Most banks in the country offer the facility of IMPS for making an online money transfer.Immediate Payment Service (IMPS), an instant interbank electronic fund transfer facility, allows the customer to transfer funds on a 24x7 basis and 365 days of the year.
The maximum amount that can be transferred via IMPS is Rs 2 lakh.
This facility is available only via internet banking.
Most banks in the country offer the facility of IMPS for making an online money transfer.
State-run SBI (State Bank of India) to private sector lenders HDFC Bank and ICICI Bank- charge a fee ranging from Rs 1 to Rs 15 (excluding GST) per IMPS transaction.
However, SBI IMPS transactions up to Rs 1,000 are free.(NEFT Transaction Charges Levied By Five Key Banks Compared)State Bank of India (SBI)For IMPS transfer, SBI charges Rs.
5 plus GST (Goods and Services Tax) for any transaction of an amount between Rs 1,001 to Rs.
1 lakh.
For an IMPS transaction from Rs.
1,00,001 to Rs.
2 lakh through net banking or online banking, SBI charges a fee of Rs.
15 plus GST, it mentioned on its website- onlinesbi.com.NoAmountCharge1Up to Rs.1000/-No Charges2Rs.1001 to Rs 10,000/-Rs.1/- + GST3Rs.10,001 to Rs 1,00,000/-Rs.2/- + GST4Rs 1,00,001 to 2,00,000/-Rs.3/- + GST(As mentioned on SBI's website- sbi.co.in)HDFC BankHDFC Bank levies a fee of Rs 5 plus GST per IMPS transaction of an amount up to 1 lakh.
For an amount between Rs 1 lakh and Rs 2 lakh, the bank charges a fee of Rs 15 plus GST, according to its website- hdfcbank.com.Transaction ChargesIMPS chargesAbove Rs 1 to Rs 1 LakhRs 5 + Applicable GSTAbove 1 lakh to 2 LakhRs 15 + Applicable GST(As mentioned on HDFC Bank's website- hdfcbank.com)ICICI BankFor IMPS transfers, ICICI Bank charges a fee of Rs.
5 plus GST per transaction for an amount up to Rs.
1 lakh.
For an amount between Rs.
1 lakh and Rs.
2 lakh, the bank levies Rs.
15 plus GST per transaction, according to its website-icicibank.com.Transaction ChargesIMPS chargesAmounts upto Rs 10,000Rs 5 + Applicable GSTAmounts above Rs 10,000 and upto Rs 1 lakhRs 5 + Applicable GSTAmounts above Rs 1 lakh and upto Rs 2 lakhRs 15 + Applicable GST(As mentioned on ICICI Bank'swebsite- icicibank.com)