SBI revises IMPS charges, scraps fee for Rs 1,000 transaction

Mumbai: Country's largest public sector lender the State Bank of India has reviewed its Immediate Payment System or IMPS transactions charges as part of its efforts for luring more customers to its online banking category, as new increased charges for making an NEFT or RTGS transaction have not gone down well with some SBI account holders.

With this motive, the public sector bank has decided to scrap fee for small ticket banking transactions made through its IMPS facility, that is mainly used by smartphone users through SBI Anywhere Personal app. Relatively higher fee for IMPS, NEFT or RTGS transactions may dispel some SBI customers away from its banking services and look for other avenues for cheaper transactions.

The bank while backing its decision had earlier said that move aims to promote small-size transactions. "In order to promote small ticket size transactions, SBI has waived off IMPS charges for transfer up to Rs 1,000," the bank had said on its twitter feed.

The bank will charge Rs 5 plus applicable GST rate for IMPS transactions from Rs 1,000 to Rs 100,000. Customers who transfer money from Rs 100,000 to Rs 200,000 will be charged Rs 15 plus applicable GST rate.