State Bank Of India

State Bank of India (SBI), country’s largest lender has waived off Immediate Payment Service (IMPS) charges for fund transfer up to Rs 1,000. This step has been taken by the bank in order to promote small ticket size transactions.

Earlier, the Bank had been charging Rs 5 along with the applicable service tax for IMPS fund transfer of up to Rs 1,000. IMPS is an instant interbank electronic fund transfer service through mobile phones as well as internet banking.

SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra.