IDFC First Bank IMPS Charges and How It Works
IDFC First Bank IMPS Charges and How It Works
IDFC First Bank charges zero fees for IMPS transfers made through the IDFC FIRST Bank app or net banking. IMPS is a real-time payment method available 24×7, including holidays, with no batch processing delays.
IMPS Charges
- Via app or net banking: Free (Zero Fee Banking account)
- Via branch: Rs 5 to Rs 15 per transaction depending on amount (RBI-prescribed slabs)
IMPS Transaction Limits
- Minimum: Rs 1
- Maximum: Rs 5 lakh per transaction (as per NPCI guidelines)
Some accounts may have different limits based on KYC status or account type.
How to Do an IMPS Transfer
- Open the IDFC FIRST Bank app and log in.
- Tap Transfer and select IMPS.
- Choose an existing beneficiary or add a new one with account number and IFSC code.
- Enter the amount and confirm with your MPIN or OTP.
The money reaches the recipient’s account within seconds.
IMPS vs NEFT vs RTGS
- IMPS: Real-time, 24×7, up to Rs 5 lakh per transaction.
- NEFT: Hourly batches, 24×7, no upper limit from RBI side.
- RTGS: Real-time, but only for amounts above Rs 2 lakh, available during bank working hours.
Key Takeaways
- IMPS via the IDFC FIRST Bank app is free for Zero Fee Banking customers.
- Transfers are instant and work 24×7 including bank holidays.
- Maximum limit is Rs 5 lakh per transaction per NPCI rules.
- Use IMPS for urgent transfers below Rs 5 lakh.
FAQ
Can IMPS be reversed if I sent money to a wrong account?
IMPS transfers cannot be automatically reversed. If you made a wrong transfer, contact IDFC First Bank customer care at 1800 10 888 immediately. The bank will coordinate with the beneficiary bank for recall, but it depends on the recipient’s cooperation.
Does IMPS work on Sundays and holidays?
Yes. IMPS runs on NPCI infrastructure and is available 24 hours a day, 365 days a year, including bank holidays.
What is the difference between IMPS using account number and MMID?
You can send IMPS using account number plus IFSC, or using the recipient’s mobile number plus MMID (Mobile Money Identifier). Both methods are instant. The account number method is more commonly used today.
