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

Press Trust of India  |  New Delhi 

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

of had been charging Rs 5 along with the applicable service 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

"In order to promote small ticket size transactions, has waived off IMPS charges for transfer up to Rs 1,000," the said while informing about the revised IMPS transfer charges under the Goods and Services (GST) regime.

For IMPS, charge will be Rs 5 along 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.

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

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

First Published: Wed, July 12 2017. 13:13 IST