What is IMPS in money transfer?
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones.
It is also being extended through other channels such as ATM, Internet Banking, etc..
Is IMPS transfer free?
NEW DELHI: In order to encourage digital transactions, the Finance Ministry today asked PSU banks to restrict fees on payments through IMPS and UPI to the extent that is applicable for NEFT fund transfer of over Rs 1,000. … IMPS is an interbank electronic instant mobile money transfer service through mobile phones.
Is IMPS transfer safe?
When it’s time to exchange gifts, NEFT and IMPS become a highly-secure medium for transfer of funds. The funds can easily be transferred from your mobile phone and internet banking.
Can I transfer 4 lakh through IMPS?
Transfers up to Rs 2 lakhs to Other Bank Accounts are done through IMPS (Immediate Payment Service) which is real-time and available 24×7 including Sundays and bank holidays. Transfers greater than Rs 2 lakhs and up to Rs 10 lakhs to Other Bank Accounts are done through NEFT (National Electronic Funds Transfer).
What is the charge for IMPS transfer in HDFC?
HDFC Bank charges a flat charge of Rs 5 + GST for IMPS transaction between Re 1 to Rs 1 lakh. Above that, from Rs 1 lakh to Rs 2 lakh, the bank charges Rs 15 + GST, as mentioned on the HDFC Bank’s website.
Which is free IMPS or NEFT?
IMPS charges usually start from a minimum of Rupees 5 per transaction and can go up to Rupees 15 per transaction. However, the RBI has removed the service charges applied on online NEFT transactions initiated via the internet and/or mobile banking.