IMPS (Immediate Payment Service) is a real-time interbank electronic fund transfer system in India. It allows users to transfer money instantly 24/7, including on holidays. If you're wondering what is IMPS or what is IMPS transfer, it's a service that enables quick and secure transactions.
Transfers can be done via mobile phones, ATMs, and online banking platforms. It is managed by the National Payments Corporation of India (NPCI) and is widely used for fast, secure, and small-value fund transfers.
Immediate Payment Service (IMPS) is used for transferring funds from one bank account to another bank account instantly using mobile or online banking. It is available 24x7 and is a highly flexible payment service.
What are the features of IMPS?
Below are the key features of IMPS:
Easy to use: Compared to other electronic funds transfer methods, IMPS is easy to use for quick and simple transactions. Using the mobile application, you can avail of IMPS services from anywhere.
Usage: You can use IMPS for various modes of payment, such as internet shopping, utility bill payments, insurance premiums, transport, etc. Moreover, it can be used for P2M (Person to Merchant) payment.
Flexible: IMPS can be used for transferring funds from any location and at any time. You can use IMPS 24/7, even on bank holidays and public holidays.
Fast payment: With IMPS, you can quickly transfer funds via your mobile phone. Once the sender sends money through IMPS, the receiver receives the money instantly.
How to Transfer Money through IMPS?
You can use either mobile banking (m-banking) or internet banking for IMPS. If you're asking what is IMPS, it stands for Immediate Payment Service, which enables instant money transfers across banks.
To make an IMPS transfer, you must download the mobile application and follow the below-mentioned steps. Understanding what is IMPS transfer helps in making quick and secure transactions any time, even on holidays.
Step 1: Log in to the mobile app using your user ID and password.
Step 2: Tap on “Transfer” and select the other ‘Add beneficiary’.
Step 3: Select ‘IMPS’
For P2P transfer (phone to phone), provide your MMID & mobile number details.
For P2A transfer (phone to account), provide your bank account number & IFSC code.
Step 4: Enter the name, registered mobile number, beneficiary MMID, and the amount to be transferred.
For P2A transfers, provide the account number and IFSC code.
Step 5: Click on ‘Accept & Conditions’ and confirm.
What are IMPS Charges?
IMPS charges vary based on the transaction amount, typically ranging from Rs. 2.50 to Rs. 25 for transfers between Rs. 10,000 and Rs. 5 lakhs. If you're wondering what is IMPS, it is a real-time payment system that allows instant money transfers across banks in India.
Knowing what is IMPS transfer helps users understand the cost and convenience of using this service. Below is the list of IMPS charges for several banks in India.
List of Banks
IMPS Charges
AU Small Finance Bank
Rs. 10
Axis Bank
Rs. 2.50 – Rs. 10.00
Bank of Baroda
Rs. 2.50 – Rs. 25.00
Canara Bank
Rs. 5.00 – Rs. 18.00
HDFC Bank
Rs. 3.50 – Rs. 15.00
ICICI Bank
Rs. 3.50 – Rs. 15.00
Kotak Mahindra Bank
No charges
Punjab National Bank
Rs. 6.00 – Rs. 12.00
State Bank of India
No charges
What are the Transaction Limits for IMPS?
The Reserve Bank of India imposed a daily transaction limit on IMPS transactions. Currently, the maximum IMPS limit for daily transactions is Rs. 5 lakhs. However, it might vary from bank to bank. The minimum amount that can be transferred using IMPS is Rs. 1. Understanding what is IMPS transfer helps users stay informed about these transaction limits and make secure, real-time fund transfers.
What are the timings for IMPS Services?
Usually, IMPS services are available 24x7 for transactions, but a few banks may have restricted IMPS timings from 8 a.m. to 8 p.m. due to fraudulent activities and theft.
It is a reliable and fast mode of transferring money online.
It works on both internet banking and mobile platforms.
It requires the receiver’s mobile number and MMID.
IMPS transactions can be performed without bank account numbers.
It can be used for mobile banking transactions, receiving payments, online shopping, paying insurance bills, etc.
What are the things considered before using IMPS Services?
While making an IMPS transaction, you must consider the things mentioned below:
Both parties must have MMID.
If IMPS is done through net banking, you will require details such as bank account number, IFSC code, mobile number of the receiver, name of the receiver, and MMID.
Must have internet connection.
What is the limit of IMPS per day?
The Reserve Bank of India imposed a daily transaction limit on IMPS transactions. Currently, the maximum IMPS limit for daily transactions is Rs. 5 lakhs. However, it might vary from bank to bank. The mimimum amount that can be transferred using IMPS is Rs. 1.
What is IMPS?
IMPS (Immediate Payment Service) is a real-time payment system in India that enables instant money transfers between banks.It is available 24/7, including on weekends and bank holidays. The service is regulated by the National Payments Corporation of India (NPCI).
What is IMPS transfer?
An IMPS transfer refers to sending money instantly using IMPS through mobile banking, internet banking, or ATMs. It supports quick fund transfers with or without a bank account number using MMID or UPI. IMPS transfers are secure, fast, and ideal for small to medium-sized payments.
