Fund transfer through the recently launched Interbank Mobile Payment Service (IMPS) will cost the customer 10 paise per transaction with effect from April 01, 2011.
The National Payments Corporation of India (NPCI) has come up with this idea. It had originally planned for charges to be 25p for each transaction. The dip in fee has however been made so as to lure more customers towards mobile phone based transactions.
It has also been declared that the charge will be applicable to the remitting bank and banks have been given the discretion to set their own charges for transactions.
Presently banks having the service include Axis Bank, Bank of India, HDFC Bank, ICICI Bank, State Bank of India, YES Bank, Union Bank of India, Lakshmi Vilas Bank, Kotak Mahindra Bank, Federal Bank, Corporation Bank, Oriental Bank of Commerce, Indian Bank and DCB.
Also banks in the process to incorporate this service are IDBI Bank, Syndicate Bank, Citibank, Karur Vysya Bank, Andhra Bank, Punjab National Bank, Indian Overseas Bank, Canara Bank, IndusInd Bank, South Indian Bank, State Bank of Travancore and State Bank of Hyderabad.