Money & Banking

HDFC Bank hikes e-funds transfer charges

Our Bureau Mumbai | Updated on January 23, 2018 Published on May 17, 2015

HDFC Bank customers will now have to pay almost 43 per cent more for sending up to ₹10,000 using the instant real time inter-bank electronic fund transfer service — Immediate Payment Service (IMPS).

India’s second largest private sector bank has upped the service charge for sending up to ₹10,000 from ₹3.50 to ₹5 with effect from May 15.

Unchanged brackets

This charge is excluding taxes. The bank has, however, left the service charges for the remaining two slabs – ₹10,001 to ₹1 lakh (service charge: ₹5) and ₹1,00,001 to ₹2 lakh (₹15) – unchanged.

The IMPS was rolled out by the National Payments Corporation of India in collaboration with member banks in 2010.

It allows customers to make instant, 24x7, interbank payments to individuals, or merchants/enterprises via mobile phone and other channels (Internet or ATM).

They can also receive money through this mechanism from anyone else in a participating bank.

Usually, the transaction volumes in the up to ₹10,000 slab are very high.

Hence, HDFC Bank will be able to earn more by way of service charges, said a senior banker.

ICICI Bank, India’s largest private sector bank, had raised the IMPS charges for sending up to ₹10,000 from ₹2.50 to ₹5 with effect from February 10.

Published on May 17, 2015
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