The State Bank of India (SBI) has announced a revision of its IMPS (Immediate Payment Service) transaction charges, with changes for retail customers taking effect from August 15, and for corporate customers from September 8. The move will impact nearly 40 crore customers of the country’s largest lender.

No charges for small transactions

Retail customers using SBI’s Internet banking or YONO app will continue to enjoy free IMPS transfers for amounts up to ₹25,000. For transactions above this limit, charges will be applicable as follows:

  • ₹25,000 to ₹1 lakh – ₹2 + GST

  • ₹1 lakh to ₹2 lakh – ₹6 + GST

  • ₹2 lakh to ₹5 lakh – ₹10 + GST

    • Branch transactions to attract higher fees

    For customers conducting IMPS transactions at SBI branches, there will be no fee for amounts up to ₹1,000. Beyond that, the charges will be:

    • ₹1,000 to ₹10,000 – ₹2 + GST

  • ₹10,000 to ₹25,000 – ₹4 + GST

  • ₹25,000 to ₹1 lakh – ₹4 + GST

  • ₹1 lakh to ₹2 lakh – ₹12 + GST

  • ₹2 lakh to ₹5 lakh – ₹20 + GST

    • Exemptions for specific account holders

    SBI has waived online IMPS charges for certain special salary accounts, including Defence Salary Package, Police Salary Package, Central Government Salary Package, and Shaurya Family Pension accounts.

    Corporate customer charges from September 8

    The same revised rates will apply to corporate customers starting September 8. However, certain premium current accounts—Gold, Diamond, Platinum, and Rhodium—as well as government departments and legal entities, will be exempt from online IMPS charges.

    Impact on customers

    The change aims to streamline SBI’s transaction fee structure while offering relief to smaller transfers, which form a major chunk of IMPS usage. Larger transfers will now carry nominal charges, but exemptions for specific accounts ensure essential services remain unaffected.

    IMPS, a real-time interbank payment service, has become a widely used digital payment method in India, enabling instant fund transfers 24×7.