The SBI has reduced the charges for IMPS fund transfer but other banks are still charging the high fees. Bank of Baroda is the only bank which does not charge for IMPS fund transfer. In this post, I have told the IMPS charges of 7 banks. I have covered only the big government and Private Banks.
I would also like to tell you that RBI or NPCI have not set any maximum limit for the IMPS charges. The banks can decide the charges themselves. Most of the banks have kept these charges comparable to the NEFT, another fund transfer system.
The NPCI provides the platform for the IMPS transactions and does not charge to the banks. The UPI payment system is also a fund transfer platform by the NPCI. The UPI is free of cost.
More About– IMPS Fund Transfer System
https://upipayments.co.in/imps-best-payment/
SBI IMPS Charges
In the July 2017, the SBI has reduced the IMPS charges drastically. Even It does not charge for the fund transfer of up to ₹1000. The charges for higher amount is also nominal. The maximum charge for the IMPS service of SBI is ₹3/ transaction.
| Amount | Charges |
| Upto ₹1000 | No Charges |
| ₹1001 to ₹10,000 | ₹1 + GST |
| ₹10,001 to ₹1,00,000 | ₹2 + GST |
| ₹1,00,001 to 2,00,000 | ₹3 + GST |
HDFC Bank IMPS Charges
The HDFC bank gives 24*7 IMPS fund transfer facility. However, it charges more than the SBI. There is no charge for money transfer between HDFC bank accounts.
- Above ₹1 to ₹1 Lakh – ₹5 + GST
- Above 1 lakh to 2 Lakh – ₹15 + GST
Axis Bank
Like SBI, the Axis Bank also give free IMPS transaction upto ₹1000. But above this amount, the charges are similar to the HDFC Bank
| Amount | Charges |
| Upto ₹1000 | Free |
| ₹1,001 to ₹1 Lakh | ₹5 + GST |
| ₹1 lakh to ₹2 lakh | ₹15 + GST |
ICICI Bank IMPS Charges
In the ICICI Bank, it is costlier to use IMPS if the amount is less than ₹10,000. The charge is ₹5 per transaction. While For NEFT transaction you have to pay only ₹2.5. Above this amount the IMPS and NEFT charges are similar.
| Amount | Charges |
|---|---|
| upto ₹1 lakh | ₹5 + GST |
| Above ₹1 lakh to ₹2 lakh | ₹15 + GST |
Kotak Mahindra Bank IMPS Fees
Kotak Mahindra Bank is aggressively growing. It gives higher interest to its saving account customer. But the IMPS charge are not cheap. The charges are similar to the ICICI Bank.
| Amount | Charges |
|---|---|
| upto ₹1 lakh | ₹5 + GST |
| Above ₹1 lakh to ₹2 lakh | ₹15 + GST |
PNB
The Punjab National Bank gives the IMPS fund transfer facility through the branch and ATM as well. Whereas, other banks give IMPS facility through the mobile banking and internet banking. But the transaction limit is strict for the IMPS. You can transfer maximum ₹50000/day through the IMPS.
The Punjab National bank charges Flat ₹5 for every IMPS transaction irrespective of the amount.
IMPS Charges of Big Banks
| Bank | Up to ₹1,000 | ₹1001 to ₹10,000 | ₹10,001 to ₹1 lakh | ₹1 lakh to 2 lakh |
| SBI | 0 | 1 | 2 | 3 |
| PNB | 5 | 5 | 5 | 5 |
| BoB | 0 | 0 | 0 | 0 |
| HDFC Bank | 5 | 5 | 5 | 15 |
| ICICI Bank | 5 | 5 | 5 | 15 |
| Axis Bank | 0 | 5 | 5 | 15 |
| Kotak Mahindra | 5 | 5 | 5 | 15 |
If your bank is charging high fees for IMPS fund transfer, you should use the UPI system. It is immediate, easy and free. There are many benefits of UPI except the ₹1 lakh fund transfer limit of UPI. The IMPS has a more relaxed limit of the transaction. You must also know the ATM withdrawal limit of SBI and other banks.
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