IMPS, or Immediate Payment Service, offers a real-time money transfer service accessible 24/7 through multiple channels, including mobile, the internet, branches, ATMs, and SMS. It is a cutting-edge service that enables quick and secure movement of funds between banks in India while also being cost-efficient.
A two-factor authentication system will be in place when transferring money using IMPS. If IMPS is used to transfer funds, the bank’s designated limit will apply.
Customers who send money do not need to register for mobile banking when initiating an IMPS transaction through an ATM or online channel. Similarly, recipients do not need to register to receive money via mobile banking or account number/IFSC.
Let us take a look at the latest charges for IMPS money transfers of the top banks.
What are the charges for IMPS transactions?
SBI IMPS charges
- Rs. 1 – 5,00,000 there are no charges.
- Rs 0 – 1000 Rs 3.50 + applicable GST
- Rs 1001 – 100000 Rs 5 + applicable GST
- Rs 100000 Rs 15 + applicable GST
| Transaction Limits/Timing | IMPS (24x7x365) | ||||
| iMobile | Internet Banking | CIB, InstaBIZ & API Banking RTGS | |||
| Account number + IFSC | Mobile number + MMID | Account number + IFSC | Mobile number + MMID | Account number + IFSC | |
| Minimum | Rs 1 | Rs 1 | Rs 1 | Rs 1 | Rs 1 |
| Maximum | 5 lakh | Rs 10,000 | Rs 5 lakh | Rs 10,000 | Rs 5 lakh |
Axis Bank IMPS charges
- Upto Rs.1000 – Rs. 2.50 per transaction
- Rs. 1,000 to Rs. 1,00,000 – Rs. 5 per transaction
- Rs. 1,00,000 to Rs. 5,00,000 – Rs. 10 per transaction
* Taxes Extra
- 0 to Rs 25,000: Nil
- Rs 25,001-Rs100,000: Rs 8 plus GST
- Rs 100,001-Rs 500,000: Rs 15 plus GST
- Rs 10,000-Rs 1 lakh: Rs 475
- Rs 1 lakh-Rs 50 lakhs: Rs 500
- No charges if done through the mobile application.
- IMPS Charge of Rs 5 + GST will be levied if the IMPS is used through the net banking facility of the Yes Bank.
