IMPS - Immediate Payment Service

IMPS or Immediate Payment Service is a real-time payment or fund transfer service that helps a remitter pay or transfer funds from his bank account to the beneficiary’s bank account. It epitomises the anytime, anywhere fund transfer mechanism. IMPS transfer is considered a safe, hassle-free, and cost-effective way to transfer funds electronically. 

What is IMPS?

IMPS meaning can simply be summed up as a real-time payment service that is available 24X7. It is a form of EFT (Electronic Fund Transfer) that helps the remitter transfer funds to the beneficiary account on a real-time basis. 

IMPS transfer service is offered by the National Payments Corporation of India (NPCI). The fund transfer mechanism helps customers to transfer money through banks and RBI authorised Prepaid Payment Instrument Issuers (PPI) across India instantly. The sender and the receiver can thus be assured of financial transactions in a safe and regulated framework.

 The facility works through mobile phones and is also being extended through other channels like ATMs and internet banking. Both sender and receiver are intimated about the successful transaction instantly. It is important to note that the funds are transferred from the available account balance. Therefore, the remitter should have a sufficient account balance to initiate an IMPS fund transfer request.

IMPS fund transfer can be classified into two types

1. Using Mobile number & MMID (IMPS P2P) 

For IMPS P2P, the details required are the MMID (Mobile Money Identification Number) of the beneficiary. It is a seven-digit number. The first 4-digits of the MMID are the unique identification number of the bank offering IMPS, the Mobile number of the beneficiary, and the Name of the beneficiary.

It is important to check the above-mentioned details before making a remittance. If the beneficiary details required for making an IMPS P2P remittance are wrong, the transaction will most likely be rejected. The money, if debited, from the account will reflect in the account within a few hours.

2. Using Account number & IFSC Code ( IMPS P2A)

For IMPS P2A, the details required are beneficiary name, account number, branch name, and IFSC code.

Unlike IMPS P2P remittance, IMPS P2A remittance is based on account number only. If you enter a wrong account number, the money will be credited to someone else’s account. 

In either case, if the IMPS fund transfer transaction is not completed, the reversal of the funds happens instantly. In case the transaction becomes a subject matter of reconciliation and the fate of the transaction cannot be determined immediately, the reversal happens within seven working days.

Additional Info: Also, check Unified Payment Interface (UPI) the most preferred mode of digital payment.

Top Banks Offering IMPS Money Transfer Facility 

BankLimitChargesTimings
SBI

On the day of registration of beneficiary – Up to Rs. 1 lakh

During the cooling period (Day 2 – Day 4) – Up to Rs. 1 lakh

Day 6 onwards – Daily limit of Rs. 2 lakh to one or more beneficiaries

No chargesIMPS is available 24X7 with no restriction on bank timing or bank holidays.
HDFC

Maximum Rs. 5 Lakh per transfer

IMPS using Account number

Maximum limit per transaction - Rs 5 lakhs. The maximum amount in a day is as per the customer TPT limits


 

IMPS using MMID

NetBanking and MobileBanking: Maximum of Rs. Rs 5000 per day per Customer ID on either of the two channels


 

IMPS using USSD

For the USSD channels, the maximum limit is Rs 1000 each for IMPS Fund transfer using Account Number and IMPS fund transfer using MMID.

 

Transaction AmountCharge
Rs. 0 – Rs. 1,000Rs. 3.50 + GST
Rs. 1001 – Rs. 1 LakhRs. 5 + GST
Above Rs. 5 LakhRs. 15 + GST

IMPS is available 24X7 with no restriction on bank timing or bank holidays.




