New I.M.P.S Charges for Money Transfers starting August 2024

Immediate Payment Service (IMPS) is a real-time money transfer system available 24/7 through various channels like mobile, internet, branch, ATM, and SMS.

It offers a quick and secure way to transfer funds between banks in India and is known for being economical.

The service includes two-factor authentication, and while there are limits on fund transfers through IMPS,

registration for mobile banking is not necessary when initiating transactions via ATM or online channels.

Bank-Specific IMPS Charges from August 2024

SBI IMPS Charges:

No charges for transactions from ₹1 to ₹5,00,000.

HDFC Bank IMPS Charges:

₹0 – ₹1,000: ₹3.50 + GST

₹1,001 – ₹1,00,000: ₹5 + GST

Above ₹1,00,000: ₹15 + GST

Axis Bank IMPS Charges:

Up to ₹1,000: ₹2.50 per transaction

₹1,000 to ₹1,00,000: ₹5 per transaction

₹1,00,000 to ₹5,00,000: ₹10 per transaction

Additional taxes applicable

Canara Bank IMPS Charges:

₹0 to ₹25,000: No charges

₹25,001 to ₹1,00,000: ₹8 + GST

₹1,00,001 to ₹5,00,000: ₹15 + GST

Kotak Mahindra Bank IMPS Charges:

No charges

YES Bank IMPS Charges:

No charges for transactions made through the mobile app

₹5 + GST for using IMPS through Net Banking

IMPS remains a convenient and secure option for instant money transfers, but it’s essential to stay informed about the charges and conditions that apply to avoid unexpected fees.

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