ON THIS PAGE: Types of IMPS Charges | Charges Levied by Top Banks | FAQs
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.
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.
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.
Transaction Amount |
IMPS Charges |
<= ₹1,000 |
₹2.50 + GST |
₹1,001-₹1,00,000 |
₹5 + GST |
>₹1,00,000 |
₹15 + GST |
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 |
Transaction Amount |
IMPS Charges |
<= ₹1,00,000 |
₹5 + GST |
>₹1,00,000 |
₹15 + GST |
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.
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!
More About Payments & Other Credit Cards |
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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.
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.