SBI waives charge on IMPS fund transfer of up to Rs 1,000

Country’s largest bank SBI has waived charges for fund transfer of up to ₹1,000 through its IMPS (Immediate Payment Service) to promote small transactions.

State Bank of India had been charging ₹5 along with the applicable service tax for IMPS fund transfer of up to ₹1,000. IMPS is an instant interbank electronic fund transfer service through mobile phones as well as internet banking.

“In order to promote small ticket size transactions, SBI has waived off IMPS 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 IMPS, 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 per cent is applicable on all financial transactions.