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
| Bank | Limit | Charges | Timings | |||||||||||||||||
| 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 charges | IMPS 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. |
| IMPS is available 24X7 with no restriction on bank timing or bank holidays.
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| ICICI Bank | IMPS P2A - Account Number + IFSC Code Maximum of Rs. 5 Lakh
IMPS P2P- Mobile Number + MMID maximum of Rs. 10,000
|
| IMPS is available 24X7 with no restriction on bank timing or bank holidays. | |||||||||||||||||
| Axis Bank | Up to Rs. 50,000 per day through the mobile app or internet banking |
| IMPS is available 24X7 with no restriction on bank timing or bank holidays. | |||||||||||||||||
| Bank Of Baroda | Maximum up to Rs. 2 lakh |
| IMPS is available 24X7 with no restriction on bank timing or bank holidays. | |||||||||||||||||
| Kotak Bank | Maximum up to Rs. 5 lakh per day | No charges | IMPS is available 24X7 with no restriction on bank timing or bank holidays. | |||||||||||||||||
| RBL Bank | Maximum up to Rs. 3 lakh per day | No charges | IMPS is available 24X7 with no restriction on bank timing or bank holidays. | |||||||||||||||||
| PNB | Maximum up to Rs. 5 lakh per day per transaction |
| 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:
| Criteria | IMPS | NEFT |
| Governing Authority | National Payments Corporation of India (NPCI) | Reserve Bank of India (RBI) |
| Maximum Fund Transfer Limit | IMPS limit per day is set at Rs. 5 lakh | No upper limit has been set for fund transfer through NEFT
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| Settlement | The 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 Availability | Service is available online only. | Service can be availed both online and offline. |
FAQs
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.
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.
No, IMPS transactions cannot be initiated to make international payments.
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.
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