Need To Send Money Via IMPS? Here’s What You Need To Know
Major banks today levy a fee ranging from Rs. 5 to Rs. 15 (excluding taxes) for their money remittance services through IMPS. Immediate Payment Service (IMPS) is an instant payments service that enables round-the-clock money transfer through the use of mobile app, mobile banking or internet banking. Money transfer can be carried out through IMPS at any time or day, irrespective of Sundays and public holidays, under certain conditions. Public sector banking major State Bank of India (SBI), and private sector peers ICICI Bank and HDFC Bank are among the commercial banks that offer IMPS service today.
Here’s a comparison of the charges levied by SBI, ICICI Bank and HDFC Bank on their customers for sending money through IMPS:
State Bank of India
|Up to Rs. 1 lakh||Rs. 5 + GST|
|Above Rs. 1 lakh up to Rs. 2 lakh||Rs. 15 + GST|
|Above Rs. 1 up to Rs. 1 lakh||Rs. 5 + GST|
|Above 1 lakh up to Rs. 2 lakh||Rs. 15 + GST|
|Up to Rs. 10,000||Rs. 5 + GST|
|Above Rs. 10,000 and up to Rs. 1 lakh||Rs. 5 + GST|
|Above Rs. 1 lakh and up to Rs. 2 lakh||Rs. 15 + GST|
How to send money through IMPS
IMPS transfers can be made in two ways: through MMID (Mobile Money Identification Number) and through account number. MMID is a seven-digit number, the first four digits of which form the unique identification number of the bank. The remitter is required to provide the MMID and mobile number of the recipient to use this service.
The three banks have put in place different transaction limits for remitting money through IMPS, depending on the method used.
Besides IMPS, the top banks also provide money transfer services through NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) platforms.