IMPS Transaction Charges

IMPS Charges

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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.

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?

The charges for IMPS transfer may vary from one bank to another. Here is a list of top banks and the associated charges for availing IMPS.

HDFC Bank IMPS Service Charges

Transaction Amount

IMPS Charges

<= ₹1,000

₹3.50 + GST

₹1,001-₹1,00,000

₹5 + GST

>₹1,00,000

₹15 + GST

From March 15, 2021, the IMPS fund transfer service is available free of charge, for all Imperia and Preferred customers.

Axis Bank IMPS Fund Transfer Charges

Transaction Amount

IMPS Charges

<= ₹1,000

₹2.50 + GST

₹1,001-₹1,00,000

₹5 + GST

>₹1,00,000

₹15 + GST

ICICI Bank IMPS Fund Transfer Charges

Transaction Amount

IMPS Charges

<= ₹10,000    

₹5 + GST

₹10,001-₹1,00,000

₹5 + GST

₹1,00,001-₹2,00,000

₹15 + GST

₹2,00,001-₹5,00,000

₹15 + GST

RBL IMPS Transfer Charges

Transaction Amount

IMPS Charges

<= ₹1,00,000 

₹5 + GST

>₹1,00,000

₹15 + GST

SBI IMPS Service Charges

Transaction Amount

IMPS Charges

<= ₹2,00,000 

Nil

The State Bank of India (SBI) has waived off IMPS charges. Now, you can transfer money via IMPS free of cost using the SBI Anywhere Personal portal.

Citibank IMPS Transfer Charges

Transaction Amount

IMPS Charges

<= ₹2,00,000 

Nil

Citibank India has waived off IMPS charges. Now, you can transfer money via IMPS free of cost using the SBI Anywhere Personal portal.

Apart from IMPS, you can also use RTGS or NEFT to transfer money from one account to another. The NEFT transfer limit and NEFT fees and charges will, however, be different from that of RTGS as will be the RTGS transfer limit and RTGS fees and charges. You can check out the difference between IMPS vs NEFT vs RTGS and select a mode that suits you best!

FAQs on IMPS Charges

  • ✔️What are the charges on IMPS?

    For availing 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.

  • ✔️How are IMPS charges calculated?

    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.

  • ✔️Can IMPS charges be waived off?

    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.