SBI Bank, one of the largest banks in India, has increased the limit of IMPS transactions for its customers. This will enable SBI customers to transact up to a maximum of Rs 5 lakh in future.
It is to be noted that before this the transaction limit was 2 lakh rupees. SBI has also announced that customers will not be charged any additional service charges for transacting up to Rs 5 lakh digitally.
The digital system includes internet banking, mobile banking and Yono service. SBI says the scheme has been introduced to encourage customers to make more digital transactions.
However, if you make a transaction of Rs 1,000 to Rs 5 lakh offline, you will have to pay GST along with service charges. It has been announced that all these new changes and regulations will come into effect from February 1.
There is no service charge and no GST on transactions up to Rs 5 lakh online. There is no charge up to Rs. 1,000 for offline transactions. If the transaction is between Rs 2 lakh and Rs 5 lakh, GST will be levied along with a service charge of Rs 20.
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