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?

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

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

ICICI Bank IMPS Fund Transfer Charges

RBL IMPS Transfer Charges

SBI IMPS Service Charges

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

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!