SBI IMPS Rules Changed: How Does It Affect You?

• SBI updates IMPS fees, effective August 15th, impacting transfer costs.
• No charge for IMPS up to ₹1,000; fees vary by slab, plus GST.
• Users should note new fees to manage transaction expenses effectively.

SBI is updating its IMPS transaction charges. Read on to understand the changes and how they affect your money transfers.

IMPS Fee Updates

SBI is revising the charges for IMPS transactions. The changes were slated to come into effect from August 15th. Understanding these changes is important for managing your transactions effectively. These new rates will apply to transactions of various amounts.

Transaction Amounts

Different slabs have been created for the various transaction amounts. For transactions up to ₹1,000, there will be no charge. For transactions between ₹1,001 and ₹10,000, the charge will be ₹2 plus GST. For transactions between ₹10,001 and ₹1,00,000, the charge will be ₹5 plus GST. Lastly, for transactions above ₹1,00,000, the charge will be ₹12 plus GST.

GST Implications Explained

The charges mentioned above will be subject to Goods and Services Tax (GST). Make sure to factor in the GST when calculating the final cost of your IMPS transactions. Keep an eye on these small changes, as they can affect your overall banking expenses.

Impact on Users

These changes directly impact SBI customers who frequently use IMPS. With the new fee structure, it's beneficial to plan transactions accordingly. The new charges will have a different impact on customers based on the amount they transfer.

Stay Informed, Stay Ahead

Keeping up with banking updates helps you manage finances efficiently. Knowing these charges helps avoid surprises and helps you to make informed financial decisions. It's always a good practice to stay updated with financial policies.