Instant Money Transfer: Charges Levied By Banks For Immediate Payment Service (IMPS)

Immediate Payment Service (IMPS), an instant interbank electronic fund transfer facility, allows the customer to transfer funds on a 24x7 basis and 365 days of the year. The maximum amount that can be transferred via IMPS is Rs 2 lakh. This facility is available only via internet banking. Most banks in the country offer the facility of IMPS for making an online money transfer. State-run SBI (State Bank of India) to private sector lenders HDFC Bank and ICICI Bank- charge a fee ranging from Rs 1 to Rs 15 (excluding GST) per IMPS transaction. However, SBI IMPS transactions up to Rs 1,000 are free.

Immediate Payment Service (IMPS), an instant interbank electronic fund transfer facility, allows the customer to transfer funds on a 24x7 basis and 365 days of the year. The maximum amount that can be transferred via IMPS is Rs 2 lakh. This facility is available only via internet banking. Most banks in the country offer the facility of IMPS for making an online money transfer. State-run SBI (State Bank of India) to private sector lenders HDFC Bank and ICICI Bank- charge a fee ranging from Rs 1 to Rs 15 (excluding GST) per IMPS transaction. However, SBI IMPS transactions up to Rs 1,000 are free.

(Also read: NEFT Transaction Charges Levied By Five Key Banks Compared)

Here's a comparison of different IMPS charges levied by SBI, ICICI Bank and HDFC Bank:

State Bank of India (SBI)

For IMPS transfer, SBI charges Rs. 5 plus GST (Goods and Services Tax) for any transaction of an amount between Rs 1,001 to Rs. 1 lakh. For an IMPS transaction from Rs. 1,00,001 to Rs. 2 lakh through net banking or online banking, SBI charges a fee of Rs. 15 plus GST, it mentioned on its website- onlinesbi.com.

(As mentioned on SBI's website- sbi.co.in)

HDFC Bank

HDFC Bank levies a fee of Rs 5 plus GST per IMPS transaction of an amount up to 1 lakh. For an amount between Rs 1 lakh and Rs 2 lakh, the bank charges a fee of Rs 15 plus GST, according to its website- hdfcbank.com.

(As mentioned on HDFC Bank's website- hdfcbank.com)

ICICI Bank

For IMPS transfers, ICICI Bank charges a fee of Rs. 5 plus GST per transaction for an amount up to Rs. 1 lakh. For an amount between Rs. 1 lakh and Rs. 2 lakh, the bank levies Rs. 15 plus GST per transaction, according to its website-icicibank.com.

(As mentioned on ICICI Bank's website- icicibank.com)