The State Bank of India has slashed Immediate Payment Service (IMPS) charges up to 80 pct. This latest development by the State Bank of India comes as a huge relief for the SBI customers. If the users are doing an online transaction of money after selecting IMPS option, then they will have to pay 80 pct less charge than what they used to pay earlier.
After the implementation of the revised charges, online transactions will certainly become cheaper. After the revision, no IMPS service charge will be imposed on online transactions under Rs 1000. For the transactions between Rs 1000 and Rs 10,000, the users will have to pay Re 1 while for an amount between Rs 10,001 and Rs 1,00,000, the users will be charged Rs 2. For the transactions between Rs 1,00,0001 and Rs 2,00,000, the IMPS service charge is Rs 3. All these rates are effective from 15th October, 2017.