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.
(Also read:Â 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.
| No | Amount | Charge |
|---|---|---|
| 1 | Up to Rs.1000/- | No Charges |
| 2 | Rs.1001 to Rs 10,000/- | Rs.1/- + GST |
| 3 | Rs.10,001 to Rs 1,00,000/- | Rs.2/- + GST |
| 4 | Rs 1,00,001 to 2,00,000/- | Rs.3/- + GST |
(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.
| Transaction Charges | IMPS charges |
|---|---|
| Above Rs 1 to Rs 1 Lakh | Rs 5 + Applicable GST |
| Above 1 lakh to 2 Lakh | Rs 15 + Applicable GST |
(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.
| Transaction Charges | IMPS charges |
|---|---|
| Amounts upto Rs 10,000 | Rs 5 + Applicable GST |
| Amounts above Rs 10,000 and upto Rs 1 lakh | Rs 5 + Applicable GST |
| Amounts above Rs 1 lakh and upto Rs 2 lakh | Rs 15 + Applicable GST |
(As mentioned on ICICI Bank's website- icicibank.com)
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