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SBI Introduces Charges on Large Online Fund Transfers, ICICI Bank Revises Minimum Account Balance
In a recent development, the State Bank of India (SBI) has announced changes to fund transfer charges through the Immediate Payment Service (IMPS). From August 15, 2025, online IMPS transfers exceeding ₹25,000 will incur nominal charges.
Here's a breakdown of the charges: - Transfers between ₹25,000 and ₹1 lakh: ₹2 + GST - Transfers between ₹1 lakh and ₹2 lakh: ₹6 + GST - Transfers between ₹2 lakh and ₹5 lakh: ₹10 + GST
Transfers done via branch will remain free of cost. Salary package account holders and certain categories like corporate accounts, government departments, and statutory bodies receive full waivers. For corporate customers, these revised charges take effect from September 8, 2025[1][2][3][4].
Meanwhile, ICICI Bank Ltd has revised the minimum account balance (MAB) for its metro & urban, semi-urban, and rural locations. The MAB for metro & urban locations has been reduced to ₹15,000 from ₹50,000, and for semi-urban locations, it has been lowered to ₹7,500 from ₹25,000. Unfortunately, there is no specific recent update on fund transfer charges for ICICI Bank.
Interestingly, ICICI Bank has also reduced the MAB for rural locations to ₹2,500 from ₹10,000. This move, the bank claims, is a result of valuable feedback from customers[5].
In a separate development, Aditya Birla Digital Fashion Ventures Ltd has signed agreements with ServiceNow Ventures Holdings for an investment of up to ₹437 crore. The investment will be made via preferential allotment of compulsorily convertible preference shares. Aditya Birla Digital Fashion Ventures Ltd is a subsidiary of Aditya Birla Fashion and Retail Ltd.
[1] - [4] Source: State Bank of India's official website [5] Source: ICICI Bank's official website
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