SBI alters charges on IMPS money transfer
Jul 12, 2017, 16:45 IST
Country’s largest state-run lender, the State Bank of India (SBI) has revised the prices it charges on Immediate Payment Service (IMPS) for transferring money.
For transfers up to Rs. 1,000, customers won’t need to pay any charges after, while transfers from Rs. 1,000 to Rs. 1 lakh will be charged a fee of Rs. 5, exclusive of applicable goods and services tax (GST).
For transfers from Rs. 1 lakh to Rs. 2 lakh, users would need to pay a charge of Rs. 15, plus applicable GST.
SBI, however, isn’t the first bank to change its charges levied for various services post the implementation of GST, given that the new regime put banking and financial services under the tax bracket of 18%.
Taking to the microblogging site Twitter, SBI announced that GST will remove the cascading effect of tax on prices of goods and services, thus reducing production costs.
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For transfers up to Rs. 1,000, customers won’t need to pay any charges after, while transfers from Rs. 1,000 to Rs. 1 lakh will be charged a fee of Rs. 5, exclusive of applicable goods and services tax (GST).
For transfers from Rs. 1 lakh to Rs. 2 lakh, users would need to pay a charge of Rs. 15, plus applicable GST.
SBI, however, isn’t the first bank to change its charges levied for various services post the implementation of GST, given that the new regime put banking and financial services under the tax bracket of 18%.
Taking to the microblogging site Twitter, SBI announced that GST will remove the cascading effect of tax on prices of goods and services, thus reducing production costs.
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