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Understanding IMPS Fees: A Comprehensive Guide to Bank 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 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.
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.
It is important to note that the IMPS charges are only applicable to outward transactions and not to inward IMPS transactions.
The Immediate Payment Service charges or IMPS charges are levied by banks for the instant transfer of funds from one bank account to another. Depending on the bank you have an account with, the following charges are typically applicable for IMPS transactions:
₹2.5 + GST - Transactions up to ₹10,000
₹5 + GST - Transactions between ₹10,001 and ₹1 Lakh
₹15 + GST - Transactions between ₹1 Lakh and ₹2 Lakhs
You can contact your banking partner for more clarity on the charges they levy on each IMPS funds transfer. Keep in mind that when applicable, these charges are only levied on outward IMPS transactions. There is no fee for inward IMPS transfers.
1. HDFC Bank IMPS Charges
Transaction Amount (in ₹) |
Charges |
|---|---|
0-1,000 |
₹3.50 + applicable GST |
1,001-1,00,000 |
₹5 + applicable GST |
>1,00,000 |
₹15 + applicable GST |
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
Transaction Amount (in ₹) |
Charges |
|---|---|
0-1,000 |
₹2.50+ applicable GST |
1,001-1,00,000 |
₹5 + applicable GST |
>1,00,000 |
₹10+ applicable GST |
3. ICICI Bank IMPS Charges
Transaction Amount (in ₹) |
Charges |
|---|---|
0-10,000 |
₹3.50 + applicable GST |
10,001-1,00,000 |
₹5+ applicable GST |
1,00,000-2,00,000 |
₹15 + applicable GST |
4. SBI IMPS Charges
Using the SBI Anywhere Personal facility, you can carry out IMPS transactions up to ₹5 Lakhs without any charges being levied.
To avail of the IMPS service, you might be required to pay certain IMPS transfer charges as specified by your bank. This includes transaction charges on the sum transferred and the applicable GST.
IMPS charges are decided by individual banks. They also vary based on the amount you opt to transfer. The higher the amount, the higher will be the applicable IMPS transaction charges and applicable GST.
Unless your bank waives off the associated IMPS fees, inclusive of the GST on IMPS, you are required to pay it every time you avail the service.
The IMPS charges depend on the bank you have an account with. Generally, IMPS charges for ₹50,000 are ₹5+GST.
IMPS transactions up to ₹1,000 are not chargeable. From 1,000 to 10,000, one would have to pay ₹2.5+GST as IMPS charges. ₹10,001 up to ₹1 Lakh, and ₹1,00,000 – ₹2,00,000, charges of ₹5+GST, ₹15+GST are applicable, respectively.
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