SBI Shocks Customers: IMPS Transaction Charges Hiked for Online Transfers

• State Bank of India (SBI) has increased charges for online IMPS transactions, effective February 15.
• IMPS transactions exceeding Rs. 25,000 will no longer be free; previously, transactions up to Rs. 5 lakh were free.
• New charges for online IMPS: Rs. 2 + GST for Rs. 25,000-Rs. 1 lakh; Rs. 6 + GST for Rs. 1 lakh-Rs. 2 lakh; Rs. 10 + GST for Rs. 2 lakh-Rs. 5 lakh.
• Branch-based IMPS transactions also see revised charges: Rs. 4 + GST for Rs. 1,000-Rs. 1 lakh; Rs. 12 + GST for Rs. 1 lakh-Rs. 2 lakh; Rs. 20 + GST for Rs. 2 lakh-Rs. 5 lakh.
• Selected salary account holders may still receive an IMPS transaction charge waiver.

Why It Matters: SBI has hiked charges for online IMPS transactions above Rs. 25,000, impacting many customers.