SBI to make instant money transfers up to Rs 5 lakh via digital means free from next month

New Delhi: SBI customers adopting digital transactions for instant money transfers will not be levied any charges for an amount up to Rs 5 lakh from next month, the lender said on Tuesday.

As of now, transactions up to Rs 2 lakh attract zero charges under IMPS (immediate payment service) or instant money transfer.

To encourage customers to adopt digital banking, SBI has not levied any service charges on IMPS transactions up to Rs 5 lakh, done through internet banking/mobile banking including YONO, the country’s largest lender said in a statement.

If one wishes to do IMPS transactions through a branch, there are no charges for up to Rs 1,000. However, for transactions ranging from above Rs 1,000 to up to Rs 2 lakh, service charges in the range of Rs 2-12 plus GST are to be imposed from February 1.

SBI said it has added a new slab for transactions above Rs 2 lakh and up to Rs 5 lakh and the service charge for branch banking for this slab will be Rs 20 plus GST with effect from February 1, 2022.

No charges will be levied in all these IMPS transaction categories if the transfers are done through internet banking, mobile banking or the YONO app.

On money transactions through the National Electronic Funds Transfer (NEFT), no fee is levied through digital channels; while for branch banking, charges are applicable in the range of Rs 2-20 plus GST.

Likewise, real-time gross settlement (RTGS) has no charges on digital platforms but attracts charges from Rs 20-40 plus GST on branch banking.

The service charges on IMPS are in line with the service charges on NEFT/RTGS transactions, SBI said.