IMPS Charges in SBI

IMPS Charges in SBI
IMPS Charges in SBI

 IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.

RTGS Charges in SBI (State Bank of India)

The Benefits of IMPS

The benefits of IMPS in SBI are as follows:

  • The fund transfer can be done using MMID, Aadhaar number and mobile number.
  • IMPS serves you with the Debit and Credit Confirmation by SMS immediately.
  • IMPS is safe, secure and cost-effective.
  • IMPS has no minimum amount limit on transactions of funds.
  • IMPS is available for 24 hours in a day and even on holidays.
  • IMPS can be used on a mobile phone, internet banking and even ATMs.
  • In IMPS it is not compulsory to know about beneficiary’s Account number and IFSC.
  • Using IMPS the money will be credited in the beneficiary’s account within a few seconds.
  • The customer can make intrabank as well as interbank payments.

List of Banks Participating in IMPS

The banks using IMPS fund transfer facility are listed out below:

  • Allahabad Bank
  • Andhra Bank
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • Citi Bank
  • Federal Bank
  • HDFC Bank
  • HSBC Bank
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank
  • Karnataka Bank
  • Karur Vysya Bank
  • Kotak Mahindra Bank
  • Punjab National Bank
  • State Bank of India
  • Syndicate Bank
  • UCO Bank
  • Union Bank Of India
  • Vijaya Bank
  • Yes Bank Ltd

IMPS vs NEFT in SBI

In NEFT, funds transfer from one account to another in groups. If you transfer money to the account, it does not process credit immediately. Instead, it credits in the next settlement cycle which happens in every 60 minutes. Where all the payments made through IMPS directly transfers to the beneficiary’s bank account.

Also, NEFT services are available only from 8.00 am to 7.00pm on weekdays, and first and third Saturday from 8.00 am to 1.00pm. Also, this NEFT service cannot be availed on bank holidays. But in the case of IMPS, the customer no need to bother about holidays or timings. The customer can avail IMPS services even at midnight or on bank holidays.

NEFT CHARGES IN SBI

IMPS Charges in SBI

IMPS Charges in SBI
IMPS Charges in SBI

The charges for remitting money thorugh IMPS in SBI are:

AmountCharges
Rs. 0 – 1,000 No Charges
Rs. 1,001 – 10,000 No Charges
Rs. 10,001 – 25,000 No Charges
Rs. 25,001 – 1,00,000 No Charges
Rs. 1,00,001 – 2,00,000 No Charges

How to Send Money through IMPS in SBI

IMPS Charges in SBI
IMPS Charges in SBI

IMPS Charges in SBI

Person to Account

a) Log on to SBI Anywhere Personal.

b) Click on Fund Transfer –>> Other Bank Account.

c) Select Debit Account, Mode of Transfer as IMPS and Beneficiary Account.

d) Enter the amount to be transferred and click on Submit.

e) Click on Confirm button.

f) Approve the transaction using OTP (one time password) received on your mobile number by clicking on Submit button.

Person to Person

a) Log on to SBI Anywhere Personal.

b) Click on Fund Transfer –>> IMPS-Mobile No & MMID.

c) Select Debit Account and Credit Account.

d) Enter the amount to be transferred and click on Submit.

e) Click on Confirm button.

f) Approve the transaction using OTP (one time password) received on your registered mobile number by clicking on Submit button.

Caution in IMPS (SBI)

1. Wrong Details: However, the beneficiary customer should have to register their mobile number with the bank where the individual is holding the account and intends to receive the fund. It is important to have a valid MMID and Mobile No or Account No and IFSC code provided by the bank. The transaction will be declined if either of the 2 details required is wrong.

2. Delete Mobile Banking Application: It is always advisable to remove mobile banking applicable before you change your mobile handset. Also delete all the SMS stored on the mobile including MPIN to avoid any misuse of IMPS facility.

3. MPIN / OTP: You should update your mobile no linked to mobile banking as soon as you change your mobile no.  And never share your MPIN with anyone.

Limit of IMPS in SBI (State Bank of India)

IMPS Charges in SBI

DateActivityAmount Limitation
Sep 1Ramu added and activated Shyamu as IMPS beneficiaryRs.1,00,000 can be transferred to Shyamu on the day of activation of the beneficiary.
Sep 2 – 4Shyamu in cooling periodA total sum of Rs.1,00,000 can be transferred to Shyamu during the period from Sep 1 to Sep 4.
Sep 6Shyamu out of cooling periodEvery day of Rs.2,00,000/- can be transferred to Shaymu, provided the total amount transferred on any given day by Ramu through IMPS does not exceed Rs.2,00,000/-
What are the IMPS Charges in SBI?

The charges for remitting money through IMPS in SBI are:
Rs. 0 – 1,000 : No Charges
Rs. 1,001 – 10,000 : No Charges
Rs. 10,001 – 25,000 : No Charges
Rs. 25,001 – 1,00,000 : No Charges
Rs. 1,00,001 – 2,00,000 : No Charges

How to Send Money through IMPS in SBI?

Person to Account
a) Log on to SBI Personal App
b) Click on Fund Transfer –>> Other Bank Account.
c) Select Debit Account, Mode of Transfer as IMPS and Beneficiary Account.
d) Enter the amount to be transferred and click on Submit.
e) Click on Confirm button.
f) Approve the transaction using OTP (one time password) received on your registered mobile number by clicking on Submit button.
Person to Person
a) Log on to SBI Personal App.
b) Click on Fund Transfer –>> IMPS-Mobile No & MMID.
c) Select Debit Account and Credit Account.
d) Enter the amount to be transferred and click on Submit.
e) Click on Confirm button.
f) Approve the transaction using OTP (one time password) received on your registered mobile number by clicking on Submit button.

What are the IMPS Charges of SBI?

The charges for sending money thorugh IMPS in SBI Personal Application
Rs. 0 – 1,000 : No Charges
Rs. 1,001 – 10,000 : No Charges
Rs. 10,001 – 25,000 : No Charges
Rs. 25,001 – 1,00,000 : No Charges
Rs. 1,00,001 – 2,00,000 : No Charges

What are the IMPS Charges for SBI?

The charges for sending money thorugh IMPS in SBI Personal Application:
Rs. 0 – 1,000 : No Charges
Rs. 1,001 – 10,000 : No Charges
Rs. 10,001 – 25,000 : No Charges
Rs. 25,001 – 1,00,000 : No Charges
Rs. 1,00,001 – 2,00,000 : No Charges

What are the Benefits of IMPS?

Tony Stark

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