Now transfer funds via mobile phone for 10p per transaction
By siliconindia   |   Tuesday, 22 March 2011, 13:07 IST
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New Delhi: Transferring funds through the recently launched Interbank Mobile Payment Service (IMPS) will cost the customer 10 paise per transaction with effect from April 01, 2011. The idea was brought out by The National Payments Corporation of India (NPCI) who had originally planned for charges to be 25p for each transaction. To attract and encourage more customers towards mobile phone based transactions, they later decided to slash the fee to 10 paise per transaction. According to the official declarations, 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. There are many other banks that are in the process of incorporating this service including 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.

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