SBI Imposes New Charges on Online IMPS Transactions Above ₹25,000

• State Bank of India (SBI) will now levy service charges on online IMPS transactions exceeding ₹25,000.
• Charges range from ₹10 + GST for ₹25,000-₹1 lakh, ₹20 + GST for ₹1-₹2 lakh, and ₹25 + GST for ₹2-₹5 lakh.
• This move aims to cover the increasing technical and networking costs associated with real-time payment systems.
• Customers can use NEFT, RTGS, or UPI for free transactions to avoid IMPS charges.
• The bank suggests keeping transfers below ₹25,000 or using UPI as alternatives.

Why It Matters: SBI introduces new service charges for IMPS transactions over ₹25,000 to manage digital banking costs.