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SBI New Rules On Transaction

In focus to encourage customers to adopt digital banking, SBI has not imposed any Service Charges on IMPS transactions upto Rs. 5 lacs, done through Internet banking/Mobile Banking including YONO.

SBI RTGS, NEFT, IMPS Rules Change: The State Bank of India is set to go through a change in its working regarding online transactions including IMPS, NEFT and RTGS. The country’s largest bank has increased the limit on its IMPS (Immediate Payment Service) transactions. Under this, SBI account holders can do transactions
of up to Rs 5 lakh, instead of Rs 2 lakh, notified the bank earlier this month. In a recent statement, the public sector bank has also said that it will not impose any service charges on IMPS transactions up to Rs 5 lakh done digitally,
that is through internet banking, mobile banking and YONO

In focus to encourage customers to adopt digital banking, SBI has not imposed any Service Charges on IMPS transactions up to Rs. 5 lacs, done through Internet banking/Mobile Banking including YONO. In the case of Branch Channels, there has been no change in the service charges for IMPS done through the Branch Channel in the
existing slabs,” said the SBI in its press release dated 4 January.

However, a new slab for Rs 2Lacs to Rs 5Lacs has been added and the proposed service charge for this slab is Rs 20 + GST w.e.f 01.02.2022. The service charges on IMPS are in line with the Service Charges on NEFT/RTGS transactions,” said the bank. The new charges are going to be applicable from February 1 this year.

SBI New Rules On Transaction IMPS, NEFT and RTGS

No service charge or GST will be levied on any IMPS transaction, done through the internet or mobile banking,
up to an amount of Rs 5 lakh. This includes transactions through the YONO app.

SBI Charges for IMPS — Offline Mode
Up to Rs 1,000: No charge

Above Rs 1,000 and up to Rs 10,000: Rs 2 service charge + GST

Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

Above Rs 1,00,000 and up to Rs 2,00,000: Rs 12 service charge + GST

Above Rs 2,00,000 and up to Rs 5,00,000 (new slab): Rs 20 service charge + GST

SBI Charges for NEFT Service — Online Mode

No service charge or GST will be levied on any NEFT transaction, done through the internet or mobile banking
including the YONO app, even if it is above Rs 2 lakh.

SBI Charges for NEFT Service — Offline Mode

Up to Rs 10,000: Rs 2 service charge + GST

Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

Above Rs 1,00,000/- and up to Rs 2,00,000: Rs 12 service charge + GST

Above Rs 2,00,000: Rs 20 service charge + GST

SBI Charges for RTGS Service — Online Mode

No service charge or GST will be levied on any RTGS transaction, done through the internet or mobile banking
including the YONO app, even if it is above Rs 5 lakh.

SBI Charges for RTGS Service — Offline Mode

Above Rs 1,000 and up to Rs 10,000: Rs 2 service charge + GST

Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

Above Rs 1,00,000 and up to Rs 2,00,000: Rs 12 service charge + GST

Above Rs 2,00,000 and up to Rs 5,00,000 (new slab): Rs 20 service charge + GST

SBI Charges for NEFT Service — Online Mode

No service charge or GST will be levied on any NEFT transaction, done through the internet or mobile banking
including the YONO app, even if it is above Rs 2 lakh.

SBI Charges for NEFT Service — Offline Mode

Up to Rs 10,000: Rs 2 service charge + GST

Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

Above Rs 1,00,000/- and up to Rs 2,00,000: Rs 12 service charge + GST

Above Rs 2,00,000: Rs 20 service charge + GST

SBI Charges for RTGS Service — Online Mode

No service charge or GST will be levied on any RTGS transaction, done through the internet or mobile banking including the YONO app, even if it is above Rs 5 lakh.

SBI Charges for RTGS Service — Offline Mode
Above Rs 2,00,000 and up to Rs 5,00,000: Rs 20 service charge + GST

Above Rs 5,00,000: Rs 40 service charge + GST

Source: News18

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