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The country’s largest public sector bank, State Bank of India (SBI), has announced changes in the charges levied on fund transfer through IMPS (Immediate Payment Service) in an announcement on Wednesday.
These new charges will be applicable from August 15, 2025. According to PTI news, no change has been made on IMPS transactions done through the branch. But now if an amount of more than ₹ 25,000 is transferred through online medium (such as net banking or mobile banking), then minimum charges will be applicable on it.
New IMPS Charges (for online transactions)
Transaction amount Service charge (GST extra)
₹25,000 – Up to ₹1 lakh ₹2
₹1 lakh – Up to ₹2 lakh ₹6
₹2 lakh – Up to ₹5 lakh ₹10
GST will be applicable additionally with the above charges.
Who will get the discount?
Salary package account holders will continue to get full exemption on online IMPS transactions as before. There will also be no charge on online IMPS transactions of current accounts such as Gold, Diamond, Platinum, Rhodium, Government Department, Autonomous/Statutory Bodies. New service charges for corporate customers will be applicable from 8 September 2025.
What is IMPS
IMPS (Immediate Payment Service) is a robust and real-time payment system that allows users to transfer funds instantly 24×7 through interbank funds. This service is available through multiple channels including mobile apps, internet banking, bank branches, ATMs and SMS. With the help of IMPS, money can be transferred between bank accounts across the country in just a few seconds. This system is fast, secure and cost-effective, thereby promoting digital payments.
Currently, there are a total of 958 active members on the IMPS network, which includes various banks and prepaid payment instrument (PPI) companies. With the facility of IMPS, consumers can now send or receive money from anywhere and at any time, that too without any delay.
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