Federal Bank IMPS Charges, Limits and How It Works

Federal Bank IMPS Charges, Limits and How It Works

Federal Bank IMPS transfers are instant and available 24×7. The charges range from Rs. 2.5 to Rs. 15 per transaction depending on the amount, and the service works round the clock including on bank holidays.

Federal Bank IMPS Charges

• Up to Rs. 1,000: Rs. 2.5 + GST
• Rs. 1,001 to Rs. 1 lakh: Rs. 5 + GST
• Rs. 1 lakh to Rs. 2 lakh: Rs. 10 + GST
• Rs. 2 lakh to Rs. 5 lakh: Rs. 15 + GST

Charges may be updated by the bank from time to time. Verify the current fee schedule in the FedMobile app under Service Charges or visit federalbank.co.in.

IMPS Transfer Limits

• Minimum per transaction: Rs. 1
• Maximum per transaction: Rs. 5 lakh (as per NPCI guidelines)
• Daily limit: Varies by account; typically up to Rs. 5 lakh per day online

When to Use IMPS

IMPS is ideal when you need to send money immediately, any time of day or night, including weekends and holidays. It is the best option for amounts under Rs. 2 lakh when instant credit is needed. For amounts above Rs. 2 lakh requiring instant transfer, use RTGS.

How to Transfer via IMPS on FedMobile

1. Open the FedMobile app and log in.
2. Go to Fund Transfer and tap IMPS.
3. Choose to transfer by account number and IFSC, or by mobile number and MMID.
4. Enter the transfer amount and optional remarks.
5. Confirm with your MPIN or OTP.
6. You will receive an instant confirmation and transaction reference number.

FAQ

Is IMPS available on bank holidays and Sundays?

Yes, IMPS is available 24 hours a day, 365 days a year, including all bank holidays, Sundays, and public holidays. This is one of its key advantages over NEFT and RTGS batch processing.

What is MMID and when do I need it for IMPS?

MMID is a 7-digit Mobile Money Identifier linked to your bank account and mobile number. It is used for IMPS transfers using mobile numbers instead of account numbers. You can get your Federal Bank MMID from the FedMobile app or by calling 1800-425-1199.

Can an IMPS transfer be reversed if sent to the wrong account?

IMPS transactions cannot be automatically reversed since they settle instantly. If you send money to the wrong account, contact Federal Bank immediately at 1800-425-1199 and raise a dispute. The bank will coordinate with the recipient’s bank to attempt a reversal.

Key Takeaways

• Federal Bank IMPS is instant and available 24×7 including holidays.
• Charges range from Rs. 2.5 to Rs. 15 plus GST per transaction.
• Maximum IMPS transfer limit is Rs. 5 lakh per transaction.
• Use IMPS for urgent transfers; NEFT for non-urgent; RTGS for amounts above Rs. 2 lakh.
• IMPS transfers cannot be reversed; double-check account details before confirming.