Would you like to save on mobile banking transaction charges? Then, you need to know that only four banks out of 59 banks charge customers for using the interbank mobile payment system and even NPCI charges just 25 paise per IMPS transaction from the remitter bank

Moneylife Digital Team

State Bank of India (SBI), Axis Bank, ICICI Bank and UCO Bank are the only four banks among 59 banks offering mobile payment facilities that charge for the service. These banks charge customers anywhere between Rs5 to Rs25 each time they use the interbank mobile payment system or immediate payment service (IMPS) transaction. The other 54 banks offering IMPS facility do the interbank money transfer free of charge.  The banks are within their right to charge for the services, since the Reserve Bank of India (RBI) had left the decision on charges to the banks (Wake Up to Your Bank Charges). An email from an angry reader prompted us to investigate the matter for the benefit of readers. We find that the National Payments Corporation of India (NPCI), which introduced and manages IMPS transactions between banks, charges 25 paise per transaction from the remitter bank only.

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