SBI Changes Rule: The State Bank of India (SBI) has increased the limit for money transfers via the Immediate Payment Service (IMPS) across its branches. According to the SBI website, a new IMPS transaction slab will be implemented on February 1, 2022.
SBI Changes Rule: The country’s largest public sector bank, the State Bank of India (SBI), has doubled the limit for money transfers via the Immediate Payment Service (IMPS) in all of its branches. According to the bank’s information, a new slab for IMPS transactions will be implemented on February 1, 2022.
The price range for this new category is Rs 2 lakh to Rs 5 lakh. The fee for transmitting money using IMPS will be Rs 20 + GST for amounts between Rs 2 lakh and Rs 5 lakh. IMPS is a payment service provided by banks that allows for real-time interbank fund transfers 24 hours a day, seven days a week, including Sundays and holidays.
Do you know what IMPS stands for?
Immediate Mobile Payment Service (IMPS) is a service that allows money to be sent to any account holder, anywhere, at any time. There is no time limit for sending money in this case. This unique service allows you to send money in a matter of seconds using IMPS at any time, 24 hours a day, seven days a week.
In India, money can be sent anywhere, at any time, through online banking, however, the techniques for doing so vary. There are three methods for transferring funds from online banking: IMPS, NEFT, and RTGS.
It’s worth noting that the National Payment Corporation of India is in charge of it. The money is transmitted instantly when monies are transferred in this manner. IMPS is available all year round, 24 hours a day, 7 days a week. However, the service is not available in NEFT or RTGS.
This was announced by the RBI.
Governor of the Reserve Bank of India Shaktikanta Das made a huge statement about the IMPS service in October. Customers will now be able to conduct transactions worth up to Rs 5 lakh per day under this scheme. Let us remind you that this limit used to be Rs 2 lakh.
Special offer from SBI
SBI has launched a new year’s special offer for its customers. Personal loans come with higher interest rates. As a result, SBI has launched a pre-approved personal loan offer for its customers, which they can access via the YONO app. Customers will receive exceptional discounts on personal loans as part of this program. Customers will be able to get loans with no processing fees from the State Bank of India.