Countrys largest bank SBI has waived charges for fund transfer of up to Rs 1, 000 through its IMPS to promote small transactions. IMPS stands for

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Country’s largest bank SBI has waived charges for fund transfer of up to Rs 1, 000 through its IMPS to promote small transactions. IMPS stands for

A	Indian Payment Service
B	International Payment Service
C	Immediate Payment System
D	Immediate Payment Service

Explanation:

Detailed explanation-1: -The country’s largest bank SBI has waived charges for fund transfer of up to Rs 1, 000 through its IMPS (Immediate Payment Service) to promote small transactions. State Bank of India had been charging Rs 5 along with the applicable service tax for IMPS fund transfer of up to Rs 1, 000.

Detailed explanation-2: -According to the SBI website, effective from February 1, 2022, a new slab for IMPS transactions has been added: Rs 2 lakh to Rs 5 lakh. The charges for sending money via IMPS for amounts between Rs 2 lakh and Rs 5 lakh will be Rs 20 plus GST, according to SBI website.

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