IMPS Transaction Charges - Why It Should be Removed?

IMPS or Immediate Payment Service is a revolutionary idea and is one of the electronic funds transfer systems of India. Started in Nov.-2010. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. It is important to know the charges being levied for the transaction and we feel that this so called transaction charges should be done away with as it is a means to control the black money in India.

Effective 15th May 2015, below Service charges will be levied on all IMPS Outgoing transactions.


Slabs (Rs)          Existing Charges (Excluding Taxes)     Revised Charges (Excluding Taxes)
Upto Rs, 10,000           3.5                                                         5
10,001 Upto 100,000   5                                                         5
100,001 Upto 200,000  15                                                        15