Latest news with #DefenceSalaryPackage
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Business Standard
an hour ago
- Business
- Business Standard
SBI scheme: Agniveers to get collateral-free ₹4 lakh loan at 10.5% interest
State Bank of India (SBI) on Thursday unveiled a dedicated personal loan scheme for Agniveers serving under the Government of India's short-term Agnipath recruitment programme. Under the new scheme, Agniveers with an SBI salary account can avail personal loans of up to ₹4 lakh without any collateral and enjoy a complete waiver of processing fees. The repayment tenure will be synchronised with the term of the Agnipath engagement, providing maximum flexibility for soldiers as they transition to civilian life. As part of the Independence Day initiative, SBI is also offering a flat 10.50% interest rate — its lowest — to all defence personnel until September 30, 2025. Launching the product, SBI Chairman C.S. Setty said: 'At SBI, we believe that those who are protecting our freedom deserve our unwavering support as they build their futures. This zero-processing fee is just the beginning as we continue to create solutions that will empower India's brave hearts in the years to come.' The bank emphasised that this scheme builds on its existing Defence Salary Package, which has long extended preferential banking services to armed forces personnel, including Agniveers. With this announcement, SBI aims to further cement its relationship with India's defence community, aligning financial products with the unique service terms and post-duty needs of Agniveers.
India.com
2 days ago
- Business
- India.com
Bad news for SBI customers! from August 15 pay these charges on online payment transactions; know full details over here
If you have an account with the State Bank of India (SBI), this update is important for you. According to the bank's announcement, IMPS (Immediate Payment Service) transaction charges for retail customers will be revised from August 15. For corporate customers, the changes will take effect on September 8. These revisions are expected to impact nearly 40 crore SBI customers. No charge For Transactions Up To Rs 25,000 For retail customers using Internet banking or the YONO app, there will be no charge for transactions up to Rs 25,000. For transfers above Rs 25,000, charges will apply: From Rs 25,000 to Rs 1 lakh – Rs 2 + GST From Rs 1 lakh to Rs 2 lakh – Rs 6 + GST From Rs 2 lakh to Rs 5 lakh – Rs 10 + GST Different Rules For Branch Transactions If you carry out transactions at an SBI branch, there will be no charge for amounts up to Rs 1000. For higher amounts, the charges will be: Rs 1,000 to Rs 10,000 – Rs 2 + GST Rs 10,000 to Rs 25,000 – Rs 4 + GST Rs 25,000 to Rs 1 lakh – Rs 4 + GST Rs 1 lakh to Rs 2 lakh – Rs 12 + GST Rs 2 lakh to Rs 5 lakh – Rs 20 + GST Exemptions For Specific Account Holders SBI has waived IMPS charges for certain special salary accounts when transactions are done through online modes. These include Defence Salary Package, Police Salary Package, Central Government Salary Package, and Shaurya Family Pension accounts. The same revised charges will apply to corporate customers starting September 8. However, certain current accounts like Gold, Diamond, Platinum, and Rhodium along with government departments and legal entities, will be exempt from IMPS charges for online transactions.
Hans India
2 days ago
- Business
- Hans India
SBI to revise IMPS charges from August 15 for certain transactions
New Delhi: The State Bank of India (SBI) will revise Immediate Payment Service (IMPS) charges for retail customers from August 15, introducing nominal fees for certain online high-value transactions while keeping small-value transfers free. All customers will continue to receive free online IMPS transfers up to Rs 25,000 under the new arrangement. According to media reports, charges will apply, though, for amounts over Rs 25,000: Rs 2 + GST for transactions over Rs 25,000 and up to Rs 1 lakh, Rs 6 + GST for amounts over Rs 1 lakh and up to Rs 2 lakh, and Rs 10 + GST for transfers over Rs 2 lakh and up to Rs 5 lakh. The revised rates do not apply to salary package account holders of various government, defence, and corporate categories, who will continue to enjoy waivers for online IMPS transfers, the reports said. This includes all variants of Defence Salary Package (DSP), Para Military Salary Package (PMSP), Indian Coast Guard Salary Package (ICGSP), Central Government Salary Package (CGSP), Police Salary Package (PSP), Railway Salary Package (RSP), Shaurya Family Pension Accounts, Corporate Salary Package (CSP), State Government Salary Package (SGSP), Startup Salary Package (SUSP), and Family Savings Account–SBI Rishtey. With fees ranging from Rs 2 + GST for the lowest slab to Rs 20 + GST for the highest, branch IMPS charges have not changed. The National Payments Corporation of India (NPCI) offers IMPS, a real-time payment system that is accessible around the clock and has a Rs 5 lakh transaction limit (apart from SMS and IVR channels). While branch, ATM, and IVR transactions don't require any setup in advance, customers who use mobile banking, internet banking, or SMS banking must first register, the reports stated. For transactions under Rs 1,000, Canara Bank currently provides free IMPS. After that, fees range from Rs 3 + GST (between Rs 1,000 and Rs 10,000) to Rs 20 + GST (between Rs 2 lakh and Rs 5 lakh). Higher-value transactions cost Rs 12 + GST at branches and Rs 10 + GST online. The Punjab National Bank waives fees for transactions up to Rs 1,000 and charges Rs 6 + GST in branches or Rs 5 + GST online for amounts up to Rs 1 lakh. Customers are encouraged to review the updated rates in light of SBI's changes to maximise the exemptions that apply to their account category and prevent unforeseen deductions.
