The fundraising page raised hundreds of thousands within days of being set up
The Metropolitan Police Federation, which had set up the JustGiving page said it felt a “suitable amount” has been raised in memory of the victim, who was killed during the London terror attack last week.
The page, which was opened at 9.13am on Thursday, received a total of £736,328 in donations before closing at midday on Monday.
The federation's chairman Ken Marsh said: "When we initially started it up, we had a goal which was £250,000. It surpassed that and that was absolutely incredible.
"By law, it's in his name and every penny goes to him – exactly as it should.
"But we also have other colleagues who are seriously injured and will require a lot of help as well."
He added: "The bottom line is – we wanted to channel the money differently now that we've got enough for Pc Palmer."
Mr Marsh said the family of PC Palmer were "overwhelmed" by the public's generosity and hailed the "family" of police who had united nationwide following the Westminster attack.
He said: "It's amazing, and that's what we do as cops – we come together and we support each other.
"Just because it happened in London doesn't mean that the other 42 forces don't feel it the same as us – because this could happen anywhere."
The fund smashed initial targets within hours
By law, it's in his name and every penny goes to him – exactly as it should
Ken Marsh, Federation Chairman
Stephen Redgewell, Metropolitan Police Federation treasurer, wrote on the JustGiving page: "Thank you everyone for your kind words and donations.
"The appeal has raised far more than anyone could have ever imagined.
"We have decided that it is time to close the Just Giving appeal for Keith, but any donations can still be made via the HSBC account or by post."
The page saw donations flood in within hours of being established, prompting an increasing number of calls for the platform to waive its five per cent fee.
JustGiving is set to pocket a staggering £35,000 on the fundraiser, pocketing 5p on every pound donated.
The site had donated £10,000 to the fund when it was launched, but will still make a hefty £25,000 profit from the cause.
A spokesman for the Metropolitan Police Federation said that the organisation was "not happy" about the cash going to JustGiving instead of PC Palmer's family.
The federation added that they would be writing to JustGiving at the end of the campaign to ask for a further contribution.
He said: "The unfortunate thing is that they are a business and there is no other way of doing it other than asking people to go to bank and pay the money in over the counter."