SBI Waives Charge On IMPS Fund Transfer Of Up To Rs. 1,000

New Delhi: Country's largest bank, State Bank of Indi (SBI) has waived charges for fund transfer of up to Rs. 1,000 through its IMPS (Immediate Payment Service) to promote small transactions.

State Bank of India had been charging Rs. 5 along with the applicable service tax for IMPS fund transfer of up to Rs 1,000.

IMPS is an instant interbank electronic fund transfer service through mobile phones as well as internet banking.

Also Read: Government Will Soon Rollout A Suitable Policy On The Fee Charged For Digital Transactions

"In order to promote small ticket size transactions, SBI has waived off IMPS charges for transfer up to Rs 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 Rs. 5 along GST for fund transfer in the range of Rs 1,000 to Rs 1 lakh. The charge will go up to Rs 15 for transactions of Rs 1-2 lakh.

GST at the rate of 18 per cent is applicable on all financial transactions.

Also Read: Railways Extends Service Charge Waiver On E-Transactions Till September

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)