IMPS Charges

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Earlier people used to visits banks to make a money transfer but now with the advancement in the payment system, everyone can transfer money digitally. On the other hand, some people prefer the IMPS mode to transfer funds from their savings account to another account. But are you aware of the IMPS charges that incur whenever you make a fund transfer? So, in this article, you can explore the IMPS fee of 20 different banks usually charged when you transfer funds. You can go through the minimum and maximum IMPS charges of all the banks. The maximum transfer capped in the IMPS payment is up to ₹2 Lacs. You cannot make a money transfer beyond this amount if you are making the IMPS.

IMPS Charges or IMPS Fee of Different Banks

SBI IMPS Charges

The State Bank of India doesn’t levy any fee when you transfer money from your SBI Account to any other account through IMPS. But the maximum payment you can make through IMPS is up to ₹2 Lacs in a day from your SBI Account.

HDFC IMPS Charges

• ₹3.50 + GST is the IMPS Charge for the transaction between ₹0 to ₹1000.
• ₹5 + GST is the IMPS Charge for the transaction between ₹1001 to ₹1,00,000.
• For the transaction of above ₹10,00,00, an IMPS Fee is chargeable that is ₹15 + GST.

ICICI Bank Charges for IMPS

• ₹2.5 + GST for the IMPS up to ₹1,000
• ₹5 + GST for the IMPS of Above ₹1,000 to ₹25,000
• ₹15 + GST for the IMPS Above ₹25,000 to ₹5,00,000.

Axis Bank IMPS Fee and Charges

• For the IMPS of up to ₹1000, the charge is ₹2.5 + Taxes.
• ₹5 + Taxes are charged for the amount above ₹1000 up to ₹1 Lac.
• ₹10 + Taxes is charged for the amount above ₹1 Lac up to ₹5 Lacs.

RBL Bank IMPS Charges

• ₹5 + GST for the IMPS up to ₹1 Lac.
• ₹15 + GST for the IMPS of Above ₹1 Lac.

IMPS Fee and Charges of Canara Bank

• Below ₹1000 - NIL
• For the IMPS ₹1000 to below ₹10,000- ₹3 + Taxes
• IMPS of ₹10000 to below ₹25000 – ₹5 + Taxes.
• IMPS of ₹25000 to below ₹100000 – ₹8 + Taxes
• For the IMPS of ₹100000 to below ₹200000 – ₹15 + Taxes
• For IMPS of ₹2,00,00 to ₹5,00,000 - ₹20 + Taxes

Indusind Bank IMPS Charges

• ₹2.50 + GST for the IMPS up to ₹10000.
• ₹5 + GST for the IMPS of Above ₹10000 to ₹1 Lac.
• For the IMPS above ₹1 Lac to ₹2 Lacs the fee will be ₹15 + GST.
  

Union Bank of India Fee and Charges for IMPS

• ₹up to ₹1,000 - NIL
• ₹2.25 + GST for the IMPS above ₹1,000 and up to ₹10,000.
• ₹4.75 + GST for the IMPS of Above ₹10,000 and up to ₹1,00,000
• ₹14.75 + GST for the IMPS of Above ₹1,00,000 to ₹2,00,000.
• ₹24.75 + GST Above 2,00,000 to ₹5,00,000

Bank of Baroda Charges for IMPS and Charges

• ₹1 + GST for the IMPS up to ₹1000.
• ₹1.50 + GST for the IMPS of Above ₹1000 to ₹25000.
• For the IMPS above ₹25000, the fee will be ₹5.50 + GST.

