We all know that IMPS(Immediate Payment Service)allows to transfer funds to your dear ones 24*7 Round the Clock. The only drawback with this service (as of now) is it is limited to 2 Lakhs. Noticing this issue RBI(Reserve Bank of India)has instructed all the banks to hike IMPS Limit to 5 Lakhs.
By the guidelines of the RBI India’s leading public sector bank SBI has hiked IMPS Limit to 5 Lakh. With this decision SBI Customers can transfer funds anytime, anywhere instantly(even on sundays and bank holidays through their phone)
To do IMPS customers have to bear some transaction charges, That charges are specified below-Have a look at it-
|IMPS Transaction||Transaction Charge|
|up to 1000 Rupees||No Charges|
|1000 Rupees to 10,000 Rupees||2 Rupees+GST|
|10,000 Rupees to 1 Lakh Rupees||4 Rupees+GST|
|1 Lakh Rupees to 2 Lakh Rupees||12 Rupees+GST|
So plan your IMPS Transactions accordingly. IMPS Limit of 5 Lakh will definitely make a big difference in online transactions.