IMPS serves as an innovative payment service with real-time availability round the clock. The IMPS is facilitated and brought to the users by the National Payments Corporation of India (NPCI).
In a significant development, the State Bank of India has made a crucial announcement to revise its Immediate Payment Service (IMPS) transaction charges for retail customers. The revised IMPS will be applicable from August 15. Notably, the charges are different depending upon whether it is online or branch channel.ย
For online users, small-value IMPS transactions which remain under a threshold of Rs 25,000 will continue to be free. However, transactions of values that go higher than Rs 25,000, processed through online channels, will be chargeable. The charges, though nominal, will be applicable from August 15 this year. Salary package account holders will still receive complete fee waivers on online IMPS transactions.ย
IMPS Transaction Limit Is Cappedย
IMPS serves as an innovative payment service with real-time availability round the clock. The IMPS is facilitated and brought to the users by the National Payments Corporation of India (NPCI). The IMPS transaction limit is capped at Rs 5 lakh per transaction for all channels, excluding SMS and IVR services.
Moreover, SBI has not made any changes in the service charges processed through branch channels.
Branch transaction charges range from a minimum of Rs 2 + GST to a maximum of Rs 20 + GST.
Online IMPS transactions are no longer free; charges now apply based on the transaction amount:
- For amounts above Rs 25,000 and going up to Rs 1,00,000: Rs 2 + GST
- For amounts above Rs 1,00,000 and going up to Rs 2,00,000: Rs 6 + GST
- For amounts above Rs 2,00,000 and going up to Rs 5,00,000: Rs 10 + GSTย ย
Canara Bank IMPS Charges
The Canara Bank does not charge users for transactions below Rs 1,000. Charges range from Rs 3 to Rs 20 + GST for higher amounts, depending on the transaction slab.
Punjab National Bank IMPS Charges
The Punjab National Bankโs customers can process amounts up to โน1,000 without any charge. Charges vary from Rs 5 to Rs 12 + GST, with lower rates for online transactions compared to branch transactions.