State Bank ups IMPS transaction limit to Rs 5 lakh

The State Bank of India has increased the limit on IMPS (Immediate Payment Service) transactions from Rs 2 lakh to Rs 5 lakh

New Delhi: The State Bank of India has increased the limit on IMPS (Immediate Payment Service) transactions from Rs 2 lakh to Rs 5 lakh.

IMPS, offered by National Payments Corporation of India, empowers customers to transfer money instantly through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India.

The motive behind the move was to encourage customers towards digital banking.

For transactions below Rs 2 lakh at the banks, transaction charges are nil, while for between Rs 2-5 lakh, it is kept at Rs 20 plus the Goods and Service Taxes applicable.

However, charges are nil for transactions done through net banking or SBI’s application ‘YONO’.

“In case of Branch Channels, there has been no change in the service charges for IMPS done through the Branch Channel in the existing slabs. However, a new slab for Rs 2,00,000 to Rs 5,00,000 has been added and the proposed service charges for this slab is Rs 20 + GST w.e.f 01.02.2022,” the bank said in a statement.

IIM Raipur’s New MBA Batch Begins Its Leadership Journey

Raipur, (Press Release)Indian Institute of Management (IIM) Raipur, a leading institution recognized for #BuildingBusinessOwners, hosted the Inauguration and Orientation Program for the MBA Batch 2025–27, marking the beginning of a transformative academic journey...

Hyderabad: A Thriving Hub of Opportunities, Business, and Innovation

Maeeshat News Network | Hyderabad Hyderabad, the capital city of Telangana, India, has emerged as a dynamic powerhouse of opportunities, business, and innovation over the past few decades. Known historically for its rich cultural heritage, architectural marvels like...

India’s Biryani Traditions: A Culinary Tapestry of History and Regional Flavors

Maeeshat News Network | Mumbai Biryani, a fragrant, layered rice dish interwoven with spiced meat, vegetables, or seafood, is a hallmark of Indian cuisine, embodying the nation’s rich cultural diversity. Its history is as intricate as the dish itself, with regional...

Kolu Tola: Kolkata’s Vibrant Hub of Opportunity and Growth

Maeeshat News Network | Kolkata Kolkata, the cultural capital of India, is a city of diverse neighborhoods, each with its unique character and economic significance. Among these, Kolu Tola (also known as Colootola or Kolutola), a historic Muslim-majority area in...