New Delhi: Immediate Payment Service (IMPS), allows customers to transfer funds through mobile phones. The bank charges a certain amount from the customers for IMPS transaction. It is facilitated by the National Payment Corporation of India (NPCI). It is to be noted that all the private and public banks approved by the Reserve Bank of India (RBI) offer this service to their customers. The charges levied depends on the amount being transferred.
IMPS charges levied by top banks-
State Bank of India-
The maximum amount which can be transferred through IMPS is Rs 2,00,000. According to the SBI’s website- sbi.co.in, bank charges Re 1 plus applicable goods and services tax (GST) on the transactions of the amount from Rs 1,001 to Ra 10,000. For the transaction between Rs 10,001 to Rs 1 lakh, it charges Rs 2 plus GST.
Likewise, for the transaction of Rs 1,00,001 to Rs 2 lakh, bank charges Rs 3 plus GST. One doesn’t require to register the payee or the beneficiary and the transfer of funds is carried out on a real-time basis.
HDFC Bank charges Rs 5 plus GST on transactions between Re 1 to Rs 1 lakh. For the transactions above Rs 1,00,000 to Rs 2,00,000, bank levies a charge of Rs 15 plus GST. This service is available throughout the year including Sundays and any bank holiday.
According to HDFC Bank website, “Customers can transfer and receive funds via IMPS using their registered mobile number and mobile money identifier (MMID) or using their account number and IFSC code.”
In order to carry out transaction through IMPS made in ICICI Bank, customers have to pay Rs 5 plus applicable GST for a transaction amount up to or above 10,000 to Rs 1,00,000. For the amount above 1 lakh and up to Rs 2 lakh, bank levies Rs 15 plus GST on the customer. ICICI Bank enables customers to transfer funds from their ICICI account to any ICICI or non-ICICI account. The beneficiary account is credited immediately when a fund transfer request.