SBI Alert: Now State Bank of India (SBI), the country’s largest public sector bank, will not charge on IMPS fund transfer up to Rs 5 lakh from February 1, 2022.
Whereas, service charges have been increased for transferring more than this amount. Here you are going to gain on one side and there is going to be loss on the other side.
Know how much will it charge now?
According to SBI, transferring money through IMPS above Rs 5 lakh will attract Rs 20 + plus GST charge. The Reserve Bank of India (RBI) in October 2021 increased the amount of transactions through IMPS from Rs 2 lakh to Rs 5 lakh. The Reserve Bank had increased the limit for transactions through IMPS. Now instead of Rs 2 lakh, you can transfer Rs 5 lakh in a day.
Know what is IMPS?
MPS i.e. Immediate Payment Service is an important part of National Payments Corporation of India (NPCI). Through this, funds transfer can be done 24X7. Apart from internet banking, fund transfer is done through mobile banking apps, bank branch, ATM, SMS and IVRS. However, the daily transaction limit increased by RBI does not apply to SMS and IVRS. Only Rs 5000 is transferred through SMS and IVRS.
