- SBI has revised charges on IMPS (Immediate Payment Service)
- IMPS transfers up to Rs 1,000 won't attract charges, says SBI
- Such transfers of amount Rs 1,000-Rs 1 lakh to attract charge of Rs 5
IMPS is a money transfer service that can be carried out though mobile phones or internet banking. The IMPS service helps to transfer money to the beneficiary's account immediately when a fund transfer request is made through mobile phone or internet banking. The IMPS service is available 24x7, including holidays.
SBI has also slashed charges for other money transfer services - NEFT and RTGS transactions.
In order to promote small ticket size transactions, SBI has waived off IMPS charges for transfer up to Rs.1000. pic.twitter.com/hWjcK1CJ2s— State Bank of India (@TheOfficialSBI) July 13, 2017
NEFT and RTGS are electronic payment systems, which allow fund transfer between two accounts of different banks in the country. SBI said the move to reduce its fees for online money transfer services was aimed at promotion of digital transactions.
GST subsumes more than a dozen state and central levies including service tax. Many banks have revised their charges in the context of GST. Under the new GST regime, banking and financial services will attract tax at the rate of 18 per cent.
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