SBI Update: SBI's important rules will change from February 15th! This will directly impact your finances, so note these 5 key points..
If you have an account with India's largest public sector bank, the State Bank of India (SBI), then this news is very important for you. While the method of sending money from your mobile or laptop won't change from February 15th, the 'cost' of doing so might. SBI has revised the rules for transactions made through its IMPS (Immediate Payment Service).
In this era of Digital India, we often rely on IMPS for small payments because the money is transferred instantly. But now, for larger amounts, you might have to pay a little more. Let's understand what changes SBI has made and how it will affect you.
1. When will these new rules come into effect?
First, note the date. These new SBI service charges will be effective from February 15, 2026. This means that until midnight on February 14th, you can send money according to the old rules, but after that, the new rates will apply. This change is primarily aimed at those who transfer large amounts through internet banking or mobile apps.
2. How much more expensive will online transfers be now?
The bank has created a new slab for online transactions. The good news is that if you send an amount up to ₹25,000, you will not have to pay any charges. This will remain free, as before. But as soon as the amount exceeds ₹25,000, the situation changes:
₹25,000 to ₹1 lakh: ₹2 + GST
₹1 lakh to ₹2 lakh: ₹6 + GST
₹2 lakh to ₹5 lakh: ₹10 + GST
Whether you use the YONO app or internet banking, this charge will apply to every digital channel.
3. What's the news for those who send money by visiting a branch?
If you are a fan of the old ways and prefer to stand in line at the bank to use IMPS, then there are no new changes for you. The old charges will continue to apply to IMPS transactions done through the branch. Transactions up to Rs 1,000 are free, while transactions between Rs 1,000 and Rs 10,000 incur a charge of Rs 2 + GST.
For larger amounts (Rs 2 lakh to Rs 5 lakh), a charge of Rs 20 + GST is levied at the branch. Simply put, the bank is encouraging you to go digital, as online charges are still significantly lower than branch charges.
4. Who will not have to pay anything?
SBI has completely exempted some of its special customers from this new burden. If you have a salary package account, you don't need to worry. These charges will not apply to salary account holders such as DSP, PMSP, ICSP, CGSP, PSP, and RSP.
In addition, the bank has also exempted holders of 'Shaurya Family Pension Account' and 'SBI Rishte Family Savings Account'. Transactions in these accounts will continue as before without any additional charges.
5. Limits and Precautions
You can transfer a maximum of Rs 5 lakh per day through IMPS. This limit remains unchanged. The bank has also issued a very important reminder: since IMPS works in real-time and the money is credited to the beneficiary's account instantly, reversing it is almost impossible. Always double-check the account number and IFSC code before sending money.
What is IMPS, and why is it special?
IMPS stands for Immediate Payment Service. It is a system that works 24/7, meaning you can send money instantly even on holidays. The bank had recently also changed the charges for its ATMs and cash deposit machines (ADWMs), which are now fully implemented.
Disclaimer: This content has been sourced and edited from NDTV India. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
