Country’s largest lender State Bank of India (SBI) has decided to do away with Immediate Payment Service (IMPS) transaction charges on internet banking and mobile banking with effect from 1 August 2019. There will also be a waiver on IMPS charges for fund transfer up to ₹1,000 through branch banking. IMPS is an instant interbank electronic fund transfer servicethrough mobile phones. It is also being extended through other channels such as ATMs and internet banking.
“The bank will also waive-off IMPS charges for its INB, MB and YONO customers effective from August 1, 2019,” SBI said in a statement.
SBI customers can transfer money through IMPS by using IFSC or MMID.
How to transfer funds using IMPS:
1) Log in to the SBI portal by providing username and password.
2) Click on Payments Transfer.
3) Now, go to ‘IMPS Funds Transfer’ and tap on ‘Fund Transfer’.
4) Click on the ‘Person to Person (Using MMID)’. Now provide the MMID and mobile number.
5) Click on the ‘Person to Account (Using IFSC)’ option and click Proceed. Add beneficiary details such as name, account number, IFSC code, etc
6) Now, you need to enter the amount to be transferred and click ‘Submit’
7) Verify details and click ‘Confirm’
8) Mobile-based OTP authentication can be used to approve the transaction.
The transfer of funds through IMPS is real time i.e. the credit will be transferred to beneficiary’s account almost instantly.
Only mobile banking customers can remit money under IMPS.
In order to provide an impetus to digital funds movement, SBI had waived off RTGS and NEFT charges for YONO, internet banking (INB) and mobile banking (MB) customers from 1 July 2019.