IMPS is a revolutionary new way for interbank payments and fund transfers. With IMPS, you can transfer money, anytime, anywhere, using your phone or computer.
IMPS is the trending payment solution in the market. This payment solution was just rolled out a few years back, but its popularity is gaining quite explosively.
In fact, it has won millions of hearts who do a tremendous amount of fund transfers daily.
The full form of IMPS is Immediate Payment Service. As the name suggests, it’s the instant payment service provided by NPCI.
And quite literally, its meaning is what it suggests. Instant payment between any bank account.
Immediate Payment Service (IMPS) is a real-time electronic fund transfer and payment solution. It enables the transfer of funds immediately to the payee/beneficiary account. IMPS transfers can be done at any time 24/7 throughout the year, including Sundays and holidays.
Using IMPS, interbank transfers can be done through multiple channels and platforms. IMPS users can originate transactions on mobile banking, internet banking, SMS, ATMs, etc. Unlike other interbank fund transfer methods such as NEFT and RTGS, IMPS is quite flexible in its uses.
The advantage of IMPS over NEFT and RTGS is that the service is available round the clock. The accessibility of the service is better too.
Send Money to Anyone in Seconds.
Imps is a simple, fast and convenient way to send money to anyone in seconds. All you need to do is register with your bank, choose the recipient, enter the amount you wish to transfer and then select how you would like to receive the funds. Imps will then process the transaction within minutes.
Save Time by Paying from Anywhere.
With IMPS, you can pay from anywhere at any time. Whether you’re at home, at work, or travelling, you can still manage your finances with ease. It’s available 24/7 throughout the year.
Protect Yourself From Fraudsters.
You should never give out personal details such as bank account numbers, credit card numbers, social security numbers, passwords, PIN numbers, etc. when making payments online. If you do so, you put yourself at risk of identity theft.
IMPS makes your bank account safe and secure as the transaction originated from it is encrypted end to end.
The IMPS service is managed by the National Payments Corporation of India and comes under the purview of the Reserve Bank of India (RBI).
How To Register IMPS Service.
- If you are an Internet Banking user, then the IMPS service is already active with your account. Access Net Banking and go to the fund transfer menu. You may find IMPS service along with the RTGS/NEFT services.
- MMID- Mobile Money Identifier, a 9-digit code that can be generated with a Mobile Banking service or a bank’s Internet Banking. Go to the fund transfer section and create your MMID which will enable you to transact IMPS with the beneficiary mobile number with MMID.
- If you are not having an Internet Banking service, let your bank activate it for you. Or if you have an active ATM card, you can register for internet banking service on your own. After that, you may start using the IMPS service.
|Features Of IMPS|
|The maximum transaction limit per day is ₹5 lakh for account number-based transactions. Beyond that funds will not get transferred. A higher amount needs to be transacted through NEFT or RTGS.|
|Another way of doing IMPS transactions is with a 7-code MMID (Mobile Money Identifier). With it, you may transact a maximum of ₹5000 per day.|
|Fund transfer is instant. The beneficiary gets the fund into his account simultaneously.|
|The service is available 24/7 throughout the year.|
|Service can be used even on public holidays including Sundays.|
|The transaction is encrypted end to end and it is safe & secure to use.|
|The service can be used in multiple channels: Mobile and internet banking, and ATMs.|
|Through mobile banking, funds can be transferred with the beneficiary’s phone number and MMID|
|You can also do transactions using the beneficiary’s account number and bank IFSC code|
|There are no charges levied to any parties to avail of this service|
IMPS Charges And Fees.
Banks charge differently for IMPS transactions. The charges for inward remittances are free and charges are only applicable for outward remittances. When you send money, you will get charged. For receiving funds, the bank does not charge anything.
We have compiled a few of the most popular bank IMPS charges. You can refer to respective bank websites too. Roughly here are the charges which you can refer to.
|IMPS charges for up to ₹10,000 Bank IMPS Transactions Charges||IMPS charges from ₹10,000 to ₹1 lakh Bank IMPS Transactions Charges||IMPS charges above ₹1 lakh to ₹2 lakh Bank IMPS Transactions Charges||IMPS charges above ₹2 lakh to ₹5lakh Bank IMPS Transactions Charges|
|ICICI Bank ₹5+ GST||ICICI Bank ₹5+ GST||ICICI Bank ₹15+ GST||ICICI Bank is Not applicable|
|Citi Bank Nil||Citi Bank Nil||Citi Bank Nil||Citi Bank Nil|
|SBI ₹1 + GST||SBI ₹2 + GST||SBI ₹3 + GST||SBI ₹3 + GST|
|Yes Bank ₹5||Yes Bank ₹5||Yes Bank ₹5||Yes Bank ₹5|
|HDFC Bank ₹5||HDFC Bank ₹5||HDFC Bank ₹10||HDFC Bank ₹10|