State Bank of India (SBI), India's largest public sector bank, has announced a revision in its Immediate Payment Service (IMPS) charges, effective August 15. The new fee structure will impact online IMPS transfers exceeding Rs 25,000, introducing nominal charges ranging from Rs 2.00 to Rs 10.00, plus applicable GST.

New IMPS Charge Structure

The revised fee structure for online IMPS transfers is as follows:

It's important to note that these charges apply only to online IMPS transfers. Branch-based IMPS transfers will continue to be processed without any additional charges.

Exemptions and Special Considerations

SBI has outlined several exemptions and special considerations in its revised IMPS charge policy:

1. Salary Package Account Holders: These customers will continue to enjoy full waivers for online IMPS transfers.

2. Corporate Customers: The implementation of revised charges for corporate customers has been deferred to September 8, 2025.

3. Exempt Account Types: Current account holders with Gold, Diamond, Platinum, and Rhodium status, as well as government departments, will remain exempt from these new charges.

Impact on Customers

This move by SBI introduces a tiered charging system for online IMPS transfers, which may affect customers who frequently make high-value online transactions. However, the charges remain relatively modest, especially for transfers in the lower ranges.

Customers who prefer to avoid these charges can still utilize branch-based IMPS transfers at no additional cost. Additionally, salary account holders and certain types of current account holders can continue to enjoy free online IMPS transfers.

The introduction of these charges reflects a broader trend in the banking sector towards monetizing instant payment services while still maintaining accessibility for most everyday transactions.

As digital transactions continue to grow in India, customers are advised to review their banking habits and choose the most cost-effective methods for their regular financial activities.

Bank of India (BoI) recently participated in 'Emkay Global's Confluence,' an investor meeting organized by Emkay Global Financial Services Ltd. The bank's top management held physical meetings with a diverse group of investors and analysts, showcasing its commitment to transparency and stakeholder engagement.

Meeting Details

The event was structured into two sessions:

1. 2:00 PM to 3:00 PM
2. 3:00 PM to 4:00 PM

During these sessions, Bank of India's leadership interacted with representatives from various financial institutions and investment firms.

Participating Investors

The meetings attracted a wide array of institutional investors, including:

• Nippon Mutual Fund
• Canara Robecco Mutual Fund
• UTI Pension Funds
• DSP Black Rock
• Pinpoint Funds
• North Rock Capital
• Vasuki India Fund
• Pine Bridge Investments
• Bandhan Life Insurance
• Guardian Capital
• Banyan LLP
• SBI Funds Management

Discussion Framework

Bank of India's management adhered to a transparent approach during the discussions. As per the LODR (Listing Obligations and Disclosure Requirements) disclosure, the bank referred to publicly available documents throughout the interactions, ensuring that all participants had access to the same information.

Regulatory Compliance

In line with regulatory requirements, Bank of India promptly disclosed the details of this investor meeting. Rajesh V Upadhya, the Company Secretary, filed the necessary information under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This investor engagement initiative by Bank of India demonstrates the bank's proactive approach to maintaining open lines of communication with its stakeholders. Such meetings provide valuable opportunities for investors and analysts to gain insights into the bank's operations and strategies, fostering transparency in the financial markets.