SBI to Change IMPS Charges From August 15

The State Bank of India (SBI) will revise Immediate Payment Service (IMPS) transaction charges for retail customers from August 15, and for corporate customers from September 8, according to the bank’s website.

For retail customers, transactions up to ₹25,000 through online channels such as internet banking and the YONO app will remain free. Charges will apply for higher-value transactions. Transfers between ₹25,000 and ₹1 lakh will attract ₹2 plus GST, between ₹1 lakh and ₹2 lakh will be charged ₹6 plus GST, and between ₹2 lakh and ₹5 lakh will cost ₹10 plus GST.

At branch channels, transactions up to ₹1,000 remain free. Transfers between ₹1,000 and ₹10,000 will be charged ₹2 plus GST, between ₹10,000 and ₹25,000 will cost ₹4

plus GST, between ₹25,000 and ₹1 lakh will be charged ₹4 plus GST, between ₹1 lakh and ₹2 lakh will cost ₹12 plus GST, and transactions between ₹2 lakh and ₹5 lakh will be charged ₹20 plus GST.

SBI has waived IMPS charges in online channels for certain salary package accounts, including Defence Salary Package, Police Salary Package, Central Government Salary Package, and Shaurya Family Pension Accounts.

For corporate customers, the revised structure mirrors the retail slab, with charges taking effect from

September 8. IMPS charges in online channels remain waived for select current accounts, including Gold, Diamond, Platinum, and Rhodium variants, as well as for government departments and statutory bodies.

The changes apply to domestic IMPS transactions and are subject to Goods and Services Tax (GST) at applicable rates.