The objective of the present investigation is to examine the possibility of performance improvement, improvement of the exit flow uniformity and desensitization of the tip clearance effects on the performance of a low speed centrifugal impeller. Computational investigations using a commercial CFD software are undertaken. Six configurations of blade tips are investigated. They are square tip (Basic), tip chamfered on pressure surface (P1 and P2), tip chamfered on suction surface (P1 and P2) and tip chamfered on pressure and suction surfaces (PS1). Computations are carried out with optimized multiblock grids for these six configurations at five flow coefficients, namely 0.28 and 0.34 (below design flow coefficient), 0.42 (design flow coefficient) and 0.48 and 0.52 (above design flow coefficient) and at three values of tip clearance, viz., 1% (small value), 2% (nominal value) and 5% (large value) of the blade exit height. From the investigations, it is found that the impeller with the chamfer on suction surface shows small improvement in performance. In addition this configuration has minimum tip clearance sensitivity. A decrease in the chamfer on suction surface further may improve the impeller performance. A maximum percentage of 0.18% improvement in the total pressure coefficient is obtained at 5% tip clearance and a flow coefficient of 0.52 for configuration S2. However chamfer on the pressure surface deteriorates the impeller performance.