As we know that many expenses have increased since January 1, including ATM withdrawals. The country’s largest bank, State Bank of India (SBI), will raise another charge on February 1, 2022, as a result of this. If you also have a bank account, you will face a significant setback.
From February 1, 2022, a new slab for IMPS transactions has been added, according to SBI’s website. It costs between 2 lakh and 5 lakh rupees.
According to SBI’s website, Rs. 2 lakh to Rs. Remittance between Rs 5 lakh will be Rs 20 + GST. Let us inform you that the Reserve Bank of India (RBI) had in October 2021 increased the limit for transactions through Immediate Mobile Payment Service (IMPS) from Rs 2 lakhs to Rs 5 lakhs.
IMPS is a popular payment service offered by banks, which allows real-time inter-bank fund transfers, available 24 X 7, including Sundays and holidays.
Withdrawing cash from ATMs will be more expensive starting in January 2022. If a customer withdraws more money from an ATM than is allowed, he or she will be charged a higher fee. The charge will be Rs. 21 plus GST, as per RBI guidelines. These new rates will take effect on January 1, 2022.
If customers exceed the monthly limit of free transactions, they will have to pay Rs 21 instead of Rs 20 per transaction starting next month. Because of higher interchange charges and rising general costs, the RBI said it had allowed the transaction charges to be raised to Rs 21.