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IMPS

IMPS Meaning

Last Updated 30th Oct 2020

  • IMPS stands for Immediate Payment Service.
  • IMPS payments can be made 24/7 and 365 days in a year.
  • IMPS payments can be made for a maximum amount of ₹ 20 Lakh in general.
  • There is no minimum fund transaction limit on IMPS p2a.
  • Fund transfer charges on IMPS may range between ₹ 2.5 to ₹ 15, excluding GST.
  • IMPS payments are safe and secure, as they are end to end encrypted.
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Check List of Top Banks Offering IMPS Money Transfer Facility

Bank IMPS Limit IMPS Charges IMPS Timings
SBI IMPS ₹ 2 Lakhs Nil - Up to ₹1000- Nil, ₹1001 to ₹10,000 - ₹1 + GST, Rs.10,001 to ₹1,00,000 - ₹2 + GST, ₹1,00,001 to ₹2,00,000 - ₹3 + GST 24*7
HDFC Bank IMPS ₹ 2 Lakhs Nil - Upto ₹1 Lakh - ₹5+ GST and ₹1 Lakhs - ₹2 Lakhs - ₹15+ GST 24*7
ICICI Bank IMPS ₹ 10 Lakhs 10,000 24*7
Citibank IMPS ₹ 2 Lakhs Nil 24*7
Axis Bank IMPS ₹ 2 Lakhs Up to ₹1000 - ₹2.50, Above ₹1000 to ₹ 1 lakhs - ₹ 5 and above ₹ 1 lakh to ₹ 2 lakh - ₹ 15 24*7
Bank of Baroda N.A. N.A. 24*7
PNB N.A. Nil 24*7
Kotak Bank ₹ 2 Lakhs Nil 24*7
Yes Bank ₹ 50,000 ₹ 5 per transaction 24*7
RBL Bank ₹ 3 Lakhs Nil 24*7
Standard Chartered Bank ₹ 2 Lakhs N.A. 24*7

What is IMPS?

IMPS meaning is Immediate Payment Service. It is a real-time electronic fund transfer facility like NEFT or RTGS. IMPS service is convenient since it is quick, paperless and does not require one to have a detailed information related bank account to transfer funds. To avail the IMPS facility, one is required to have the beneficiary’s mobile number linked to the bank account and the MMID. The IMPS payments can be made 24/7 and 365 days in a year. Thus, there is no disparity or hindrance in transferring funds with IMPS even during bank or public holidays.

How to Transfer Funds through IMPS?

Transferring funds using IMPS is easy and quick, and involves the least effort. This can be done using the mobile banking facility of the concerned bank. To know how to transfer funds through IMPS, follow the below-mentioned steps:

  • To begin with, install the mobile banking app available for the respective bank.
  • On the app, Log in using the User ID and Password provided by the bank that holds your account. In most cases, the mobile banking app will automatically fetch your bank details as per requirement.
  • Further, visit the IMPS option in the app and look out for options to generate your unique MMID.
  • As and when the MMID is generated, you can use the IMPS facility.
  • For transferring funds, enter the MMID of the receiver.
  • Lastly, enter the other required details such as Name of the concerned beneficiary, registered mobile number with the bank and the amount to be transferred using IMPS.

Features of IMPS

The IMPS payment facility offers a number of features that are highly beneficial in the digital world. These are listed as follows:

