SBI slashes service charges for IMPS transactions by 80%

IMPS is an instant real-time inter-bank electronic funds transfer system in India.

The State Bank of India (SBI) has decided to slash Immediate Payment Service (IMPS) charges by up to 80 percent.

IMPS is an instant real-time inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

In the revised IMPS charges, no IMPS service charge will be imposed on transactions under Rs 1000. For the transactions between Rs 1000 and Rs 10,000, the users will have to pay Re 1 while for an amount between Rs 10,001 and Rs 1,00,000, the users will be charged Rs 2.

Earlier in January, SBI which is the largest commercial bank in the country had reduced charges for NEFT and RTGS transactions up to 75 pct. These charges were applicable on the transactions done through internet banking (INB) and mobile banking (MB) services offered by the bank.

OneIndia News