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How much does it cost to transfer money through IMPS?

Curious about Immediate Payment Service

How much does it cost to transfer money through IMPS?

The cost of transferring money through IMPS (Immediate Payment Service) can vary depending on the bank and the type of transaction. Generally, banks may charge nominal fees for IMPS transactions, but some banks may offer IMPS services free of charge for certain types of transactions or to specific customer segments.

Here are some key points to consider regarding the cost of IMPS transfers:

1. Transaction Charges: Banks may impose a transaction fee or charge for initiating IMPS transfers. The transaction fee can be a fixed amount or a percentage of the transaction value. The specific charges vary among banks, so it's advisable to check with your bank to understand their fee structure for IMPS transactions.

2. Transaction Limits: Banks often have predefined transaction limits for IMPS transfers. These limits can vary based on factors such as the type of account, customer profile, and channel used for the transaction (e.g., mobile banking app, internet banking). It's important to be aware of the transaction limits imposed by your bank, as exceeding these limits may attract additional charges or require special authorization.

3. Promotional Offers: Banks occasionally offer promotional schemes where they waive off or reduce transaction fees for certain types of IMPS transfers. These offers may be timebound or targeted to specific customer segments. Keep an eye on your bank's announcements, website, or mobile banking app for any such promotional offers.

4. Service Tax or Goods and Services Tax (GST): In addition to transaction charges, banks may also apply applicable taxes such as service tax or GST on IMPS transactions. The tax amount, if applicable, is usually added to the transaction fee.

It's important to note that the cost structure for IMPS transfers can change over time, and it can vary among banks. It's advisable to check with your bank directly or refer to their official website or documentation to get the most accurate and uptodate information on the charges associated with IMPS transactions.

By being aware of the applicable fees and charges, you can plan your transactions accordingly and make informed decisions while using IMPS for money transfers.

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