What is imps charges?

The IMPS fund transfer service attracts primarily two types of charges. These include:

It is important to note that the IMPS charges are only applicable on outward transactions and not on inward IMPS transactions.

IMPS charges vary across different banks and these IMPS charges are applicable only for debit transactions. There are no IMPS charges for credit transactions. Here is a quick glance at IMPS charges levied by some of the top Indian banks.

Note that these IMPS charges are not applicable on transactions if you are a Preferred and Imperia customer club of HDFC Bank.

This bank does not levy IMPS charges on transactions.

IMPS is an instant money transfer service facilitated by NPCI (National Payment Corporation of India). The full form of IMPS is Immediate Payment Service which allows people to send and receive funds from savings accounts in real-time. The service facilitates inter-bank transactions through mobile banking and internet banking. The major reason behind using IMPS is that it is available 24×7, 365 days which makes it highly flexible and dependable.

Unlike bank branches that are closed on public and gazetted holidays, IMPS is always available. This means that you can be assured that the funds you have transferred reach the destination even on bank holidays.

Being a highly preferred medium of fund transfer in the country, IMPS is loaded with certain features. The features of IMPS are as follows:

The maximum transfer limit of funds through IMPS is Rs. 5 lakh. However, it may vary from bank to bank. while the minimum limit usually is Rs. 1. However, the limit may vary from bank to bank.

IMPS charges are largely subject to the amount which is being transferred along with the bank’s policies. However, the regular IMPS charges range from Rs. 2.50 to Rs. 25 for amounts of Rs. 10,000 to Rs. 5 lakh. IMPS charges for some prominent banks of the country are given here.

Note: The above-mentioned charges are exclusive of GST and are subject to change.

IMPS is, without a doubt, a convenient option to make fund transfers easily. There are several benefits of using this service such as:

Being a service integrated into mobile banking, IMPS requires a person to have savings bank accounts with mobile banking enabled. Even if you are transferring money through IMPS using the internet, you need to have the MMIDs of both parties. This makes it mandatory to have a functioning bank account.

Having said that, banks are also required to fulfil various eligibility criteria to facilitate IMPS. As per the RBI regulations, only the banks that offer mobile banking facilities approved by RBI can participate in this payment system.

You can make IMPS transfers using internet banking, mobile banking facility, or using a Pre-Paid Payments instrument issuer (PPI). To carry out these transfer electronically, you will be required to follow the below-mentioned steps:

Step 1: Install the mobile banking application of the respective bank. For example – SBI Anywhere, iMobile Pay, etc. Alternatively, you can also transfer funds via IMPS using internet banking and following the same steps mentioned below.

Step 2: Log in using your credentials (User ID / Customer ID and Password)

Step 3: After successful login, click on “Transfer” and select add beneficiary or select One Time Transfer method.

Step 4: Transfer funds using IMPS by providing either MMID & mobile number details or account number & IFSC code.

Step 5: Enter the required details such as the name of the beneficiary, registered mobile number of the beneficiary, beneficiary MMID, and the amount to be transferred. Alternatively, you can also provide the account number and IFSC code instead of the registered mobile number and MMID.

Step 6: Click on ‘Accept Terms of Service (Terms & Conditions)’ and confirm the transaction.

IMPS reference number tracking is a simple way of knowing the details of your last transaction. You can log into your mobile banking account or net banking account to check the status of your IMPS transaction. IMPS Reference Number Tracking can be easily done by using the unique IMPS reference number which is provided by the bank after every successful IMPS transaction.

You may also have the option of calling your bank for any IMPS reference number tracking or to get details of your last transaction.

Below-mentioned public, private, and payment banks are active for the IMPS service:

Instant money transfer services such as IMPS come with certain benefits as well. The benefits are:

IMPS is one of the easiest and fastest modes of money transfer but a slight mistake can lead to loss of funds. Here is a list of a few factors to consider while transferring funds through IMPS.

