14 Aug 2025 : India’s largest public sector bank, State Bank of India (SBI), has announced a major change for those who transfer money online through IMPS (Immediate Payment Service). This change will take effect from August 15, 2025, and has been made keeping in mind customers who do digital transactions.
What’s the new change?
From now on, if you transfer more than ₹25,000 via IMPS using SBI’s net banking or mobile banking, you will have to pay a new service charge. However, if you carry out IMPS transactions at an SBI branch, there will be no change — the existing charges will continue to apply.
New fee structure (for online transactions)
(GST will be charged extra on all fees)
| Transaction Amount | Service Charge (plus GST) |
|---|---|
| ₹25,000 to ₹1 lakh | ₹2 |
| ₹1 lakh to ₹2 lakh | ₹6 |
| ₹2 lakh to ₹5 lakh | ₹10 |
Who will be exempt?
Some account holders will be completely exempt from these new charges:
- Salary Package account holders
- SBI Gold, Diamond, Platinum, and Rhodium current account customers
- Government departments and autonomous/statutory bodies
For all these categories, online IMPS transactions will remain completely free.
Note: For corporate account holders, the new charges will apply from September 8, 2025.
What is IMPS and why is it important?
IMPS is a fast, secure, 24×7 digital payment service that allows real-time fund transfers to any bank account. This service can be used through:
- Mobile app
- Internet banking
- ATMs
- SMS
- Bank branches
It enables customers to send or receive money anytime, from anywhere — in just a few seconds. Over 950 banks and financial institutions across the country are connected to this network.
What is SBI’s objective?
Through this change, SBI aims to encourage the use of digital banking while balancing operational costs. Recently, the bank also declared a dividend of ₹15.90 per share for FY 2024–25 and raised ₹25,000 crore via QIP to focus on expansion and technology infrastructure.
Summary:
State Bank of India announced changes to its IMPS transaction charges, with the revised rules set to be implemented nationwide starting August 15 for all customers.