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HomePersonal FinanceSBI Transaction limit changed update: Big news! Now transaction limit...

SBI Transaction limit changed update: Big news! Now transaction limit has been increased from 2 lakhs to 5 lakhs, know details

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SBI Changes Rule: State Bank of India (SBI) has announced that it has increased the Immediate Payment Service (IMPS) limit for money transfer across its branches. According to the SBI website, a new slab has been added for IMPS transactions from February 1, 2022.

New Delhi: SBI Changes Rule: The country’s largest public sector bank State Bank of India (SBI) has announced that it has now increased the limit of Immediate Payment Service (IMPS) for money transfer in each of its branches. According to the information given by the bank, from February 1, 2022, a new slab has been added for IMPS transactions.

This new slab is from Rs 2 lakh to Rs 5 lakh. For amount between Rs 2 lakh and Rs 5 lakh, the charge for sending money through IMPS will be Rs 20 plus GST. IMPS is such a payment service provided by banks, through which real time inter bank fund transfer is available, which is available 24 X 7, including Sundays and all holidays.

Know what is IMPS?

IMPS means Immediate Mobile Payment Service, through which money can be sent to any account holder anywhere, anytime. There is no restriction on time for sending money in this. Under this special service, you can transfer money in a few seconds through IMPS anytime, 24 hours a day, seven days a week.

Actually, money can be sent anywhere, anytime through online banking in India, but the methods of sending money are different. There are also three ways to transfer money from online banking – IMPS, NEFT, RTGS.

It is worth noting that it is handled by the National Payment Corporation of India. By transferring funds in this, the money is transferred immediately. IMPS is available 24×7 throughout the year. But, the facility is not available in NEFT and RTGS.

RBI made this announcement

Reserve Bank of India Governor Shaktikanta Das made a big announcement in October regarding the IMPS service. Under this, now customers will be able to do transactions up to Rs 5 lakh in a day. Let us tell you that earlier this limit was Rs 2 lakh.

SBI special offer

SBI has introduced a special offer for the customers on the new year. People have to pay more interest on personal loans. Therefore, SBI has introduced a pre-approved personal loan offer for its customers, which can be availed through the YONO app. Under this, the bank is also giving special discounts on personal loans to customers. State Bank of India will give loan to customers at zero processing fee.

Pravesh Maurya
Pravesh Maurya
Pravesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ businessleaguein@gmail.com

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