IMPS Charges: IMPS (Immediate Payment Service) is a real-time money transfer service, which is available 24/7. This service can be accessed through multiple channels including mobile, internet, branch, ATM and SMS.
This is a service through which funds can be transferred quickly and securely between banks in India. It is also quite economical.
There is also two-factor authentication when transferring money through IMPS. There is also a limit if IMPS is used for fund transfer. Customers do not need to register for mobile banking when initiating an IMPS transaction through ATM or online channel. Similarly, customers also do not need to register for withdrawing money through mobile banking or account number/IFSC.
Let us know what are the charges of banks for IMPS money transfer
SBI IMPS Charges:
There is no charge for transactions from ₹1 to ₹5,00,000.
HDFC Bank IMPS Charges:
₹0 – ₹1000: ₹3.50 + applicable GST
₹1001 – ₹100000: ₹5 + applicable GST
Above ₹100000: ₹15 + applicable GST
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Axis Bank IMPS Charges:
Up to ₹1000: ₹2.50 per transaction
₹1,000 to ₹1,00,000: ₹5 per transaction
₹1,00,000 to ₹5,00,000: ₹10 per transaction
Additional taxes are applicable.
Canara Bank IMPS Charges:
₹0 to ₹25,000: No charges
₹25,001 to ₹100,000: ₹8 + GST
₹100,001 to ₹500,000: ₹15 + GST
₹10,000 to ₹1 lakh: ₹475
₹1 lakh to ₹50 lakh: ₹500
Kotak Mahindra Bank IMPS Charges:
No charge
YES Bank IMPS Charges:
There are no charges for transactions made through the mobile app.
A charge of ₹5 + GST is applicable for using IMPS through Net Banking.
IMPS is a convenient and safe option that provides instant money transfer service. However, it is important to be aware of the charges and rules applicable while making the transaction.
