SBI Launches Collateral‑Free ₹4 Lakh Loan for Agniveers

On the occasion of India’s 79th Independence Day, the State Bank of India (SBI) launched a thoughtful personal loan scheme tailored for Agniveers—those serving under the short‑term Agnipath recruitment programme—and simultaneously updated its IMPS transaction fee structure. These moves are set to significantly benefit defence personnel and digital banking users alike.

1. New Collateral‑Free Loan Scheme for Agniveers

Overview

SBI has introduced a special personal loan for Agniveers holding an SBI salary account, allowing them to borrow up to ₹4 lakh with no collateral and zero processing fee.

Interest Rate & Tenure

A flat 10.50% interest rate, the lowest offered to all defence personnel, is valid until September 30, 2025. The repayment tenure is synchronized with the term of the Agnipath scheme, ensuring flexibility as Agniveers transition back to civilian life.

Broader Context

This initiative complements SBI’s long‑standing Defence Salary Package, which includes perks such as zero‑balance accounts, free debit cards, unlimited ATM withdrawals, and substantial insurance coverage for both personal accidents and air accidents.

2. Revised IMPS Charges for Online Transfers Over ₹25,000

Policy Change

Effective August 15, 2025, SBI has introduced nominal IMPS charges for online transfers exceeding ₹25,000. This adjustment impacts digital transactions but preserves free transfers within lower slabs.

Fee Structure

Up to ₹25,000 – No charge

• ₹25,001 to ₹1 lakh – ₹2 + GST
• ₹1 lakh to ₹2 lakh – ₹6 + GST
• ₹2 lakh to ₹5 lakh – ₹10 + GST

Exemptions

The following online transactions remain waived from fees,

• IMPS transfers via SBI branches
• Salary package account holders (including Defence Salary Package accounts)
• Select current account holders such as Gold, Diamond, Platinum, Rhodium, government departments, autonomous and statutory bodies

Roll‑out

These changes apply from August 15, 2025 for retail customers, while corporate customers will see revised charges from September 8, 2025.