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 24×7 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.

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Here’s a comparison of different IMPS charges levied by SBI, ICICI Bank and HDFC Bank from their customers:

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.