What are the charges for using IMPS services?

The charges for using IMPS (Immediate Payment Service) in India can vary depending on the bank and the type of transaction. Here are some general points to consider regarding IMPS charges:

1. Transaction Fees: Some banks may impose transaction fees for using IMPS services. The fees can be a fixed amount or a percentage of the transaction value. The charges are typically levied on the sender for initiating the transfer. The specific transaction fee structure may differ from one bank to another.

2. Transaction Limits: Banks may have different transaction limits for IMPS based on various factors, including the type of account and the customer's profile. While some banks have higher limits for premium or business accounts, others may have lower limits for basic or savings accounts. Transactions within the prescribed limits may not attract any charges, but exceeding those limits may incur additional fees.

3. Channelwise Charges: IMPS can be initiated through multiple channels, such as mobile banking apps, internet banking portals, or bank branches. Depending on the bank, there might be variations in the charges levied for transactions conducted through different channels. It's advisable to check with your bank to understand the specific charges associated with each channel.

4. Service Tax/GST: In addition to transaction fees, banks may also apply applicable taxes, such as Goods and Services Tax (GST) or service tax, on the transaction fees or other associated charges. The tax amount can vary based on the prevailing tax rates and regulations.

It's important to note that some banks offer certain IMPS transactions free of charge as part of their service offerings. This could include transactions below a certain value or transactions conducted during specific promotional periods. Additionally, charges and fee structures may be subject to change, so it's advisable to refer to your bank's official documentation, contact their customer support, or visit the bank branch for the most uptodate information regarding the charges for using IMPS services.

It's also worth mentioning that the NPCI (National Payments Corporation of India) and RBI (Reserve Bank of India) periodically review and revise the guidelines and charges for payment systems in India. Therefore, staying updated with the latest notifications and announcements from the regulatory authorities can provide clarity on the charges associated with IMPS transactions.