IMPS Transaction Charges: SBI, HDFC Bank, PNB, Canara Bank Revise Transfer Charges: Check New Rates, Slabs

A few leading banks have announced changes to their Immediate Payment Service (IMPS) transaction charges, affecting both online and branch-based fund transfers. The revisions, effective this month, reflect a mix of fee waivers, nominal charges and differentiated slabs for retail customers.

State Bank of India (SBI) has revised its IMPS charges, effective Aug. 15. Retail customers making small-value transactions of up to Rs 25,000 online will continue to enjoy free transfers, while higher-value transfers will now incur nominal fees. Salary account holders remain exempt from any online IMPS charges.

• Transfers above Rs 25,000 and up to Rs 1 lakh will attract Rs 2 + GST

• Transfers above Rs 1 lakh and up to Rs 2 lakh will attract Rs 6 + GST

• Transfers above Rs 2 lakh and up to Rs 5 lakh will attract Rs 10 + GST

SBI has not altered charges for branch-based IMPS transfers, where fees range from a minimum of Rs 2 + GST to a maximum of Rs 20 + GST, depending on the transaction amount.

Canara Bank has also updated its fee structure. Transactions under Rs 1,000 remain free. For higher amounts, here are the charges:

• Rs 1,000 to Rs 10,000: Rs 3 + GST

• Rs 10,000 to Rs 25,000: Rs 5 + GST

• Rs 25,000 to Rs 1 lakh: Rs 8 + GST

• Rs 1 lakh to Rs 2 lakh: Rs 15 + GST

• Rs 2 lakh to Rs 5 lakh: Rs 20 + GST

Punjab National Bank (PNB) has differentiated charges between branch and online IMPS transactions. Transfers up to Rs 1,000 remain free. For higher amounts, these are the charges:

• Rs 1,001 to Rs 1 lakh: Rs 6 + GST at branches, Rs 5 + GST online

• Above Rs 1 lakh: Rs 12 + GST at branches, Rs 10 + GST online

HDFC Bank has implemented a revision of service charges across multiple banking services, including IMPS, NEFT, RTGS and cheque services. The changes, effective Aug. 1, 2025, also include special rates for senior citizens and premium account holders.

• Up to Rs 1,000: Rs 2.50 for regular customers, Rs 2.25 for senior citizens

• Rs 1,000 to Rs 1 lakh: Rs 5 for regular customers, Rs 4.50 for senior citizens

• Above Rs 1 lakh: Rs 15 for regular customers, Rs 13.50 for senior citizens

• Special Gold and Platinum account holders continue to enjoy free transfers.

Immediate Payment Service (IMPS) is a real-time, 24x7 interbank payment system operated by the National Payments Corporation of India (NPCI). It allows customers to send and receive funds instantly, with a maximum transaction limit of Rs 5 lakh per transfer.