Immediate Payment Service (IMPS) is an instant payments service that enables round-the-clock money transfer through the use of mobile app, mobile banking or internet banking. One can transfer money through IMPS at any time or day, irrespective of holidays, under certain conditions. However, the maximum amount that can be transferred through IMPS is Rs. 2 lakh. State-run SBI (State Bank of India) to private sector lenders such as HDFC Bank and ICICI Bank - charge a fee ranging from Rs. 1 to Rs. 15 per IMPS transaction.
Here's a comparison of the charges levied by SBI, HDFC Bank, ICICI Bank and Axis Bank for sending money through IMPS:
IMPS charges of State Bank of India
| Transaction amount | IMPS charges |
|---|---|
| Up to Rs.1,000 | No Charges |
| Rs.1,001 to Rs. 10,000 | Rs 1 + GST |
| Rs.10,001 to Rs. 1,00,000 | Rs 2 + GST |
| Rs 1,00,001 to 2,00,000 | Rs 3 + GST |
(As mentioned on SBI's website- onlinesbi.com)
IMPS charges of HDFC Bank
| Transaction amount | IMPS charges |
|---|---|
| Above Rs. 1 to Rs. 1 lakh | Rs. 5 + GST |
| Above 1 lakh to 2 lakh | Rs. 15 + GST |
(As mentioned on HDFC Bank's website- hdfcbank.com)
IMPS charges of ICICI Bank
| Transaction amount | IMPS charges |
|---|---|
| Amount up to Rs. 10,000 | Rs. 5 + GST |
| Amount above Rs. 10,000 and up to Rs. 1 lakh | Rs. 5 + GST |
| Amount above Rs. 1 lakh and up to Rs. 2 lakh | Rs. 15 + GST |
(As mentioned on ICICI Bank's website- icicibank.com)
IMPS charges of Axis Bank
| Amount | IMPS charges |
|---|---|
| Up to Rs.1,000 | Rs. 2.50 + GST |
| Rs. 1,000 to Rs. 1,00,000 | Rs. 5 + GST |
| Rs. 1,00,000 to Rs. 2,00,000 | Rs. 15 + GST |
(As mentioned on Axis Bank's website- axisbank.com)
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