SBI Customers: Check Rules That Are Set To Change From Next Month

SBI customers can check new SBI rules for online transactions such as IMPS, NEFT, and RTGS transfers.

The State Bank of India (SBI) is planning to introduce a change in its online transaction regulations such as IMPS, NEFT, and RTGS transfers.

One of the most notable changes effective from February 2022 is that SBI has increased the limit on its IMPS (Immediate Payment Service) transactions. Thus, this change enables SBI account holders to make transactions of up to Rs 5 lakh, instead of Rs 2 lakh.

Additionally, in an official statement made, SBI has also announced that it will not levy any service charges on IMPS transactions up to Rs 5 lakh done digitally (for example, internet banking, mobile banking, and YONO).

This move has come by SBI in order to motivate users to use internet banking and get more comfortable with digital banking measures.

Lets dive into the major SBI rules that are expected to be changed from February 2022.

SBI New Rules from February 2022

1) SBI IMPS Charges : Online Mode

On amounts of up to Rs 5 lakh, no service charge or GST shall be levied on any IMPS transaction, done through internet or mobile banking.

Customers must note that this includes transactions made through the YONO app as well.

2) SBI IMPS Charges: Offline Mode

• Up to Rs 1,000: No charge

• Above Rs 1,000 and up to Rs 10,000: Rs 2 service charge + GST

• Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

• Above Rs 1,00,000 and up to Rs 2,00,000: Rs 12 service charge + GST

• Above Rs 2,00,000 and up to Rs 5,00,000 (new slab): Rs 20 service charge + GST

3) NEFT Service Charges for SBI: Online Mode

SBI shall levy no service charge or GST, on any NEFT transaction, done through internet or mobile banking including the YONO app, even if it is above Rs 2 lakh.

4) NEFT Service Charges for SBI: Offline Mode

• Up to Rs 10,000: Rs 2 service charge + GST

• Above Rs 10,000 and up to Rs 1,00,000: Rs 4 service charge + GST

• Above Rs 1,00,000 and up to Rs 2,00,000: Rs 12 service charge + GST

• Above Rs 2,00,000: Rs 20 service charge + GST

5) RTGS Service Charges for SBI: Online Mode

No service charge or GST will be levied on any RTGS transaction, done through internet or mobile banking including the YONO app, even if it is above Rs 5 lakh.

6) RTGS Service Charges for SBI : Offline Mode

• Above Rs 2,00,000 and up to Rs 5,00,000: Rs 20 service charge + GST

• Above Rs 5,00,000: Rs 40 service charge + GST