New Delhi: Country’s largest bank State Bank of India (SBI) has waived charges for fund transfer of up to Rs1,000 through its IMPS (Immediate Payment Service) to promote small transactions.

State Bank of India had been charging Rs5 along with the applicable service tax for IMPS fund transfer of up to Rs1,000. IMPS is an instant interbank 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 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 Rs5 along with GST for fund transfer in the range of Rs1,000 to Rs1 lakh.

The charge will go up to Rs15 for transactions of Rs1-2 lakh. GST at the rate of 18% is applicable on all financial transactions.