Wednesday, July 12, 2017

Now, you need to pay more for SBI IMPS Money Transfer

COUNTRY's largest lender State Bank of India (SBI) has revised charges on IMPS, or Immediate Payment Service, money transfer service. Outlining new IMPS rates in a post on microblogging site Twitter, India's largest bank SBI said IMPS transfers up to Rs. 1,000 will not attract any charges after the revision. SBI completed 62 years of operations earlier this month. IMPS is a money transfer service that can be carried out though mobile phones or internet banking. The IMPS service helps to transfer money to the beneficiary's account immediately...
when a fund transfer request is made through mobile phone or internet banking. The IMPS service is available 24x7, including holidays.
SBI further said IMPS transfers from Rs. 1,000 to Rs. 1 lakh will attract a charge of Rs. 5. The charge will be exclusive of applicable GST.
Transfers from Rs. 1 lakh to Rs. 2 lakh will attract a charge of Rs. 15 plus applicable GST, according to SBI.
GST subsumes more than a dozen state and central levies including service tax. Therefore, many banks including State Bank of India have revised their charges in the context of GST. Under the new GST regime, banking and financial services will attract tax at the rate of 18 per cent.
In another post on Twitter, SBI has said that GST will remove the cascading effect of tax on the cost of goods and services, and production costs will decrease.
Earlier this year, SBI joined the league of global top 50 banks after merging its operations with five associate banks and Bharatiya Mahila Bank. On April 1, State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) became part of SBI.
“With this six-way mega merger, SBI has again displayed its ability to change and evolve in order to continue as the country champion among banks in India and to create enduring value,” SBI said. With this merger, the bank will join the league of top 50 banks globally in terms of assets, it added. The total customer base of the bank will reach 37 crores with a branch network of around 24,000 and nearly 59,000 ATMs across the country. The merged entity will have a deposit base of more than Rs26 lakh crore and advances level of Rs18.50 lakh crore.

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