SBI customers will not have to pay any fee from next month for sending up to Rs 5 lakh instantly digitally. At present, no fee has to be paid for sending two lakh rupees under IMPS.
New Delhi: Customers of State Bank of India (SBI) will not have to pay any fee from next month for sending instant up to Rs 5 lakh digitally. SBI made this announcement on Tuesday. At present, no fee is to be paid for sending Rs 2 lakh under Immediate Payment Service (IMPS). The country’s largest bank said in a statement that to encourage customers to adopt the bank’s digital methods, SBI will no longer charge any fee for IMPS transactions up to Rs 5 lakh. This transaction can be done through YONO App, Internet Banking / Mobile Banking.
And what will be the changes
1. If one wants to send money through IMPS by visiting a bank branch, there is no charge for up to Rs.1,000. However, from February 1, transactions above Rs 1,000 and up to Rs 2 lakh will attract GST along with a service charge of Rs 2 to Rs 12.
2. SBI said that it has added a new category of transactions above Rs 2 lakh and up to Rs 5 lakh. For the transaction of this amount through the branch, GST will be levied with Rs 20 from February 1.
3. If customers send money through Internet Banking, Mobile Banking or YONO App, then they will not have to pay any charges.
4. According to SBI, there will be no charge for sending money through National Electronic Funds Transfer (NEFT) through digital medium. While sending money through NEFT through bank branch will have to pay GST in addition to Rs 2 to 20.
5. Similarly, there will be no charges for sending money through RTGS (Real Time Gross Settlement) through digital medium. While sending money through a bank branch will have to pay GST in addition to Rs 20 to 40.
