It has been announced by State Bank of India that the limit of instant payment service for money transfer has been increased in the branches of its banks. According to the website of State Bank of India, a new slab has been added for tatkal payment service transactions with effect from February 1, 2022.
This slab is from Rs 2 lakh to Rs 5 lakh. Transferring money between this amount through Immediate Payment Service (IMPS) will attract ₹20 + GST. Let us inform that in October 2021, the Reserve Bank of India had increased the limit for transactions through Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh.
Know, what is IMPS?
Immediate Mobile Payment Service or Immediate Payment Service is called IMPS. In simple words, through IMPS, you can send money to any account holders anywhere, anytime. There is no restriction on the time of sending money.
You can transfer money through IMPS in a matter of seconds, 24 hours a day, 7 days a week. It is handled by the National Payments Corporation of India. Transferring funds in this transfers money very quickly. Immediate payment service is available 24 hours a day throughout the year. On the other hand, these facilities are not provided by NEFT and RTGS.
Reserve Bank of India Governor Shaktikanta Das made a big announcement in October 2021 regarding Immediate Payment Service (IMPS), under which customers will now be able to transfer up to Rs 5 lakh in 1 day, but for this now the charge will have to be paid more.