ALSO READSBI to offer GST-ready solutions starting today SBI forms team to look into fintech opportunities Bharatiya Mahila Bank (BMB) to be merged with State Bank of India (SBI) to ensure greater banking services SBI to complete merger of 6 banks in three months PSU bank stocks continue rally on Budget proposals
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 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)