The fastest mode of money transfer between two parties is undoubtedly the instant money transfer service or IMPS. Facilitated by National Payment Corporation of India (NPCI), IMPS allows inter-bank transactions through mobile banking or internet banking. Compared to other modes of transfer, IMPS is available 24/7. The only hassle with the IMPS is the server speed and quality. Despite that, the transactions made by this mode reach the desired destination on the same day.
All private and public banks, approved by the Reserve Bank of India, offer IMPS for their customers. The IMPS requires the individual to associate his or her bank account to their mobile device. Since the banks provide this service, they levy charges on the transactions carried out. The charges applied depend entirely on the amount being transferred. Let us have a look at the IMPS charges of the prominent banks of the country,
State Bank of India
State Bank of India consumers using the IMPS via the SBI internet banking are levied charges by their bank. Transactions up to Rs 1000 do not have any charges levied on them. Above that amount till Rs 25,000, Rs 2+GST is levied. For transactions up to Rs 1,00,000, Rs 5+GST is deducted from as service fee. Rs 10+GST is charged on transactions up to Rs 2,00,000 by the SBI.
Customers of the HDFC Bank charges Rs 5+GST on any IMPS transactions between Re 1 to Rs 1,00,000. HDFC levies a charge of Rs 15+GST on transactions above Rs 1,00,000 to Rs 2,00,000.
Transaction through IMPS made in ICICI bank have to pay Rs 5+GST for a transaction amount up to Rs 1,00,000. Above this amount, up to Rs 2,00,000, ICICI bank levies Rs 15+GST for IMPS on the customer.
Bank Of Baroda
Bank of Baroda charges comparatively less for its IMPS transactions. For IMPS transactions up to Rs 1,000 that charges levied is Rs 1+GST. Rs 1.5+GST is put on IMPS transaction amounts up to Rs 25,000. Above the amount of Rs 25,000, Bank of Baroda puts IMPS fee of Rs 5.5+GST
IMPS transactions done by Axis bank customers are not charged for transfer of amounts up to Rs 1,000. Rs 5 is levied for IMPS transaction amount up to Rs 1,00,000. Transactions above Rs 1,00,000 up to Rs 2,00,000 have Rs 15 charged on them by Axis Bank.
Comparing all the IMPS charges by the prominent banks, it can noticed that the charges fall between Rs 1 to Rs 15. However, among theses bank of Baroda levies the least charges on IMPS transactions.