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IMPS Charges HDFC

Home Banking in India IMPS Charges HDFC

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Updated: 06-12-2023 13:14:10 PM

The present era is characterised by a significant level of digitisation and speedy transmission of literally everything around us. There was a time when matters related to the government organisations and various processes, were deemed to consume a lot of time and effort of an individual, owing to red-tapism and bureaucracy. This is why individuals used to avoid many transactions. However, with the advancement of time, new technology and reforms have seeped into the system, making it easier than ever before for individuals to conduct transactions, make payments and receive funds. It is only a matter of time before the entire economy would fall under the correct purview of digitisation and reap the gains of instant transactions for people all over India. Although digitisation has manifested itself in a large way in most urban areas, the rural areas of India are yet to benefit largely from the pros of digitisation. Nevertheless, ardent efforts are being made and decent technology is being introduced to make this dream come true and offer the rural population a way to ease their lives a bit.

In the wake of digitisation, one of the most popular payment methods that took an upswing for conducting even the tiniest financial transactions is NEFT and IMPS. These terms, which were almost unknown and unclear to most people until some time back, are now being brought into use on a daily basis and being converged with regular terms among people.

What is IMPS?
How can one make a transfer of funds through IMPS?
Are any charges applicable on IMPS transactions?
Are the IMPS charges at HDFC reasonable?
What is IMPS?

IMPs expands to Immediate Payment service. Like NEFT, even IMPS carries a significant number of attractive transaction features, which makes it a desirable service for the common people. However, the one feature that sets aside IMPs from any other mode of transactions is it’s near 24*7 availability. As you might be already aware, the services of NEFT and RTGS can be used at any time of the day but the actual transfer of funds through these services takes place only in fixed and scheduled time slots. However, as is the case with IMPS, one can make a transfer of money at any time of the day and expect the funds to be transferred instantly. The transfer of funds from one account to another is instantaneous, which is why it is called an instant payment service. Such instant transfer can happen even during night time, on a Sunday, and even on the day of a bank holiday. Therefore, for someone who needs to transfer money on an urgent basis for any purpose, the choice of IMPS is the best.

How can one make a transfer of funds through IMPS?

Like most other services that exist in the present day, a transfer of funds through IMPS can be made through a desktop or a smartphone, with the facility of internet-enabled on it. Also, unlike NEFT, one need not add another person as a payee in their account to make the transfer. Transfers through IMPs can be made directly by sharing bank account numbers and IFSC Code. This can also be done by sharing a contact number and a unique MMID number with the other person. In order to obtain an MMID, one can log in to their internet bank account, or net banking, and even through a direct call with an agent of the bank.

Are any charges applicable on IMPS transactions?

Like any other mode of transaction, certain IMPS charges at HDFC bank are also applicable. Following is the slab rate of such charges:

  • For any transaction falling between Rs. 0 – Rs.1000, an IMPS charge of Rs. 3.5 is applicable (Including GST)
  • For a transaction falling between Rs. 1001 – Rs.100000, an IMPS charge of Rs. 5 is applicable  (Including GST)
  • For a transaction  >Rs. 100000, an IMPS charge of Rs. 15 is applicable  (Including GST)

Note: Applicable Charges w.e.f 1st October 2020

Are there any conditions attached with IMPs transactions?

While the service of IMPS is quite reliable and efficient, HDFC bank strictly states several guidelines and rules regarding its responsibility, when it comes to an IMPS transaction. Take a look at some of these guidelines:

  1. The customer is responsible to make sure that all details regarding the customer and payment are complete and correct at the time of making the payment. The bank shall not be held responsible for any discrepancy that the customer might come across at any later hour.
  2. Although IMPS service takes place in real-time and instant basis, it is possible that due to some technical issues, the transfer might not take place. In this case, all disputes regarding the same shall be settled within a period of 5 days.
  3. IMPS charges at HDFC are liable to change from time to time, without any prior announcement or notification to any party whatsoever. Such changes shall be intimated to the concerned parties and the public in general, at the time of when such changes are due to take place.
  4. If any person desires to make use of IMPS service, he shall do so using net banking service on his laptop or computer, or through his mobile banking application on a mobile device.
  5. IMPS service can be used to make a transfer only in Indian currency, which is the Indian national rupee. No transaction in any other denomination shall be made.
  6. All IMPs transactions can be made within the territorial boundary of the Indian country only.
  7. IMPS fund transfer can be affected only between participating banks that allow IMPS transactions. If either party’s bank does not allow IMPs service, such fund transfer cannot be completed.
  8. HDFC Bank will not be held liable for any delay in transfer of funds or transaction failure.
Are the IMPS charges at HDFC reasonable?

Needless to say, any service which is rendered by a bank, shall be liable to one or more charges, along with relevant taxes on those charges. Therefore, to consider whether any type of service charges are reasonable to not, the best way is to compare the charges with those of other banks. Therefore, as compared to major other banks, both in the private and public sector, IMPS charges of HDFC bank are quite reasonable and low. IMPS service can be accessed using a net banking service on a desktop or a handheld device. The best part about an IMPS service is that it offers instant transfer of funds at any time of the day. This service comes in very handy for people who need to make immediate payments to another party. This is also very useful for corporates who need to conduct business transactions on an instant basis. Overall, IMPS is a very useful and helpful service that can be brought to use to make a payment instantly. IMPS charges of HDFC bank are quite low and reasonable and there is no reason why they do not justify making a payment. So, should you be making use of IMPs service? Yes, if you are in need to transfer funds instantly, whether to another party, friend, or someone in need and if paying digital money is an option, then IMPS can really help you out.

Also Read: HDFC Home Loan

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