If you frequently transfer money through internet or mobile banking, this update is important for you. Several leading Indian banks have decided to introduce charges on IMPS (Immediate Payment Service) transactions, which until now were free in most cases. Starting August 2025, customers will have to pay nominal fees based on the amount they transfer.

This shift marks a big change for millions of digital banking users, especially since IMPS has become one of the most widely used methods for instant fund transfers.

What is IMPS?

IMPS, or Immediate Payment Service, is a real-time fund transfer system managed by the National Payments Corporation of India (NPCI). It allows users to send money instantly, 24x7, through internet or mobile banking.

• Maximum transfer limit: ₹5 lakh per transaction.

• Availability: 24x7, even on holidays.

• Exclusion: SMS and IVR-based services are not part of IMPS.

For years, most banks offered IMPS at zero cost, but from August 2025, charges will now vary depending on the bank and transfer amount.

SBI’s New IMPS Charges (Effective 15 August 2025)

The State Bank of India (SBI), the country’s largest lender, has introduced fees for IMPS transfers that were earlier free:

• ₹25,000 – ₹1,00,000: ₹2 + GST

• ₹1,00,001 – ₹2,00,000: ₹6 + GST

• ₹2,00,001 – ₹5,00,000: ₹10 + GST

Canara Bank’s New IMPS Charges

Canara Bank has announced a detailed slab-based structure:

• Up to ₹1,000: No charge

• ₹1,001 – ₹10,000: ₹3 + GST

• ₹10,001 – ₹25,000: ₹5 + GST

• ₹25,001 – ₹1,00,000: ₹8 + GST

• ₹1,00,001 – ₹2,00,000: ₹15 + GST

• ₹2,00,001 – ₹5,00,000: ₹20 + GST

Punjab National Bank (PNB) IMPS Charges

PNB has introduced separate charges for branch-based and online transactions:

• Up to ₹1,000: No charge

• ₹1,001 – ₹1,00,000:

  • Branch: ₹6 + GST

  • Online: ₹5 + GST

• Above ₹1,00,000:

  • Branch: ₹12 + GST

  • Online: ₹10 + GST

HDFC Bank’s New IMPS Charges (Effective 1 August 2025)

HDFC Bank has implemented different charges for regular customers and senior citizens:

• Up to ₹1,000:

  • Regular: ₹2.50

  • Senior Citizens: ₹2.25

• ₹1,001 – ₹1,00,000:

  • Regular: ₹5

  • Senior Citizens: ₹4.50

• Above ₹1,00,000:

  • Regular: ₹15

  • Senior Citizens: ₹13.50

Special Note: HDFC Gold and Platinum account holders will not be charged for IMPS transactions.

What It Means for Customers

The new charges may appear small, but for frequent users, the cost could add up significantly over time. For example:

• Transferring ₹2 lakh through SBI will now cost ₹6 + GST, whereas earlier it was free.

• A senior citizen using HDFC Bank for frequent transfers above ₹1 lakh will pay ₹13.50 per transaction.

• PNB customers opting for branch transfers will pay slightly higher fees compared to online transactions.

Final Takeaway

With IMPS charges coming into effect from August 2025, customers need to carefully check their bank’s updated fee structure before initiating transfers. While the charges are relatively nominal, choosing the right platform (branch vs online) and account type can make a noticeable difference.

Digital banking remains a convenient and fast option for fund transfers, but with this change, users must plan transactions strategically to avoid unnecessary costs.

Bottom Line: What was once a free service now comes with a price tag. Checking your bank’s revised IMPS charges before making transfers can help you save money in the long run