 

ICICI Bank

IMPS P2A -

Account Number + IFSC Code Maximum of Rs. 5 Lakh

 

IMPS P2P-

Mobile Number + MMID maximum of Rs. 10,000

 

 

Transaction AmountCharge
Up to Rs. 1 LakhRs. 5 + GST
Rs. 1 Lakh to Rs. 5 LakhRs. 15 + GST
IMPS is available 24X7 with no restriction on bank timing or bank holidays.
Axis BankUp to Rs. 50,000 per day through the mobile app or internet banking

 

Transaction AmountCharge
Up to Rs. 1,000Rs. 2.50 + GST
Rs. 1,000 to Rs. 1 LakhRs. 5 + GST
Rs. 1 Lakh to Rs. 5 LakhRs. 10 + GST
IMPS is available 24X7 with no restriction on bank timing or bank holidays.
Bank Of BarodaMaximum up to Rs. 2 lakh

 

Transaction AmountCharge
Up to Rs. 1 LakhRs. 5 + GST
Rs. 1 Lakh to Rs. 2 LakhRs. 15 + GST
IMPS is available 24X7 with no restriction on bank timing or bank holidays.
Kotak BankMaximum up to Rs. 5 lakh per dayNo chargesIMPS is available 24X7 with no restriction on bank timing or bank holidays.
RBL BankMaximum up to Rs. 3 lakh per dayNo chargesIMPS is available 24X7 with no restriction on bank timing or bank holidays.
PNBMaximum up to Rs. 5 lakh per day per transaction

 

Transaction AmountCharge
Bank BranchInternet Banking/ Mobile Banking
Up to Rs. 1,000Rs. 5 + GSTNIL
Between Rs. 1,000 to Rs. 10,000
Rs. 10,000 and above
    
IMPS is available 24X7 with no restriction on bank timing or bank holidays.

Additional Info: Check Banglarbhumi West Bengal Land Record in detail.

IMPS Timing

IMPS transfer time is 24X7, i.e. an IMPS fund transfer request can be initiated by the customer irrespective of the location and time. However, some banks might have their own IMPS transfer time during which the IMPS fund transfer request is completed. It is important to check with your bank to know the exact IMPS transfer time followed by the bank.

Also check AnyRoR Gujarat Land Record.

Fund Transfer Process of IMPS

IMPS fund transfer process can be divided into two types

  • Using Mobile number & MMID (IMPS P2P)
  • Using Account number & IFSC Code ( IMPS P2A)

IMPS P2A (Person to Account) Fund Transfer Process

Step 1: Log in to your bank account using internet banking or mobile banking

Step 2: Navigate to the Fund Transfer tab and select ‘Other Bank Account’

Step 3: Key in the amount to be transferred, select the mode of fund transfer as IMPS and select the Beneficiary Account.

Step 4: Submit the information by clicking on the ‘Confirm’ button.

Step 5: Authenticate the transaction using OTP (one-time-password), which will be received on the registered mobile number.

IMPS P2P (Person to Person) Fund Transfer Process

Step 1: Log in to your bank account using internet banking or mobile banking

Step 2: Navigate to the Fund Transfer tab and select IMPS-Mobile No & MMID

Step 3: Select the Debit Account and the Credit Account.

Step 4: Enter the amount to be transferred, and press Submit.

Step 5: Re-check the information and click on the ‘Confirm’ button.

Step 6: Authenticate the fund transfer request by entering the OTP (one-time-password) received on the registered mobile number. 

Additional Info: Also, check Axis Bank Net Banking service.

IMPS Transfer Limit

National Payments Corporation of India (NPCI), the organisation responsible for handling IMPS payment, has set the maximum IMPS limit per day at Rs. 5 lakh. Although all banks follow this IMPS limit per day rule, they still have different IMPS transfer limits. You must check with your bank to know their IMPS transaction limit and IMPS transfer charges.

IMPS Transaction Charges

The charges for remittance through IMPS are decided upon by partner banks. You must check with your bank to know their IMPS transfer charges. In most cases, the IMPS transaction charges are linked to the amount transferred and go as high as Rs. 15 per transaction plus applicable GST.

Difference between IMPS and NEFT 

There are few difference between IMPS, NEFT & RTGS. But, for your better understanding we will differentiate between IMPS & NEFT in this table below:

CriteriaIMPSNEFT
Governing AuthorityNational Payments Corporation of India (NPCI)Reserve Bank of India (RBI)
Maximum Fund Transfer LimitIMPS limit per day is set at Rs. 5 lakh

No upper limit has been set for fund transfer through NEFT

 

SettlementThe mechanism is available 24X7 and the IMPS transfer request is processed immediately in real-time.The mechanism is available 24X7, but the transactions are netted and the clearance is done in batches.
Service AvailabilityService is available online only.Service can be availed both online and offline.

