What is the news:
Larger banks have increased the charge of IMPS fund transfer. In this article, you will know which bank has kept how many charges and when will it be implemented.

Some big banks in New Delhi have changed the charge of IMPS (immediate payment service) for retail customers. HDFC Bank implemented its new rates from August 1, while State Bank of India has announced to implement new rates from August 15. Some other banks are also making changes this month.

Banks have kept different fees for different transaction range. SBI has described three tax slabs and has also exempted some account holders. HDFC has also fixed separate flat charge for small and large amounts. Canara Bank and Punjab National Bank have also given online and branch fees according to the range.

This will affect the common customers who send money immediately through mobile banking. Some banks are keeping free on small amounts, but big transactions will be charged. Account holders will now have to look at the new rates of the bank before doing transactions, especially when they transfer funds.

Essential things in small sentences: IMPS is 24 × 7 service and the maximum limit is ₹ 5 lakh. HDFC: UPTO ₹ 1,000 = ₹ 2.50; ₹ 1,001 – ₹ 1 Lakh = ₹ 5; Above ₹ 1 lakh = ₹ 15 (outward only). SBI: ₹ 2 + GST for ₹ 25,000 – ₹ 1 lakh; ₹ 1–2 lakh = ₹ 6 + GST; ₹ 2–5 lakh = ₹ 10 + GST. Canara: UPTO ₹ 1,000 free; ₹ 1,000 – ₹ 10,000 ≈ ₹ 3 + GST; ₹ 2–5 lakh ≈ ₹ 20 + GST; Some high fees on the branch. PNB: UPTO ₹ 1,000 free; ₹ 1,001– ₹ 1 lakh = ₹ 6 + GST in the branch; Online ₹ 5 + GST; Above ₹ 1 lakh = ₹ 12 branch charge. Inward transactions in HDFC are free. Some IMPS is kept free for IMPeria/Preferred Accounts.

The new charges will be applicable to different dates: August 1 for HDFC, 15 August for SBI and other banks are visible rates applicable during August. These charge will usually be charged on outward IMPS transactions and some government/special package accounts will continue.