With a view to promote small transactions the State Bank of India, Country’s largest Bank, has waived charges for fund transfer of up to ₹1,000 through its Immediate Payment Service (IMPS).
IMPS is an instant interbank electronic fund transfer service through mobile phones as well as internet banking.
Bank had been charging ₹5 along with the applicable service tax for IMPS fund transfer of up to ₹1,000.
“In order to promote small ticket size transactions, SBI has waived off Immediate payment service charges for transfer up to ₹ 1,000,” the bank said while informing about the revised IMPS transfer charges under the Goods and Services Tax (GST) regime.
For Immediate payment service, charge will be ₹5 along GST for fund transfer in the range of ₹1,000 to ₹1 lakh. The charge will go up to ₹15 for transactions of ₹1-2 lakh. GST at the rate of 18 percent is applicable to all financial transactions.
