INSUBCONTINENT EXCLUSIVE:
IMPS is an instant payments service that enables round-the-clock money transfer electronicallyMajor banks today levy a fee ranging from Rs 5
to Rs 15 (excluding taxes) for their money remittance services through IMPS
Immediate Payment Service (IMPS) is an instant payments service that enables round-the-clock money transfer through the use of mobile app,
mobile banking or internet banking
Money transfer can be carried out through IMPS at any time or day, irrespective of Sundays and public holidays, under certain conditions
Public sector banking major State Bank of India (SBI), and private sector peers ICICI Bank and HDFC Bank are among the commercial banks that
offer IMPS service today.Here's a comparison of the charges levied by SBI, ICICI Bank and HDFC Bank on their customers for sending money
through IMPS:State Bank of IndiaAmountTransaction chargesUp to Rs 1 lakhRs 5 + GSTAbove Rs 1 lakh up to Rs 2 lakhRs 15 + GST(Source:
Money Identification Number) and through account number
MMID is a seven-digit number, the first four digits of which form the unique identification number of the bank
The remitter is required to provide the MMID and mobile number of the recipient to use this service.The three banks have put in place
transfer services through NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) platforms.
