There is an important news for crores of customers who have adopted digital banking. The country’s largest government bank, State Bank of India (SBI) has given a big shock to its customers. Now sending money through instant payment service i.e. IMPS through mobile app or internet banking will not be as cheap as before. The bank has decided to impose new charges on IMPS transactions, which will be effective from February 15.
Till now most of the SBI customers were using online IMPS transfer for free, but under the new rules, they will have to pay a fee for sending more amount. However, it is a matter of relief that its impact on common customers will be limited, because sending amount up to Rs 25,000 through IMPS will remain absolutely free as before. This means that those doing small transactions will not have to worry about anything extra.
SBI new rules
According to the new rules of SBI, if a customer transfers an amount of more than Rs 25,000 through IMPS through online channel, he will have to pay a charge. For sending amounts ranging from Rs 25,000 to Rs 1 lakh, a fee of Rs 2 and applicable GST will have to be paid. At the same time, the fee on IMPS transactions of Rs 1 lakh to Rs 2 lakh will increase to Rs 6, with which GST will also be added. Apart from this, for transferring a large amount of Rs 2 lakh to Rs 5 lakh through IMPS, a fee of Rs 10 and GST will have to be paid.
Why did this change happen?
The bank says that this change has been made keeping in mind the maintenance and operating costs of digital services. The special thing is that these new charges will be applicable only on IMPS transactions done through mobile app and internet banking. If the customer sends money through IMPS from the bank branch, the charges already applicable there will continue as before.
Digital customers will be affected
Experts believe that this decision will affect customers making digital transfers of large amounts, while users making small transactions will remain almost unaffected. Nevertheless, this step of SBI remains a topic of discussion in the era of promoting digital payments. In such a situation, customers are being advised to check the charge information before transfer and also consider options like NEFT or RTGS as per need.
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