The State Bank of India (SBI) has announced a revision in its Immediate Payment Service (IMPS) transaction charges, effective August 15. The changes will apply to transactions conducted through branch channels, impacting certain transaction slabs while keeping smaller-value transfers free of cost. The move is aimed at aligning transaction costs with operational expenses and encouraging greater adoption of digital payment modes. While the updated structure introduces nominal fees for select transaction ranges, online IMPS transactions via internet banking and mobile apps will continue to remain free, maintaining accessibility for digital-first customers.
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Updated IMPS Fee Structure
From August 15 onward, IMPS transactions conducted at SBI branches will follow a revised fee structure:
Up to Rs. 2 lakh: No charges will apply, continuing the bank’s policy of keeping smaller transactions cost-free.
Above Rs. 2 lakh to Rs. 5 lakh: A nominal charge of Rs. 20 plus applicable GST will be levied.
This adjustment applies only to branch-based transactions, while digital channels remain unaffected.
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Focus on Digital Banking Adoption
By keeping online IMPS transactions free, SBI aims to promote digital banking usage, reduce footfall in branches, and improve operational efficiency. The move also aligns with broader industry trends, where banks are incentivizing customers to shift toward self-service digital platforms for speed, convenience, and cost-effectiveness.
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Industry Context and Customer Impact
SBI’s revised structure reflects a balancing act between operational cost recovery and customer convenience. While the charges are modest, they could encourage higher-value transfers to shift from branch visits to digital channels. Customers relying heavily on branch-based services may see a slight rise in transaction costs, though low-value and online transfers remain unaffected.
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Outlook: Gradual Shift Toward Cashless Ecosystem
Industry experts believe such fee adjustments will accelerate the banking sector’s transition to a more cashless and technology-driven ecosystem. With the continued growth of UPI and mobile banking, branch-based IMPS transactions are expected to gradually decline, further reducing operational costs and enhancing service efficiency.
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