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of <h1>Major Bank Removes Fees for IMPS Transfers Up to Rs. 1,000; Revises Charges Under New GST Regime.</h1> The largest bank in the country has eliminated charges for Immediate Payment Service (IMPS) fund transfers up to Rs. 1,000 to encourage small transactions. Previously, a fee of Rs. 5 plus applicable service tax was charged for such transfers. IMPS allows instant interbank electronic fund transfers via mobile phones and internet banking. Under the new Goods and Services Tax (GST) regime, the bank has revised its charges, maintaining a Rs. 5 fee plus GST for transfers between Rs. 1,000 and Rs. 1 lakh, and increasing to Rs. 15 for transactions between Rs. 1 lakh and Rs. 2 lakh, with an 18% GST applicable on all financial transactions.
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