SBI to charges for Rs 20 + GST for IMPS transfer, know details.
Welcome back to our informative blog site knowing steps360 with a new IMP news. State Bank of India (SBI) has announced that it has increased the Immediate Payment Service (IMPS) limit for money transfers done at its bank branches. According to the SBI website, effective from February 1, 2022, a new slab for IMPS transactions has been added: Rs 2 lakh to Rs 5 lakh. The charges for sending money via IMPS for amounts between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST, according to the website.
IMPS is a popular payment service provided by banks to allow real-time inter-bank fund transfer which is available 24 X 7 including on Sundays and holidays. In its October policy, RBI has raised the IMPS transaction limit to Rs 5 lakh from earlier Rs 2 lakh.
What is SBI’s IMPS charges made at bank branches?
IMPS transactions are channel-independent and can be initiated from Mobile/ Internet / ATM channels. Customers get debit & credit confirmation by SMS.
What are an IMPS?
IMPS provides robust and real-time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like mobile, internet, ATM, SMS. It also allows transferring of funds instantly within banks across India which is not only safe but also economical. Currently, on IMPS, 639 members are live which includes banks and PPIs.
The IMPS of the National Payments Corporation of India (NPCI) is an important payment system providing 24x7 instant domestic funds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS. It allows customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India.
The objectives of IMPS transactions
– To enable bank customers to use mobile instruments as a channel for accessing their bank's accounts and remit funds
- Making payment simpler just with the mobile number of the beneficiary
- To sub-serve the goal of the Reserve Bank of India (RBI) in electronification of retail payments
- To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be interoperable across banks and mobile operators in a safe and secured manner.
- To build the foundation for a full range of mobile-based Banking.
Several Banks levy the charge for customers using IMPS transactions. However, certain banks offer IMPS free of cost depending on the type of account held by the customers or using IMPS via Internet banking.
In October 2021, the Reserve Bank of India (RBI) announced a hike in the amount of money that can be transferred via IMPS. It increased the transaction limit from Rs 2 lakh to Rs 5 lakh.
“The per-transaction limit in IMPS, effective from January 2014, is currently capped at Rs 2 lakh for channels other than SMS and IVRS. The per-transaction limit for SMS and IVRS channels is Rs 5000. With RTGS now operational round the clock, there has been a corresponding increase in settlement cycles.
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