SBI Slashed IMPS Service Charges up to 80%

The State Bank of India has slashed Immediate Payment Service (IMPS) charges up to 80 percent. If the users are doing an online transaction of money after selecting IMPS option, then they will have to pay 80% less charge than what they used to pay earlier.

After the implementation of the revised charges, online transactions will certainly become cheaper. After the revision, no IMPS service charge will be imposed on online transactions under Rs 1000. For the transactions between Rs 1000 and Rs 10,000, the users will have to pay Re 1 while for an amount between Rs 10,001 and Rs 1,00,000, the users will be charged Rs 2.
For the transactions between Rs 1,00,0001 and Rs 2,00,000, the IMPS service charge is Rs 3. All these rates are effective from 15th October 2017.
Important Takeaways from Above News for RRB PO Mains Exam-
  • Earlier in January, SBI which is the largest commercial bank in the country had reduced charges for NEFT and RTGS transactions up to 75%.
  • SBI headquarters in Mumbai, Maharashtra.
  • It was established on 1 July 1955.
  • Rajnish Kumar is the present Chairman of SBI.