  • Instant Fund Transfer: Unlike other payment methods like NEFT, wherein the funds are transferred in batches and slots ,IMPS transactions are quick and fast. This is because the IMPS transactions are made instantly, without any hindrance. Even in case of technical errors, it doesn't take more than an hour for the successful transfer of funds via IMPS.
  • Supports dual platforms: The IMPS payment transfer facility can be accessed as per the user’s convenience on the dual platforms of mobile and the web. This means that IMPS can be used through a mobile app or through accessing the internet through any other medium. However, it must be noted that using IMPS via the web might require you to provide additional details.
  • Availability: The best part about IMPS payments is that funds can be transferred anytime. Thus the user is not bound to remember the bank or public holidays to make a transfer of funds. IMPS payments are available 24*7 and 365 days in a year, irrespective of a Sunday or any holiday.
  • Multiple Confirmations: On successful payment of funds via IMPS, the user gets a confirmation from the bank as well as from the mobile banking application. Further, the details regarding the credit and debit of funds are sent to both the receiver and the sender. Thus, there is the least chance of confusion.
  • Safe and Secure: IMPS transactions are safe and secure in comparison to physical transfer of funds using deposit slips. This is because IMPS can be accessed at the comfort of one's privacy, while transferring funds via deposit slips might prompt frauds to misuse various information. In addition to that, it must be noted the IMPS transactions are protected on the internet using the end to end encryptions and firewalled servers. Thus, they are safe and secure in every sense.

List of Banks Offering IMPS Money Transfer in India

Uses of Immediate Payment Service Transfer

Immediate payment Service or IMPS can be used for the below-mentioned services as listed below:

  • For mobile banking transaction
  • For transferring funds
  • For receiving funds
  • For making merchant payments
  • For checking aadhar link to the bank account

Necessary Details of IMPS Transaction

In order to access the funds transfer facility via IMPS, you are required to have the following information at hand:

  • MMID or Mobile Money Identifier of the beneficiary
  • MMID of the sender
  • Mobile number of the sender
  • Bank account number of the beneficiary
  • IFSC code of the beneficiary
  • Aadhar number of the beneficiary

IMPS Timings

In general, the IMPS transactions are available 24*7 and can be accessed anytime anywhere. However in some cases, in order to be cautious with the transfer of funds and the frauds related to them, many banks tend to allow the IMPS transfer for 12 hours in a day, that range between 8 am to 8 pm.

Transaction Limits of IMPS

Similar to other payment methods, IMPS transactions are also imposed with per day transaction limits. As per the current guidelines, a maximum of Rs 2 lakhs can be transferred via IMPS per day per account.

Fees and Charges of IMPS

IMPS fund transfer allows the bank to charge certain fees and charges. The charges, however are based on the amount of funds transferred, as shown in the table below:

Amount Charges
Less than or equal to ₹ 10,000 ₹ 2.5
More than ₹ 10,000 up to ₹ 1 lakh ₹ 5
More than ₹ 1 Lakh to up to ₹ 20 Lakh ₹ 15

FAQs

Is there any charge for IMPS transfer?

Yes, IMPS funds transfer requires one to pay the charge based on the transferred amount. The IMPS fund transfer charge may range between Rs 2.5 to Rs 15, excluding GST.

What is the imps limit per day?

In general, IMPS limit per day is ₹ 25 Lakh

What is required for IMPS transfer?

To avail the IMPS transfer, one is required to have details such as MMID or Mobile Money Identifier of the beneficiary, Mobile number of the sender, Bank account number of the beneficiary, IFSC code of the beneficiary and Aadhar number of the beneficiary.

Is IMPS transfer safe?

Yes, IMPS transfer is safe as it is enabled with end to end encryptions and firewalled servers.

Which is better, Neft or IMPS?

Both IMPS and NEFT have their own benefits. For instance, IMPS is a good payment method for instant transactions of up to ₹ 2 Lakh, while NEFT is good for making bigger payments as per the requirement, since there are no upper limit transactions one the NEFT transactions. However, NEFT transactions are not accessible 24*7 and may take hours to settle.

What is the difference between IMPS and NEFT?

IMPS and NEFT are payment methods that facilitate the online transfer of funds.The difference between IMPS and NEFT is on the basis of transaction limit and timings. While IMPS allows transactions up to Rs 2 lakhs 24*7 and 365 days a year, NEFT allows transactions up to any amount but only on working days from 8 am to 7 pm.

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