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Time of India
an hour ago
- Time of India
Banking charges: SBI to levy nominal fee on IMPS transfers above Rs 25,000 from August 15, corporate rates from September 8
The State Bank of India (SBI) will introduce nominal charges on Immediate Payment Service (IMPS) fund transfers above Rs 25,000 made through online channels starting August 15, according to details posted on its website. The country's largest lender clarified there will be no change in charges for IMPS transfers conducted at branches, PTI reported. For online transactions, transfers above Rs 25,000 but below Rs 1 lakh will attract a fee of Rs 2, transfers between Rs 1-2 lakh will incur a fee of Rs 6, and transactions in the Rs 2-5 lakh range will carry a charge of Rs 10. Goods and Services Tax (GST) will be applicable on all these charges. Salary package account holders will continue to enjoy full waivers for online IMPS transactions. For corporate customers, the revised service charges will take effect from September 8, 2025. SBI said IMPS transaction charges will remain waived for current accounts under special categories — including Gold, Diamond, Platinum, Rhodium, government departments, and autonomous or statutory bodies — when conducted online. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
2 hours ago
- Time of India
SBI to impose nominal charges on IMPS beyond Rs 25,000 transfer from August 15
The country's largest lender State Bank of India (SBI) has revised charges on fund transfers through the IMPS (Immediate Payment Service) effective from August 15. Although there is no change in charges for fund transfer through IMPS done via branch, fund transfer above Rs 25,00o would attract charges through the online channel from August 15, as per the information posted on the SBI website. Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Transactions above Rs 25,000 done through online channels will now attract nominal charges ranging from Rs 2-10 plus Goods and Services Tax (GST). Transfer of funds above Rs 25,000 but less than Rs 1 lakh would attract a service charge of Rs 2; for amounts of Rs 1-2 lakh, Rs 6, and for amounts of Rs 2-5 lakh, Rs 10. Salary package account holders continue to enjoy full waivers for online IMPS transfers. Live Events For corporate customers, revised service charges are going to be effective from September 8, 2025, it said. IMPS transaction charges waived for current account (Gold, Diamond, Platinum, Rhodium, Govt Departments, Autonomous/Statutory bodies etc,) for online transactions, it said.
India.com
2 hours ago
- India.com
Good news for ICICI bank customers as private lender reduces minimum balance requirements for...
ICICI Bank Minimum account Balance New Delhi: Facing widespread outrage, private lender ICICI Bank on Wednesday partially reversed its minimum average balance (MAB) requirements from Rs 50,000 to Rs 15,000 for new customers in Metro and urban areas. The revision came after a pushback from customers and days after the second-largest bank in the country raised the MAB requirement from Rs 10,000 to Rs 50,000 for new customers in urban cities. The minimum balance that new ICICI Bank customers in semi-urban areas must maintain has also been reduced to Rs 7,500 from Rs 25,000. For rural locations, the MAB has been reduced to Rs 2,500 from Rs 10,000 as recommended earlier. However, the bank has clarified that if customers keep a balance less than the prescribed limit in their account, then they will have to pay a penalty. Earlier in the day, HDFC Bank followed suit by elevating MAB to Rs 25,000, effective from August 1, 2025, for new savings account holders. As per the HDFC Bank updated terms, account holders should maintain a Rs 25,000 balance. For urban and metro bank branches, the penalty is calculated as 6 per cent of the shortfall or Rs 600, whichever is lower. Major lenders like SBI, PNB, and Canara Bank have removed the minimum balance requirement for savings accounts, while also removing penalty charges for non-maintenance. Meanwhile, Reserve Bank of India (RBI) Governor Sanjay Malhotra has said that the minimum balance limit for savings accounts will be decided by banks as the decision does not fall under any regulatory jurisdiction, after India's second-largest lender, ICICI Bank, raised the monthly minimum average balance requirement for all customer segments. He further said that some banks have fixed this limit at Rs 10,000, while some banks have kept this limit at Rs 2,000 for customers. However, there are many banks that have completely removed it for their customers. 'This decision does not fall under the regulatory domain,' he clarified. According to an earlier ICICI Bank's decision, customers at metro and urban locations who opened their savings accounts on or after August 1 had to maintain a Rs 50,000 monthly average balance to avoid penalties. The minimum average balance for older customers remained Rs 10,000.
