- IMPS transfers up to Rs 1,000 won't attract any charges, says SBI
- Many banks have revised their charges after GST came into effect
- Under GST, banking and financial services to attract 18% tax rate
SBI further said IMPS transfers from Rs 1,000 to Rs 1 lakh will attract a charge of Rs 5. The charge will be exclusive of applicable GST.
GST subsumes more than a dozen state and central levies including service tax. Therefore, many banks including State Bank of India 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.
Earlier this year, SBI joined the league of global top 50 banks after merging its operations with five associate banks and Bharatiya Mahila Bank. On April 1, State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) became part of SBI.
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