The State Bank of India (SBI) is planning to introduce a change in its online transaction regulations such as IMPS, NEFT, and RTGS transfers.
One of the most notable changes effective from February 2022 is that SBI has increased the limit on its IMPS (Immediate Payment Service) transactions. Thus, this change enables SBI account holders to make transactions of up to Rs 5 lakh, instead of Rs 2 lakh.
Additionally, in an official statement made, SBI has also announced that it will not levy any service charges on IMPS transactions up to Rs 5 lakh done digitally (for example, internet banking, mobile banking, and YONO).
This move has come by SBI in order to motivate users to use internet banking and get more comfortable with digital banking measures.