IMPS P2A means that you can make a fund transfer from your phone to the accounts of any beneficiary by providing their account details. This is an option when you do not have access to the Mobile Money Identifier or MMID number. With IMPS P2A, you can transfer money by providing the beneficiary account number and the IFSC Code for the branch where the beneficiary account is held in.

IMPS P2P means Phone to Phone transfer. The difference between P2A and P2P transactions lies in the beneficiary details that you provide when you make the transfer.

For a P2P transfer, you will require the MMID and mobile number of the beneficiary. The beneficiary will have to generate the MMID by downloading the banking app of his or her bank. For P2A, on the other hand, you do not require the MMID. All you need is the IFSC code and the account number of the beneficiary.

A P2A transfer using IMPS can be made through your mobile banking account. IMPS P2A means that you only require the account number and IFSC code of the beneficiary account. You have to follow these steps to complete your transaction:

It is built on the current NFS (National Financial Switch) and is managed by NPCI (National Payments Corporation of India). IMPS started in August 2010 with a pilot from NPCI for mobile payment systems with 4 banks, viz. State Bank of India, Bank of India, Union Bank of India, and ICICI Bank. NPCI then expanded IMPS and included YES Bank, HDFC Bank, and Axis Bank later that year. On 22nd November 2010, IMPS was launched publicly.

It is more popular on mobile phones but it can also be used on desktops, laptops, and tablets. On mobile phones, you only have to generate a unique 7-digit MMID (Mobile Money Identifier). After that, you can avail of the service as per the mobile application of your bank.

Q. Does the customer need to have a bank account for availing IMPS? Ans. Both the customers having a bank account and those not having a bank account can avail IMPS. However, customers who do not have a bank account can avail this service through Pre-Paid Payments instrument issuer (PPI).

Q. How can a customer not having a bank account can initiate IMPS? Ans. Customers who do not have a bank account can initiate IMPS using the services of Pre-Paid Payments Issuer (PPI).

Q. Can I link more than one account to the same mobile number? Ans. Yes, you can link more than one account to the same mobile number. However, each account will have a different MMID.

Q. Is the facility to stop payments available on IMPS? Ans. No, you cannot stop or cancel IMPS payment once initiated since it is an immediate fund transfer facility.

Q. If I change my mobile number, will I have to register again for mobile banking? Ans. Yes, you will have to update your new mobile number with your bank.

Q. Where can I register complaints related to IMPS? Ans. You can register IMPS-related complaints with your respective bank.

Q. How many times can we use IMPS in a day? Ans. IMPS services can be availed 24×7. There is no limit on the number of transactions carried out per day.

Q. Can we reverse an immediate payment? Ans. Before releasing the payment, you have an opportunity to check the details of the payment. Once you have made the payment, it cannot be stopped or reversed.

Q. What happens if I transfer money to the wrong bank account? Ans. In such a case, you need to inform your bank and ask your bank to take immediate action. If the account number mentioned by you doesn’t exist, the money will automatically be reverted to your account.

The following are the charges applicable excluding Goods and Service Tax (GST) through IMPS transactions. INR 2.5 for transactions up to INR 10,000. INR 5 for transactions between INR 10,001 – INR 1 lakh. INR 15 for transactions between INR 1 lakh – INR 2 lakh.

IMPS can be done through electronically enabled channels like mobile, interest, short message service (SMS) and automated teller machines (ATM). The main aim is to make the transfers super easy and convenient for customers. IMPS built a full range of banking services to support the Reserve Bank of India’s (RBI) goal of electronification of retail payments.

You can transfer money through various methods like laptop/desktop/ tablet through internet banking. Smartphones can be used for Net banking or mobile applications, SMS with mobile phones and automated teller machine (ATM) with your ATM card.

The following steps are used to make an IMPS transfer.

Step 1: Choose the channel you desire and then log in with your credentials.

