Alert! SBI Increases Fees From August 15 – Know How It Affects You

SBI customers will see new IMPS charges for online money transfers. It’s a small change, but it’s good to know how much you’ll pay. If you use IMPS a lot, plan ahead and enjoy the free limit up to ₹25,000.

What Is IMPS?

IMPS is a quick way to send money using your phone or internet banking. You can transfer money anytime, even at night or on holidays, up to ₹5 lakh in one go. It was free for SBI customers before, but now there will be small charges.

Why the New Charges?

SBI says these charges will help them keep the service running smoothly. The new rules will start from August 15, 2025, which is Independence Day. This change is only for online transfers done through apps or websites, not for branch visits.

How Much Will You Pay?

The charges depend on how much money you send. Here’s the new fee list:

• Up to ₹25,000: No charge (still free!).
• ₹25,001 to ₹1 lakh: ₹2 + GST.
• ₹1 lakh to ₹2 lakh: ₹6 + GST.
• ₹2 lakh to ₹5 lakh: ₹10 + GST.

GST is an extra tax (about 18%), so the total amount will be a bit more. For example, if you send ₹1.5 lakh, you’ll pay ₹6 + GST (around ₹7 total).

Who Gets a Break?

Some SBI customers won’t have to pay these charges:

• People with special salary accounts (like DSP, CGSP, PSP, etc.) from the government or private companies.
• These accounts are for salaried employees, and the free IMPS service will continue for them.

What About Branch Transactions?

If you go to an SBI branch to use IMPS, the old charges will still apply. These can range from ₹2 to ₹20 + GST, depending on the amount you send. No changes there!

How Does This Compare to Other Banks?

• Canara Bank: No charge up to ₹1,000, then ₹3 to ₹20 + GST for ₹1,000 to ₹5 lakh.
• Punjab National Bank (PNB): No charge up to ₹1,000, then ₹5 to ₹10 + GST for online transfers above that, and more for branch use.

SBI’s new charges are similar but start a bit higher than some other banks.

What Are IMPS Charges For?

These fees help SBI cover the costs of running the IMPS service, like network expenses and processing payments. It’s a small price to keep the fast money transfer working!

Quick Tips

• Check your transfer amount to avoid extra charges.
• Use salary accounts if you can to skip fees.
• Plan your transfers before August 15 if you want to avoid the new rates.