 lakh crore with CASA ratio of 46.24% and advances of more than Rs. 27 lakh crore. SBI commands a market share of nearly 35% and about 28% in home loans and auto loans segment respectively. SBI has the largest network of 22,230 branches and 64,122 ATMs / CDMs in India with 70,786 BC outlets. The number of customers using internet banking and mobile banking stand at 94.4 million and close to 21 million respectively. The integrated digital and lifestyle platform – YONO SBI, has around 44 million registered users, which witnesses 12 million logins per day. Accelerating the digital agenda, in excess of 27,000 new digital savings bank accounts were opened per day in the quarter ended September 2021. In terms of digital lending, the bank disbursed personal loans worth Rs. 43,000 crore through the YONO mobile app till Q2 of FY22. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.