IMPS limit hiked from Rs 2 lakh to Rs 5 lakh by SBI

IMPS limit hiked from Rs 2 lakh to Rs 5 lakh by SBI The State Bank of India has increased the IMPS (Immediate Payment Service) transaction limit from Rs 2 lakh to Rs 5 lakh. The IMPS service from the National Payments Corporation of India allows consumers to move money across India instantly via banks and RBI-approved Prepaid Payment Instrument Issuers (PPI). As a result of the change, customers were encouraged to use digital banking. Bank transaction fees are zero for transactions under Rs 2 lakh, but are fixed at Rs 20 plus applicable Goods and Service Taxes for transactions of Rs 2 to 5 lakh. Net banking and SBI's 'YONO' application transactions, on the other hand, are completely free. "The service charges for IMPS done over the Branch Channel have remained unaltered in the current slabs in the case of Branch Channels. However, starting February 1, 2022, a new slab spanning from Rs 2,00,000 to Rs 5,00,000 has been added, with planned service expenses of Rs 20 + GST "The bank stated in a statement.