What is IBP charges of banks?

Answer 1

IBP charges, or Interbank Payment charges, refer to fees that banks impose for processing interbank transactions, such as fund transfers between different banks. These charges can vary based on the transaction type, amount, and the banks involved. They are typically applied to ensure that banks can cover the costs associated with the transaction processing and settlement. Customers may see these charges reflected in their account statements, depending on their bank's fee structure.