State-run lender, State Bank of India, in order to promote fund transfers of small amount upto Rs. 1000 has waived off fees on fund transfers executed through IMPS or Immediate Payment Service.

Until now the bank charged, Rs. 5 and applicable service tax for IMPS transfers upto Rs. 1000. The new fund transfer mode facilitates immediate transfer between banks through both mobile banking as well as internet banking.

As reported by the bank under the new GST regime "In order to promote small ticket size transactions, SBI has waived IMPS charges for transfers up to Rs. 1,000". For transfers over Rs. 1000 and upto Rs. 1,00,000, the new fees post GST shall be GST and Rs. 5. For transfers between Rs. 1,00,000 and Rs. 2,00,000, a fee of Rs. 15 and GST shall apply. GST @ 18% is applicable on all financial transactions.

Know about charges and fees on other SBI services post GST, here.

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