January 5, 2022
1 min read

SBI hikes IMPS limit

The motive behind the move was to encourage customers towards digital banking….reports Asian Lite News

The State Bank of India has increased the limit on IMPS (Immediate Payment Service) transactions from Rs 2 lakh to Rs 5 lakh.

IMPS, offered by National Payments Corporation of India, empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India.

The motive behind the move was to encourage customers towards digital banking.

For transactions below Rs 2 lakh at the banks, transaction charges are nil, while for between Rs 2-5 lakh, it is kept at Rs 20 plus the Goods and Service Taxes applicable.

However, charges are nil for transactions done through net banking or SBI’s application ‘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 Rs 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022,” the bank said in a statement.

ALSO READ: Musk’s net worth jumps $30 bn in a day

Previous Story

BMW India clocks decade best sales

Next Story

Indian-origin Ramesh Balwani faces trial

Latest from Business

SBI Simplifying KYC Process

SBI’s research arm noted that the RBI’s decision to maintain the policy rate reflects a balanced approach amid global uncertainties, supported by stable liquidity and external conditions State Bank of India (SBI)

UPI Powers Digital Revolution

New innovations such as LiteX (offline payments), tap-and-pay, credit card integration, UPI Autopay, and UPI for IPO subscriptions are pushing the platform from a payment tool to a full-fledged embedded finance ecosystem Unified

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand
Go toTop

Don't Miss

‘Every Indian has debt of Rs 1.25 lakh’

Citing Reserve Bank of India (RBI) report of October 2021,

UAE suspends visa-on-arrival service for Indian passengers

On August 3, the UAE lifted the ban for transit