Step 2: You can enter the bank account number, Indian financial system code (IFSC), Aadhaar number or the MMID and mobile number of the beneficiary.

Step 3: Enter the amount you want to transfer.

Step 4: Enter the reason for the money transfer request.

Step 5: Now, you have to enter the personal identification number (PIN) to authenticate the request.

Step 6: Once the transaction is initiated successfully, the sender and the beneficiary will receive confirmation through SMS.

Registration of your mobile number with your respected bank and also for mobile banking application is the basic requirement for transferring and receiving money through the IMPS process. After the registration is done, you will get MMID and the MPIN number provided by your bank.

The MMID is a 7-digit identification number and the MPIN is a four-digit number password that applies for mobile banking. Now add your beneficiaries to your account and link their account details with your registered mobile number and obtain their MMID from your bank.

The beneficiary is required to submit an Aadhaar number, IFSC, bank account number, mobile number and MMID details to make an IMPS transaction.

Participants in IMPS are:

Every transaction has certain fees associated with it. The charges depend on the amount transferred along with service tax at 18%. However, the fees depend on the individual bank’s discretion. The following are the charges applicable excluding Goods and Service Tax (GST) through IMPS transactions.

The following are the benefits of using IMPS for businesses for banks, customers and the RBI.

Banks: IMPS is secure interoperability between banks and mobile operators. It’s a 24×7 available domestic fund transfer service. The transfer is cheap, fast and safe. IMPS provides beneficiary customers with foreign inward remittance facilities. It also allows additional services like Beneficiary Account validation to validate the beneficiary’s account before making a transaction. The remitter can also check the transaction which brings huge relief to customers.

Customers: IMPS is an instant and real-time fund transfer process. The daily limit of the transaction is up to INR 5 Lakhs. Customers can access the services through their mobile phones and net banking.

The service charges on IMPS are in line with the service charges on NEFT or RTGS transactions, SBI bank said in a statement.

Also read: SBI introduces new IMPS slab, to charge ₹20+GST per transaction. Details here

Here's a 5-point explainer on new SBI IMPS money transfer rules:

1.) The latest decision by SBI to not any levy service charge on IMPS transactions up to ₹5 lakh done via net banking or mobile banking or YOYO is aimed at encouraging customers to adopt digital banking.

2.) Under IMPS, there’s no service charge on transaction up to ₹1,000. From ₹1,001 to ₹10,000, charge of ₹2 plus GST is applicable; transaction of ₹10,001 to ₹1 lakh attracts ₹4 plus GST fees and for amounts above ₹1 lakh up to ₹2 lakh; ₹12 plus GST is applied. These charges apply to only transactions carried through branch channels. However, if you do these transactions via net banking or mobile banking or YOYO app, no charges will be levied. The new slab of ₹2 lakh- ₹5 lakh will attract ₹20+GST if you do it at bank branch.

Also read: SBI IMPS of up to ₹5 lakh done digitally will not attract service charge

3.) Under the SBI's NEFT slabs, transactions up to ₹10,000 attract ₹2 plus GST as service charge, if you do it at any bank branch. The transactions from ₹10,000 up to ₹1 lakh attract ₹4 + GST, while transactions between ₹1 lakh and ₹2 lakh attract ₹12 + GST as service charge if it happens at any bank branch. For transactions over ₹2 lakh, customers have to pay ₹20 plus GST. However, those doing NEFT transactions via net banking or mobile banking or YONO don't have to pay anything.

4.) In case of RTGS, transactions between ₹2 lakh and ₹5 lakh attract ₹20 plus GST, while those above ₹5 lakh attracts ₹40 + GST. Customers doing RTGS transactions via net banking or mobile banking or YONO don't have to pay service charge.

5.) If you don't want to pay service charges on NEFT, IMPS, or RTGS transactions, you can avail of the net banking or mobile banking or YONO mobile services, and carry out transactions up to ₹5 lakh for free.

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