Immediate Payment Service (IMPS) facilitated by NPCI (National Payment Corporation of India) is an instant money transfer service. IMPS facilitate inter-bank transactions that have become a highly preferred mode for transferring funds. Unlike banks that are closed on public holidays and gazetted holidays, through IMPS you can transfer money at any time of day, irrespective of holidays. With the use of a mobile app, mobile banking or internet banking, this payments service enables round-the-clock money transfer. This means due to server downtime or technical issues even if it takes some time to transfer funds, you can rest assured that the funds transferred will reach the destination on the same day.
However, IMPS comes with limitations on how much transfer you can make within a day. Through IMPS the maximum amount that can be transferred is Rs 2 lakh in a day. Most banks such as SBI, HDFC, and ICICI also charge a fee for IMPS transactions. These charges range between Re 1 and Rs 15 per transaction and vary from bank to bank.
Find the comparison of the charges levied by top banks in the country for transferring money through IMPS:
State Bank of India (SBI)
SBI doesn’t charge anything for IMPS transaction up to Rs 1,000. Above that up to Rs 10,000, the bank charges Re 1 + GST, and Rs 2 + GST for transaction amount from Rs 10,001 to Rs 1 lakh. For Rs 1,00,001 to Rs 2 lakh the bank charges Rs 3 + GST, as mentioned on the SBI’s website.
HDFC Bank charges a flat charge of Rs 5 + GST for IMPS transaction between Re 1 to Rs 1 lakh. Above that, from Rs 1 lakh to Rs 2 lakh, the bank charges Rs 15 + GST, as mentioned on the HDFC Bank’s website.
ICICI charges Rs 5 + GST for IMPS transaction amount up to Rs 1 lakh. For amount above Rs 1 lakh up to Rs 2 lakh, the bank charges Rs 15 + GST, as mentioned on the ICICI Bank’s website.
Axis bank charges Rs 2.50 + GST for IMPS transactions up to Rs 1,000, and Rs 5 + GST for transactions between Rs 1,000 and Rs 1 lakh. For transactions above Rs 1 lakh to Rs 2 lakh, the bank charges Rs 15 + GST, as mentioned on the Axis Bank’s website.
Kotak Bank charges Rs 5 + GST for IMPS transactions up to Rs 1 lakh. For transactions above Rs 1 lakh to Rs 2 lakh, the bank charges Rs 15 + GST, as mentioned on the Kotak Bank’s website.