In a significant update for digital banking customers, the State Bank of India (SBI) has revised its IMPS (Immediate Payment Service) charges. Starting August 15, 2025, SBI will begin imposing nominal fees on online IMPS transactions above ₹25,000. This move will directly impact millions of customers who rely on internet banking, mobile banking, or the YONO app for quick fund transfers.
It’s important to note that these changes do not apply to branch-based IMPS transactions and certain exempt account categories.
New IMPS Charges: Key Details
Under the revised fee structure, service charges will apply according to the transaction amount:
- ₹25,001 to ₹1 lakh → ₹2 (plus GST)
- ₹1 lakh to ₹2 lakh → ₹6 (plus GST)
- ₹2 lakh to ₹5 lakh → ₹10 (plus GST)
These charges are applicable only for online IMPS transactions through internet banking, mobile banking, or YONO, while small-value IMPS transfers up to ₹25,000 remain free.
Who Gets Exempted?
To ease the burden on key customers, SBI has announced full waivers for certain account holders, including:
- Salary Package Accounts
- Premium Current Accounts (Gold, Diamond, Platinum, and Rhodium)
- Government departments and autonomous/statutory bodies
This ensures that regular salaried individuals and businesses with premium accounts continue to enjoy zero charges on IMPS transfers.
Corporate Customers: Separate Rollout
For corporate banking clients, the revised IMPS charge structure will take effect from September 8, 2025. While the exact fee slabs are yet to be revealed, experts expect a similar tier-based model, possibly tailored for high-volume transactions.
IMPS at a Glance
The Immediate Payment Service (IMPS) is a 24×7 real-time fund transfer system widely used for:
- P2P (person-to-person) transfers
- Rent and bill payments
- E-commerce settlements
Until now, most online IMPS transactions were free of cost, making it a preferred choice for mid-value transfers.
Why This Change Matters
SBI’s move is seen as an attempt to:
- Recover operational costs of handling real-time digital payments
- Discourage excessive high-value micro-transactions
- Align charges with infrastructure upgrades
The timing is crucial, as UPI transactions remain free for P2P transfers, making IMPS a more commercially charged alternative for mid to high-value payments.