Immediate Payment Service- The revolution of online payment system.

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.

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.