IMPS Fee & Charges of the Central Bank of India

• ₹3 + GST for the IMPS up to ₹10,000
• ₹5 + GST above ₹10,000 to 1,00,000
• ₹10 + GST above ₹1,00,000 to 2,00,000
• ₹15 + GST above ₹2,00,000 to ₹5,00,000

IMPS Charges & Fee Punjab and National Bank

• NIL up to ₹1000
• ₹5 + GST for the IMPS above ₹1,000 to ₹1,00,000
• ₹10 + GST for the IMPS above ₹1,00,000

Indian Overseas Bank IMPS Fee & Charges

• ₹2.50 + GST up to ₹10,000
• ₹5 + GST for the IMPS above ₹10,000 and up to ₹1,00,000.
• ₹15 + GST for the IMPS of Above ₹1,00,000 and up to ₹2,00,000.
• ₹15 + GST for the IMPS of above ₹2,00,000 and upto ₹5,00,000

Bandhan Bank IMPS Charges

• For the IMPS up to ₹1 Lac – ₹5 + GST is chargeable.
• For the IMPS of Above ₹1 Lac – ₹15 + GST is chargeable.

Charges for IMPS of the IDFC First Bank

The IDFC First Bank doesn’t have any IMPS Charges when you transfer funds from your IDFC First savings account to any other account and the maximum IMPS allowed from your savings account is up to ₹2 Lacs in a day.

Fee & Charges for IMPS for the IDBI Bank

• NIL for the IMPS up to ₹1000.
• ₹5 + GST for the IMPS of Above ₹1000 to ₹1 Lac.
• For the IMPS above ₹1 Lac to ₹2 Lacs the IMPS fee will be ₹15 + GST.

Kotak Mahindra Bank IMPS Fee and Charges

No IMPS Charges will be levied when you transfer money from your Kotak Mahindra Savings Account to any other account through IMPS. It is absolutely free when you use the Immediate Payment Service of your Kotak Bank Account.

YES Bank IMPS Charges

No charges shall be applicable if the IMPS is done through the mobile application but an IMPS Charge of ₹5 + GST will be levied if the IMPS is used through the net banking facility of the Yes Bank.

IMPS Charges or Fee South Indian Bank

• NIL for the IMPS up to ₹1000.
• ₹5 + GST for the IMPS of Above ₹1000 to ₹99999.
• For the IMPS of ₹1 Lac to below ₹2 Lakh will be ₹15 + GST.
• For the IMPS of ₹2 Lac to below ₹5 Lac will be ₹17 + GST

Fee or Charges of IMPS for Federal Bank

• ₹2.5 + GST for the IMPS up to ₹1000.
• ₹5 + GST for the IMPS of Above ₹1000 and up to ₹25,000.
• For the IMPS of above ₹25,000 and upto ₹1,00,000 the IMPS charges will be ₹10 + GST.
• ₹15 + GST for the IMPS above ₹1,00,000

IMPS Charges or Fee for the Bank of India

• NIL up to ₹1,000
• ₹1 + GST for the IMPS above ₹1,000 and up to ₹10,000
• ₹2 + GST for the IMPS above ₹10,000 and up to ₹1,00,000
• ₹3 + GST for the IMPS above ₹1,00,000 and up to ₹2,00,000
• ₹5 + GST for the IMPS above ₹2,00,000 and up to ₹5,00,000

Note- IMPS Charges mentioned above will be applicable per transaction. If you make 5 transactions of small denominations then the IMPS Fee will be charged five times a day. So, all the charges are for each transaction you make in a day.

Steps to Use IMPS

Transferring money has never been easier! You can transfer money through various methods, like a laptop/desktop/tablet through internet banking. Smartphones can be used for net banking or mobile applications, SMS with mobile phones, and an automated teller machine (ATM) with your ATM card. But, if you're looking for a quick and easy way to transfer funds, IMPS is the way to go!

Here are the steps you'll need to follow to make an IMPS transfer:

Step 1: Choose the channel you desire and then log in with your credentials.

Step 2: You can enter the bank account number, Indian financial system code (IFSC), Aadhaar number, or MMID, and mobile number of the beneficiary.

Step 3: Enter the amount you want to transfer.

Step 4: Enter the reason for the money transfer request.

Step 5: Now, you have to enter the personal identification number (PIN) to authenticate the request.

Step 6: Once the transaction is initiated successfully, the sender and the beneficiary will receive confirmation through SMS.

IMPS is fast, easy, and secure. So, the next time you need to transfer funds, consider using IMPS and following these simple steps to make the transfer. With IMPS, you can transfer funds 24x7, even on weekends and holidays!