The country’s largest public sector bank State Bank of India (SBI) said in a announcement on Wednesday that through the IMPS (Imidiet Payment Service), a change has been announced in the fees on fund transfer. This new charge will be applicable from 15 August 2025. According to PTI news, no change has been made on the IMPS transactions made through Rancha. But now if the amount of more than ₹ 25,000 is transferred from the online medium (such as net banking or mobile banking), then the minimum charge will be applicable on it.
New IMPS Charges (for online transactions)
Transaction Amount Services Fee (GST Additional)
₹ 25,000 – ₹ 1 Lakh ₹ 2
₹ 1 Lakh – ₹ 6 Lakh ₹ 6
₹ 2 lakh – ₹ 5 lakh ₹ 10
The GST will be applied additionally with the above charges.
Who will get discounts?
Salary package account holders will continue to get full discount on online IMPS transactions as before. There will also be no charge on online IMPS transactions of current account such as gold, diamond, platinum, rhodium, government department, autonomous/statutory bodies. The new service charge for corporate customers will be applicable from 8 September 2025.
What is IMPS
IMPS (Imidiet Payment Service) is a strong and real time payment system, which facilitates the users of 24X7 immediately interbank fund transfer. This service is available through many means including mobile app, internet banking, bank branch, ATM and SMS. With the help of IMPS, money can be transferred between bank accounts across the country in a few seconds. This system is fast, safe and cost effective, which promotes digital payment.
There are currently a total of 958 active members on the IMPS network, including various banks and prepaid payment instruments (PPI) companies. With the facility of IMPS, consumers can now send or receive money from anywhere and anytime, without any delay.
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