IMPS - Immediate Payment Service

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.

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.

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.

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.

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.

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.

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