Do you want to know what charges the Indian bank deducts when using IMPS services? Or, Are you facing any errors while making transactions from the IMPS, like payment failed?
In this article, you will learn about the benefits of Indian IMPS charges. But, before knowing the benefits, you must know what the charges for using Indian IMPS are. And why are these charges taken?
What Are Indian IMPS Charges?
The IMPS charges are the fee amount of using the instant money transfer facility by the process of IMPS. The term IMPS stands for the Immediate Payment Service.
- People enjoy the service of IMPS for sending and receiving real-time funds and pay some charges for using this convenience.
- The facility of IMPS is provided by the national payment corporation of India (NPCI).
- IMPS is one of the most convenient ways to transfer an amount which is very popular among people these days. The reason behind its popularity is; the service can be enjoyed 24×7 and for 365 days.
- There is no leave or gazetted holidays unlike banks; people can enjoy anytime and from anywhere.
The flexible features of 24×7 availability make it unique as no one wants to visit the bank for small transactions.
Also Read: Difference Between IMPS and NEFT
Indian Bank IMPS Charges
In India, the IMPS charges may differ for the different banks. In the case of Indian Bank, it is nil up to the transfer of twenty-five thousand rupees through IMPS. However, there is a charge of Rs 6 plus GST on the above payment of above twenty-five thousand and up to two lac rupees.
| Amount | Charges |
| Up to 25,000 | Zero |
| From 25,000 to 200,000 | Rs.6 plus Gst |
Indian Bank IMPS Limit
If you are a customer of Indian Bank, you can easily transfer funds up to fifty thousand rupees (Rs. 50,000) per day using the service of IMPS fund transfer.
Indian Bank IMPS Timing
There is no time limit boundation on fund transfer through IMPS. You can transfer the funds 27×7 through IMPS even if the bank is closed.
Indian Bank IMPS Benifits
Following are the benefits of the IMPS:
- You can transfer the amount using the Aadhar number, MMID, and mobile number.
- IMPS sends immediate confirmation through SMS of every Credited and Debited amount from your account.
- The money gets deposited immediately in the process of IMPS. As it is known for instant payment transfer.
- For transferring funds, the IMPS method of IMPS is very convenient, safe, and cost-effective too.
- The process of IMPS has no limit to minimum transactions.
- The IMPS service is available 24×7 hours a day and whether it is working or a gazetted holiday.
- The customer IMPS can do transactions in the same bank or in a different bank too.
- Anyone can use IMPS service on internet banking, mobile phone, or even through an ATM.
- While using the service of IMPS, you don’t require the account number or IFSC code.
Indian Bank IMPS Transaction Failed
Suppose the IMPS transaction failed. There may be several reasons for this which are mentioned below.
- The slowdown of your bank UPI server
- Network issue in your smartphone
- There might be an insufficient balance in your account.
- Other technical issues.
What To Do If Money Is Deducted From Bank?
If the fund is deducted from your account but displays the message of the transaction failed. It may take half an hour and twenty-four hours to reach the beneficiary account. In case, it may also be credited back to your account. So, be sure within 24 hours, confirm both accounts.
But, if the amount is not credited to any of your accounts, neither beneficiary nor you. Then you can consult customer care or the respective branch of your bank to report the issue.
To Sum Up
IMPS is the most convenient facility to transfer money from one account to another, which every account holder may use. Because you can transfer funds even without knowing the beneficiary account number and IFSC code. You can transfer money by using a mobile number, Aadhaar number, and MMID.
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