SBI hikes limit on IMPS transactions to Rs 5 lakh

The limit for IMPS (Immediate Payment Service) transactions has been raised from Rs 2 lakh to Rs 5 lakh by the State Bank of India. The National Payments Corporation of India's IMPS service allows consumers to send money immediately across India through banks and RBI-approved Prepaid Payment Instrument Issuers (PPI). Customers were encouraged to use digital banking as a result of the move.

Transaction charges at banks are nil for transactions under Rs 2 lakh, but are fixed at Rs 20 plus applicable Goods and Service Taxes for transactions between Rs 2 and 5 lakh.

Transactions made through net banking or SBI's 'YONO' application, on the other hand, are free of charge.

"In the case of Branch Channels, the service rates for IMPS done over the Branch Channel have remained unchanged in the present slabs. However, a new slab ranging from Rs 2,00,000 to Rs 5,00,000 has been added, with planned service costs of Rs 20 + GST beginning from February 1, 2022 "In a statement, the bank said.

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