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Don't Pay IMPS Service charges, when the NEFT/UPI transfers are free

#LittleSavings

LittleSavings - IMPS Charges
We often do transfers money through different modes either NEFT, IMPS or UPI. There was a drastic change in the time taken to transfer the money from one account to another account. But, there were some charges for transferring money. 

Let's see the charges for some of the banks for amount below 10,000. 

Service Charges for the NEFT, IMPS & UPI:

Charges   NEFT    IMPS  UPI
Amounts < 10,000     ₹ 0          ₹ 5          ₹ 0

Although UPI is the winner in the race as most people do UPI transactions, but there are times, we use the NEFT/IMPS while using I
nternet Banking
Since we cannot use the UPI from Internet Banking, we need to depend on the NEFT/IMPS transfers. So, what I found from my search.

Points to note:

  • There is a limit on the number of transaction for UPI (20 transactions per month).
  • NEFT Transactions are free for all the banks.
  • IMPS Transactions are quite chargeable.

I have collected the IMPS charges for the different banks. This will help you to save the money while doing transactions in Internet Banking. Although, one can opt NEFT for everytime to save some bucks, there are times need of immedicate money transfer.

NEFT, IMPS Service Charges for SBI & Citibank:

In the race of IMPS Service Charges, first let's see, who are providing the Zero IMPS charges.
  • SBI
  • Citibank
Yes, these two banks are providing the Free IMPS transactions (from the list of ICICI, BoB, HDFC, SBI, Citibank, SCB).

The follower in the second place goes to the Standard Chartered Bank.

NEFT, IMPS Service Charges for Standard Chartered Bank:

NEFT:  ₹ 0
IMPS: 
<1000 -  ₹ 0
1K-1L - ₹ 5
1L-2L -  ₹ 15

LittleSavings - Standard Chartered Bank IMPS Charges

NEFT, IMPS Service Charges for BoB:

NEFT:  ₹ 0
IMPS: 
1K-25K - ₹ 1.5
25K-2L-  ₹ 5.5

NEFT, IMPS Service Charges for ICICI:

NEFT:  ₹ 0
IMPS: 
0-1L   - ₹ 5
1L-2L - ₹ 15

NEFT, IMPS Service Charges for HDFC:

NEFT:  ₹ 0
IMPS: 
<1L     - ₹ 5
1L-2L - ₹ 15

Little Savings - HDFC IMPS Charges

So, In Short
Dear ICICI, HDFC customers, beware while doing IMPS transfers.

I do a minimum of 3-5 transfers within a month and I am paying 25 rupees for IMPS Charges.

Final Tip: 

  • Transfer your funds to the no IMPS charges account.
  • or Go for NEFT transaction, if possible.
   
Snippet of my bank transactions, where IMPS charges levied.

Little Savings - SCB IMPS Charges

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