IMPS fees are typically nominal, but the facility enables instant fund transfer
- IMPS stands for Immediate Payment Service
- IMPS is a flexible and reliable way of transferring money between bank accounts in India
- Most banks offer the service in the country
- It allows you to transfer money 24*7, 365 days a year
- IMPS charges vary from one bank to another and also depend on the amount you transfer
Short for Immediate Payment Service, IMPS is an instant inter-bank money transfer service. The National Payment Corporation of India offers this facility. Through IMPS, you can receive and send funds in real-time. It allows inter-bank transactions through internet banking and mobile banking. IMPS has become popular today because this service is available 24*7 and 365 days a year. IMPS is one of the most reliable and flexible modes of fund transfers in India. Let us understand what IMPS charges are.
IMPS charges – How much will it cost you to initiate an IMPS transaction?
IMPS empowers you to make instant fund transfers. Your beneficiaries can receive a notification of the transfer within seconds of initiating it. Despite this instant transfer facility, IMPS transfers are incredibly inexpensive. The charges levied for such transaction, however, are subject to the amount you transfer. Typically, IMPS charges … 200,000, respectively. The charges levied for such marketing, however, are subject to the amount you transfer. Before you initiate an IMPS transaction, it helps to check the charges with your bank.
Applicable Charges for IMPS
The RBI determines the basic IMPS charges mentioned below. However, several banks do not levy any IMPS charge on transactions exceeding INR 200,000. Here is a table showing the basic charges on IMPS transactions.
Up to Rs. 10,000
INR 2.50 + Applicable GST
From INR 10,000 to INR 1 lakh
INR 5 + Applicable GST
From INR 1 lakh to INR 2 lakh
INR 15 + Applicable GST
INR 2 lakh and above
INR 25 + Applicable GST or No Charge
*The above table is not comprehensive as IMPS charges may vary from bank to bank
IMPS is one of the most convenient and hassle-free ways of sending or receiving money. One of its most crucial benefits is that this facility can be availed anywhere, at any time of the day. As such, it comes in extremely handy when you need to make an emergency fund transfer. However, you must ensure that you set up the internet banking facility with your bank to avail of this service. DBS Bank facilitates a quick transfer of funds through IMPS via internet banking and the digibank by DBS app.
Download the digibank by DBS app to get started and even open your savings account with us.
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.