SBI has done changes in Immediate Payment Service (IMPS) rules and has increased the transaction limit. It is India’s largest public sector bank and it serves a large base of customers. The bank revealed the information recently that a new slab has been added for IMPS transactions.
The updated slab is from 2-5 lakhs and customers have to pay Rs 20 + GST for sending money using IMPS. An IMP is a service that has become popular among users due to its real time fund transfer from one bank to another. The facility is available 24 hours a day and you can avail the service even on all Bank Holidays.
What Is Immediate Mobile Payment Service?
Immediate Mobile Payment Service is a service that lets you to send money to any account holder anytime from comfort of your home. There is no restriction on days, you can send someone money even at 2 A.M. with no hassle. Currently private and public banks offer three methods that can be used to send money using online banking; they are NEFT, IMPS, RTGS. The services are facilitated and secured by National Payment Corporation of India. You should make a note that you cannot send money 24*7 through NEFT and RTGS.
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RBI Changed Rules For IMPS Transactions
Shaktikanta Das, Governor of Reserve Bank of India made the announcement last year in October regarding transaction limit in IMPS. RBI announced that customers will be able to make transactions up to Rs 5 lakh in a day when they are doing transaction through IMPS.
State Bank of India also has introduced new offers for its customers. It has introduced an option to get pre-approved personal loan offer for customers who are looking to get money quickly for fulfilling urgent financial responsibilities. Customers can also get pre approved personal loans by using YONO app of SBI. The bank is also offering discounts on rates of interest to attract more customers.