SBI IMPS transaction limit hiked to ₹5 lakh: Know what is IMPS, how to enable it

SBI IMPS transaction limit has been hiked to ₹5 lakh and the bank will charge ₹20 plus GST on it.

SBI IMPS transaction limit hiked, check details inside. (Reuters)

SBI IMPS transaction limit has been hiked. The State Bank of India (SBI) has increased the IMPS (Immediate Payment Service) transaction limit to ₹5 lakh with no charges for transactions done through digital channels. The information was provided by SBI over its official Twitter handle. "SBI has increased the IMPS transaction limit from Rs. 2 lacs to Rs. 5 lacs. No service charges will apply for IMPS transactions upto Rs. 5 lacs undertaken through Digital Channels like Internet Banking/Mobile Banking including Yono SBI," the bank said.

SBI further informed that the service charges for branch channel on IMPS are in line with the Services Charges on NEFT/RTGS transactions. It can be noted that the Reserve Bank of India (RBI) had in its October policy raised the IMPS transaction limit to ₹5 lakh from earlier ₹2 lakh. According to the information provided by SBI, no changes or revision has been made in IMPS service charges below ₹2 lakh slab. While SBI will charge ₹20 plus GST on IMPS transactions above ₹2 lakh and upto ₹5 lakh.

SBI has increased the IMPS transaction limit to ₹5 lac with NIL charges for transactions done through digital channels. For complete details, visit: https://t.co/2wpOQD7XCS#SBI #DigitalBanking #IMPS #AzadiKaAmritMahotsavWithSBI pic.twitter.com/QVbHmlzXHF

— State Bank of India (@TheOfficialSBI) January 4, 2022

What is IMPS?

According to the information provided by National Payments Corporation of India (NPCI), IMPS is an innovative real time payment service that is available round the clock. This service is offered by NPCI that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India.

You can avail services like sending and receiving money, beneficiary account check functionality, transaction status check functionality, and Foreign Inward Remittance in IMPS.

Benefits of IMPS

It is instant, available 24 x7 (functional even on holidays), safe and secure, easily accessible and cost effective, can be initiated from mobile/internet /ATM channels and users will also get debit and credit confirmation by SMS.

How to get IMPS enabled?

Sender: The customer has to do the Mobile Banking Registration if he/she wants to initiate the transaction through mobile channel. For internet, ATM and bank branch channels, mobile registration is not required.

Receiver: Collect his/her MMID from bank and share with sender or alternatively share his/her Account number & IFS code or Aadhaar number for receiving money. The receiver can register his/her mobile no. for getting SMS alerts for transactions.