IMPS, or Immediate Payment Service, is an instant inter-bank electronic way of transferring funds. It is regulated by NPCI (owned by RBI). This mode of payment can be used at any time during the day. Here, we will talk about the IMPS charges, i.e. the fees your bank will charge from you for processing the payment via IMPS.
Please note that IMPS charges are not levied when customers make such transactions online using either the netbanking or the mobile banking mode. These IMPS charges are applicable only when done at the bank.
To know about IMPS in detail as to IMPS limit, IMPS timings and more, please go to our IMPS article.
IMPS Charges of Major Banks
Before we move forward, let’s understand that IMPS transfer or IMPS transaction charges are not the same throughout, i.e. it depends on your bank. But that said, we can put IMPS transfer charges in a range of Re 1 to Rs 15, basis the bank and amount.
Below-mentioned are the IMPS transaction charges by some of the major commercial banks in India:
IMPS Charges by SBI
SBI IMPS charges for any amount ranging between Rs 1 to Rs 5 lakhs is NIL. This means if you have an SBI account, the bank will not charge a single penny from you for carrying IMPS funds transfers.
This is applicable when IMPS transfer is done through any digital channel including SBI netbanking and SBI YONO.
IMPS Charges by PNB
PNB IMPS charges are different when done through internet banking/mobile banking and via branch, viz.:
PNB IMPS charges when done via digital channels:
- Up to Rs 1,000: NIL
- Rs 1,001 to Rs 1 lakh: Rs 5
- Above Rs 1 lakh: Rs 10
PNB IMPS charges when done via branch
- Up to Rs 1,000: NIL
- Rs 1,001 to Rs 1 lakh: Rs 6
- Above Rs 1 lakh: Rs 12
Note: Above charges also attract GST as per applicable GST rates.
IMPS Charges by HDFC Bank
The following mentioned are the HDFC IMPS transaction charges:
- Up to Rs 1,000: Rs 3.50 (+ GST)
- Rs 1,001 to Rs 1 lakhs: Rs 5 (+ GST)
- Above Rs 1 lakh: Rs 15 (+ GST)
IMPS Charges by ICICI Bank
ICICI Bank charges the following fees for processing its customer’s IMPS transfer requests:
Up to Rs 1 lakh: Rs 5 (+GST)
Above Rs 1 lakh to Rs 5 lakhs: Rs 15 (+ GST)
IMPS Charges by Axis Bank
The following mentioned are the Axis Bank IMPS transfer charges basis amount to be transferred:
Up to Rs 1,000: Rs 2.50
Rs 1,001 to Rs 1 lakh: Rs 5
Above Rs 1 lakh to Rs 5 lakhs: Rs 10
(Charges are per transaction; taxes extra)
IMPS vs. NEFT Charges
Transaction charges differ for both the services of IMPS as well as NEFT. The only similarity between NEFT charges and IMPS charges is that these charges are decided basis the transfer amount and differ as per the bank. That said, RBI has issued guidelines in which maximum NEFT charges are mentioned and banks cannot charge anything more than what is given in the guidelines.
Also, check all related details about the IMPS:
IMPS Charges: FAQs
IMPS transaction charges or IMPS charges are not same throughout the banks. It may range anywhere from Re 1 to Rs 15 per transaction basis the transfer amount.
No. IMPS transfer via netbanking or mobile banking is not chargeable. IMPS charges are applicable when done at a bank.
Yes. For instance, HDFC charges Rs 3.50 for transactions up to Rs 1,000 whereas PNB charges nothing on transfer of up to Rs 1,000.
SBI does not charge anything from its customers doing IMPS transactions via digital channels of internet banking or mobile banking.
Customers can do IMPS transactions for an amount of up to Rs 5 lakhs in a day. That said, you must check with your bank as it may be less depending on your account type along with other factors.
