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  • Category: Banking

    Charges for fund transfer through IMPS (Immediate Payment Service) of United Bank of India


    Have a query about IMPS transfers? Searching for understanding the fairness of the IMPS fund transfer charges? On this page, you can check out responses from experts for your query.

    Rs.6 each is charged for Re.1 and Rs 500 fund transfer to an SBI account through IMPS of United Bank of India.
    Are these charges fair or arguable?
    Why does United Bank of India charges Rs.6 for funds transfer to other banks below one thousand rupees?
    Does other bank charges in the same way?
  • Answers

    2 Answers found.
  • In union bank of India, the charges for money transfer varies based on the time you are doing. If it is done on a holiday or after office hours the charges will be different from the transfer during working hours. The fees also vary from bank to bank. All nationalised banks are almost having a similar pattern. The charges for transfer using NEFT in UBI is nil up to 2,00,000/- if you are carrying out this transfer during banking hours. So why to use IMPS when they are charging money for the transfer of even Rs.1/- also using IMPS. Through NEFT also the funds will be credited to the account of the beneficiary within an hour if you are doing within bank working hours. The charges for IMPS are as per the policy of the bank and nobody can dispute it. It is better to go by a way where there are no charges.

    drrao
    always confident

  • IMPS Stands for Immediate Payment Service, it is an instant inter bank electronic fund transfer service through ATM/ Internet Banking/ Mobile Phones/ Branch. To do transaction using IMPS, user need to know the benificiary account number and benificiery's bank IFSC code. Maximum of 2 lakhs can be transacted using IMPS daily. And funds will be transfered to the beneficiary account immediately. IMPS charges are applicable as per policies of bank and these charges differ from one bank to another,

    Regards,
    Ramya


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