State-owned bank SBI to implement minor IMPS fees for transactions exceeding ₹25,000, starting from August 15.
State Bank of India and ICICI Bank Introduce Changes to IMPS Transfer Charges
Starting from August 15, 2025, the State Bank of India (SBI) and ICICI Bank have made changes to the charges for fund transfers through the Immediate Payment Service (IMPS).
SBI's Revised IMPS Transfer Charges
Effective from August 15, 2025, SBI has introduced nominal IMPS transfer charges for online transactions above ₹25,000. The charges are as follows:
- Transactions between ₹25,001 and ₹1,00,000 will incur a charge of ₹2 plus Goods and Services Tax (GST).
- Transactions between ₹1,00,001 and ₹2,00,000 will incur a charge of ₹6 plus GST.
- Transactions between ₹2,00,001 and ₹5,00,000 will incur a charge of ₹10 plus GST.
It is important to note that IMPS transfers up to ₹25,000 remain free of charge. Additionally, salary package account holders and certain special category accounts will continue to enjoy waivers on these charges.
ICICI Bank's Revised IMPS Transfer Charges
ICICI Bank has also revised its IMPS transfer charges, effective from August 15 for retail customers and from September 8, 2025, for corporate customers. The bank has waived IMPS transaction charges for current accounts held by Gold, Diamond, Platinum, Rhodium, government departments, autonomous/statutory bodies, and salary package account holders for online transactions.
Other Notable Developments
- The 10-year benchmark G-Sec yield has vaulted over 6.5%.
- HDFC Bank SmartWealth has gone multilingual in nine regional languages.
- A Kolkata teen has been picked by Russia's Rosatom for a North Pole tour.
- The focus will be on four specific stocks today (August 14, 2025).
- The SBI Chairman, C S Setty, suggested that health insurers need to tie-up with local hospitals in rural areas to expand their reach.
It is worth mentioning that ICICI Bank has rolled back its higher monthly average balance diktat for salary package account holders. However, this suggestion was not related to the fund transfer charges revision.
There is no change in charges for fund transfer through IMPS done via branch for both SBI and ICICI Bank.
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