In a digital India, online money transfer has become very easy. Now you can transfer money to any Indian bank account from any place and at any time. IMPS (Immediate Payment Service) is an effective medium for online money transfer, through which you can transfer money in real time.
Money reaches the other person’s bank account immediately through IMPS
The money transferred through IMPS reaches the other person’s bank account immediately. Instant money transfer can be done through IMPS from any place to any Indian bank account 24 hours a day. Here we will know which bank charges how much for IMPS service.
These banks do not charge any fee from their customers for IMPS
State Bank of India does not charge any fee for IMPS up to Rs 5 lakh. Kotak Mahindra Bank also does not charge any fee for IMPS from its customers. On the other hand, Yes Bank does not charge any fee for IMPS done through mobile app. But if you do IMPS through net banking then Yes Bank charges Rs 5 + GST on each transaction.
HDFC Bank IMPS Charges
HDFC Bank charges Rs 3.50 + GST on Rs 1,000, Rs 5 + GST on Rs 1,001 to Rs 1,00,000 and Rs 15 + GST on amounts above Rs 1,00,000.
ICICI Bank IMPS Charges
ICICI Bank charges Rs 2.5 + GST for Rs 1,000, Rs 5 + GST for Rs 1,001 to Rs 25,000, Rs 15 + GST for Rs 25,001 to Rs 5 lakh.
Axis Bank IMPS Charges
Axis Bank charges Rs 2.50 + GST on Rs 1,000, Rs 5 + GST on Rs 1,001 to 1,00,000 and Rs 10 + GST above Rs 1 lakh
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