Bad news for SBI customers! from August 15 pay these charges on online payment transactions; know full details over here

India’s largest public sector bank has revised the charges on online payments transactions.

If you have an account with the State Bank of India (SBI), this update is important for you. According to the bank’s announcement, IMPS (Immediate Payment Service) transaction charges for retail customers will be revised from August 15. For corporate customers, the changes will take effect on September 8. These revisions are expected to impact nearly 40 crore SBI customers.

No charge For Transactions Up To Rs 25,000

For retail customers using Internet banking or the YONO app, there will be no charge for transactions up to Rs 25,000. For transfers above Rs 25,000, charges will apply:

• From Rs 25,000 to Rs 1 lakh – Rs 2 + GST

• From Rs 1 lakh to Rs 2 lakh – Rs 6 + GST

• From Rs 2 lakh to Rs 5 lakh – Rs 10 + GST

Different Rules For Branch Transactions

If you carry out transactions at an SBI branch, there will be no charge for amounts up to Rs 1000. For higher amounts, the charges will be:

• Rs 1,000 to Rs 10,000 – Rs 2 + GST

• Rs 10,000 to Rs 25,000 – Rs 4 + GST

• Rs 25,000 to Rs 1 lakh – Rs 4 + GST

• Rs 1 lakh to Rs 2 lakh – Rs 12 + GST

• Rs 2 lakh to Rs 5 lakh – Rs 20 + GST

Exemptions For Specific Account Holders

SBI has waived IMPS charges for certain special salary accounts when transactions are done through online modes. These include Defence Salary Package, Police Salary Package, Central Government Salary Package, and Shaurya Family Pension accounts.

The same revised charges will apply to corporate customers starting September 8. However, certain current accounts like Gold, Diamond, Platinum, and Rhodium along with government departments and legal entities, will be exempt from IMPS charges for online transactions.