Money plays a major role in the contemporary world and for the emergency purposes; the transaction of an amount from one user to another user is required by them. As we know that the state bank of India is a top most banking service in India. It facilitates so many services like saving the money, amount transactions, verifying mini statement and providing loan etc with respected account openings.
While coming to the money transactions, this banking service has introduced service fees for the Immediate Payment Service (IMPS). On April 6, 2017, the SBI hikes its transaction charges and due to this, the people are planned to boycott this service. Recently it has been introduced that the IMPS transaction also added up with some raised transaction charges.
IMPS
This Immediate payment service is working with additional 7 digit number and the MMID number is directly connected with the bank. After registering the mobile number with the bank account, we can receive the corresponding MMID number. Through IMPS, initially, the mobile number, MMID code, purpose and the corresponding code is required by the bank to complete the process of the transaction.
Transaction with GST
Due to the recent accomplishment of Goods and service tax (GST), there are certain restrictions are available for the transactions. For the amount upto Rs 1,000, there will be no more tax are available. The amount of Rs 1,000 to Rs 1, 00,000, we have to pay the tax amount of RS 5 along with the GST. For the amount transaction from Rs 1, 00,000 to Rs 2, 00,000 will be charged upto RS 15 with respectable GST charges.
Usage of IMS mode
With using the IMS mode of money transaction, we can access it on anytime and anywhere. For an immediate transaction of money, this is possible to transfer through the handheld system itself. The transaction of amount or cancellation can be achieved only by the mobile banking customers. This IP Multimedia Subsystem (IMS) is supporting the transactions through online. 
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