On India’s 79th Independence Day (August 15, 2025), the State Bank of India (SBI) launched two significant financial initiatives aimed at empowering defence personnel and enhancing digital banking. These include a collateral-free personal loan scheme for Agniveers—the youth recruited under the Agnipath scheme—and a revised fee structure for Immediate Payment Service (IMPS) transactions.
This move reflects SBI’s continued commitment to supporting national defence personnel and fostering ease in digital transactions.
Collateral-Free ₹4 Lakh Loan for Agniveers
Loan Overview
SBI’s new personal loan initiative exclusively benefits Agniveers with an SBI salary account. They can now avail loans up to ₹4 lakh without any collateral and with zero processing fees, making it an affordable and accessible credit option.
Interest Rate and Repayment Terms
The loan carries an attractive fixed interest rate of 10.50%, the lowest among defence loan offerings, and is available until September 30, 2025. Repayment is aligned with the four-year tenure of the Agnipath scheme, ensuring the EMI schedule does not extend beyond their service period.
This tailored repayment structure is designed to ensure a smooth financial transition for Agniveers as they complete their service and explore civilian opportunities.
Context: SBI’s Broader Support to Defence Personnel
This loan complements SBI’s robust Defence Salary Package, which already offers:
- Zero-balance salary accounts
- Free debit cards
- Unlimited ATM withdrawals
- Insurance cover for personal and air accidents
The new loan scheme reinforces SBI’s position as a leading financial partner for India’s armed forces.
SBI Revises IMPS Charges for Higher Digital Transfers
What Has Changed?
Starting August 15, 2025, SBI will levy nominal charges on IMPS transactions made online when the transfer amount exceeds ₹25,000. Transfers below this amount remain free, ensuring small-value users are not affected.
Updated Fee Structure
- Up to ₹25,000 – No charges
- ₹25,001 to ₹1 lakh – ₹2 + GST
- ₹1 lakh to ₹2 lakh – ₹6 + GST
- ₹2 lakh to ₹5 lakh – ₹10 + GST
Who Is Exempted?
Certain customers and account types are exempt from these charges, including:
- IMPS done via SBI branches
- Defence Salary Package account holders
- Government departments and select statutory/autonomous bodies
- Premium current account holders like Gold, Diamond, Platinum, and Rhodium
Implementation Dates
- Retail customers: New charges effective August 15, 2025
- Corporate customers: Revised charges applicable from September 8, 2025