IMPS FAQs

Is there a limit on fund transfers?

Fund transfer via IMPS is handled by the National Payments Corporation of India (NPCI). 

While the organisation has fixed the maximum IMPS limit per day at Rs. 5 lakh, different banks have their individual maximum IMPS limit per day. However, the individual limit cannot exceed Rs. 5 lakh per day. 

Are there any charges for IMPS transactions?

The charges for fund transfer via IMPS are decided upon by partner banks. While most banks offer IMPS transfer service free of cost, the IMPS transfer charges cannot exceed Rs. 15 per transaction plus applicable GST.

Are there provisions for international IMPS transactions?

No, IMPS transactions cannot be initiated to make international payments.

Which is better: IMPS or RTGS?

CriteriaIMPSRTGS
AvailabilityFund transfer service through IMPS can be availed online only.Fund transfer service through RTGS can be availed both online and offline.
Transaction LimitUseful for transactions up to Rs. 5 lakhUseful for high-value transactions with a minimum value of Rs. 2 lakh
Service Charge

The facility is usually free of cost. The IMPS transfer charges cannot exceed Rs. 15 per transaction plus applicable GST.

 

Partner banks decide upon the fund transfer charges. Thus, fund transfer via RTGS is more expensive than through IMPS transfer.
TimingIs available 24X7 with no restriction on bank timing or bank holidays.Although the service is available 24X7, partner banks have different RTGS timing to complete the transaction. RTGS fund transfer is typically real-time during bank working hours. Transactions initiated after bank working hours are completed on the next working day.

Can I make a part pre-payment on my Home Loan Account through IMPS with ICICI Bank?

Yes, you can make a part prepayment of a Home Loan Account through IMPS service at ICICI Bank. Transaction through IMPS is only a fund transfer mechanism. It allows you to make payments from the bank balance available in your bank account. One cannot withdraw more than the available account balance. However, ICICI Bank has a maximum IMPS P2A limit of Rs. 5 lakh per day. Also, a home loan pre-payment instalment can be made once in 6 months.

What information is required to do an IMPS transaction?

To successfully carry out an IMPS fund transfer transaction, the following details are required:

For IMPS P2A 

  • beneficiary name
  • account number
  • branch name 
  • IFSC code

For IMPS P2P

  • MMID (Mobile Money Identification Number) of the beneficiary. It is a seven digit number. The first 4-digits of the MMID are the unique identification number of the bank offering IMPS.
  • Mobile number of the beneficiary
  • Name of the beneficiary

What are the transaction limits for IMPS?

The maximum IMPS limit per day at Rs. 5 lakh. However, different banks have their maximum IMPS limit per day, but it cannot exceed Rs. 5 lakh per day. Also, different banks have different maximum IMPS limits per day for transactions initiated through P2P and P2A modes. It is important to check with your partner bank to know the exact IMPS limit per day offered by them.

What are the channels through which I can initiate an IMPS fund transfer?

IMPS fund transfer is available online only. It can be done through a bank account via internet banking or ATM or through the bank’s mobile banking app. 

What are the advantages of using the IMPS system?

Fund transfer through IMPS offers numerous benefits. These include

  • Instant or real-time fund transfer
  • Available 24 x7 without any restriction of working hours or holidays.
  • The IMPS fund transfer mechanism is safe, secure, easily accessible, and economical.
  • The IMPS transfer request can be initiated online from anywhere, anytime.
  • The IMPS transfer request can be initiated from Mobile phone, internet banking, or ATMs.
  • The debit and credit of the transaction are confirmed by an SMS instantly.
  • The service is available free of cost.
  • Amount as high as Rs. 5 lakh can be remitted instantly. 
  • Two types of IMPS remittance are allowed – IMPS P2P and IMPS P2A