IMPS Charges

What Do You Mean by IMPS Charges?

Immediate Payment Service, or IMPS, refers to the system operated by the National Payments Corporation of India (NPCI) that allows the electronic transfer of funds in real-time. The service is available 24x7 and the transferred amount is credited instantly to the beneficiary account. As long as both your’s and the beneficiary’s bank are IMPS-enabled, you can use it for interbank transfer of funds. However, you may need to pay certain IMPS charges for availing the facility. These charges tend to vary from one bank to another.

ON THIS PAGE: Types of IMPS Charges | Charges Levied by Top Banks | FAQs

What are the Types of IMPS Charges?

The IMPS fund transfer service attracts primarily two types of charges. These include:

• IMPS Transaction Charge: This charge is levied against each transaction. It depends on the amount you transfer via IMPS. Usually, it ranges between ₹2.5 to ₹15 and varies from bank to bank.

• IMPS GST Charge: This refers to the GST charges applicable on the IMPS transfer.

It is important to note that the IMPS charges are only applicable on outward transactions and not on inward IMPS transactions.

What are the IMPS Charges Levied by Top Banks?

IMPS charges vary across different banks and these IMPS charges are applicable only for debit transactions. There are no IMPS charges for credit transactions. Here is a quick glance at IMPS charges levied by some of the top Indian banks.

1. HDFC Bank IMPS Charges

Note that these IMPS charges are not applicable on transactions if you are a Preferred and Imperia customer club of HDFC Bank. 

2. Axis Bank IMPS Charges

 3. ICICI Bank IMPS Charges

 4. RBL Bank IMPS Charges

This bank does not levy IMPS charges on transactions.

5. SBI IMPS Charges

Using the SBI Anywhere Personal facility, you can carry out IMPS transactions up to ₹5 Lakhs without any charges being levied.