Mumbai: The State Bank of India (SBI), the country’s largest public sector bank, has announced a revision in its Immediate Payment Service (IMPS) transaction charges for online fund transfers. Starting August 15, customers transferring more than Rs 25,000 through online platforms such as internet banking or mobile banking will be subject to nominal fees. This marks a significant shift in the bank’s digital transaction policy, although IMPS transactions made through branches will remain unaffected by these changes.

According to details posted on the official SBI website, online IMPS transactions exceeding Rs 25,000 will now incur charges ranging from Rs 2 to Rs 10, excluding GST. Specifically, transactions above Rs 25,000 but below Rs 1 lakh will attract a charge of Rs 2. For transfers ranging from Rs 1 lakh to Rs 2 lakh, the fee will be Rs 6, while transactions from Rs 2 lakh to Rs 5 lakh will carry a charge of Rs 10. These charges apply exclusively to online channels and are aimed at streamlining the fee structure across different modes of transfer.

SBI has confirmed that certain customer segments will continue to enjoy exemptions. Notably, salary package account holders will not be charged for online IMPS transactions, maintaining their full waiver status. In addition, current account holders falling under special categories such as Gold, Diamond, Platinum, Rhodium, Government Departments, and Autonomous or Statutory Bodies will also continue to receive a waiver on online IMPS charges.

For corporate clients, however, the revised fee structure will come into effect slightly later, starting from September 8, 2025. This staggered implementation is likely aimed at giving corporate customers ample time to adapt to the new transaction fee norms.

These revisions are part of SBI’s ongoing efforts to balance operational costs with the growing demand for digital banking services. As digital transactions become more prevalent, the bank is refining its policies to ensure sustainability and efficiency in service delivery.