IMPS – Immediate Payment Service

What is IMPS?

IMPS – Immediate Payment Service is a real-time electronic fund transfer method that enables instant credit of funds to the beneficiary/payee/account. IMPS is available 24 hours a day, 7 days a week (including Sundays and holidays) and can be completed at any time. RBI (Reserve Bank of India) and NPCI (National Payments Corporation of India) are responsible for the management of IMPS.

To make an IMPS transfer through Net Banking, the sender has to register the recipient by providing all the relevant information including bank account number and IFSC code, bank name, bank branch, etc. Each bank charges different transaction fees for IMPS transfers. Fees vary from bank to bank depending on the amount of money being transferred. Generally, the fees range from one rupee to seven rupees.

IMPS details

IMPS Transaction Limit

Benefits of IMPS

Transfer Methods

  • Generally, the maximum limit per transaction for account number-based transactions is Rs 2 lakh
  • The limit for MMID-based transfers is Rs 5000 per day
  • instant money transfer
  • Available on a 24/7 basis all 365 days of the year
  • The service can be used on holidays
  • Safe secure
  • Can be used on multiple channels
  • Mobile Banking using Phone Number and MMID
  • Through account number and IFSC code
  • ATM

Features of IMPS Transfer:

User-Friendly: IMPS is comparatively easy to use compared to other money transfer technologies. All you need is your recipient’s unique Mobile Money Identification Number (MMID) and your mobile number, which is linked to your bank account.
Instant Transfer: As the name suggests, IMPS is a real-time money transfer service and enables you to transfer money quickly.
Secure method: Even though the internet is used as a medium to transfer funds, IMPS is considered to be one of the most secure transfer methods. While bank servers are relatively well protected by firewalls, data traveling over the Internet is encrypted, almost impossible to decrypt. However, there is no protection from human errors.
Instant Alerts: Take full advantage of IMPS mobile banking. As soon as you send money to someone, you get text messages from your bank as alerts from the app.

Availability: IMPS is available 24 hours a day, 7 days a week, 365 days a year. This eliminates the need to go to the bank and stand in long queues to make deposits or transfers.

Pre-requisites for doing IMPS transaction:

To carry out IMPS transaction the following conditions have to be fulfilled:
  • IFSC code and bank account number
  • Mobile Money Identifier (MMID)
  • Aadhaar Number
  • Mobile numbers of beneficiary and remitter

Transferring funds through IMPS:

Follow the steps given below to transfer funds through IMPS:
Step 1: You need to install your bank’s mobile banking app. You can also use the Internet Banking facility to transfer money through IMPS and follow the steps given below.
Step 2: Log in to your bank’s mobile application using your credentials (Customer ID/User ID and Password).
Step 3: Select ‘Transfer’ option and decide to add the beneficiary upon successful login. You can also choose the ‘One Time Transfer’ option as an option.
Step 4: Now, complete the process using IMPS by providing MMID and mobile number details or account number and IFSC code.

Benefits of IMPS:

The benefits of using IMPS service are listed below:
Economic: Apart from UPI, IMPS is the most economical method of money transfer. Fund transfer charges range from a minimum of Rs 2.50 to a maximum of Rs 25. NEFT charges are similar, but NEFT does not transfer funds in real time, giving a clear edge to IMPS.
Secure: These transactions are done through mobile banking and do not require the beneficiary’s account number or IFSC code. It requires only the beneficiary’s mobile number and MMID. However, for IMPS fund transfer through net banking, you need complete bank details of the beneficiary.
Freedom to transfer money any time: you wish is the main advantage of IMPS service. This is especially helpful at any time of the day and on holidays including bank holidays. Additionally, you must have a mobile phone with a reliable internet connection to conduct IMPS transactions.
Through IMPS: money is quickly transferred to the beneficiary’s account. Even if there are any technical issues, the payment will be processed in less than an hour.

Points to note while using IMPS facility:

Transferring money through IMPS is one of the simplest and fastest methods of fund transfer. However, a simple mistake can result in the loss of money. Here are some things to keep in mind while transferring money through IMPS.
  • Transferring money in IMPS requires a mobile banking account. Even though IMPS is a web-based service, you need to have the Mobile Money Identifier (MMID) of both parties to transfer money.To do this, mobile banking is necessary.
  • IMPS through Net Banking requires beneficiary details like bank account number, beneficiary IFSC number, beneficiary mobile number, beneficiary name and MMID.
  • You need to double check the information before confirming the payment through IMPS. This is because if the money is transferred to the wrong account, it can be recovered only with the approval of the beneficiary.
  • For IMPS money transfer you will need an internet connection.
  • Do not share any of your bank-related information like account numbers, passwords, SMS alerts, etc. with anyone.

Bank List of IMPS Charges

Different banks charge different fees for IMPS transactions. Charges are free for inward remittances and charges are applicable only for outgoing remittances. Below are some of the most popular bank IMPS charges.

Bank List of IMPS Charges up to Rs 10,000

Bank

IMPS Transactions Charges

HDFC Bank
Rs.3.50
ICICI Bank
Rs. 3.50
Citi Bank
Rs.5
Yes Bank
Rs.5
SBI
Nill

Bank List of IMPS Charges Rs 10,000 to Rs 1 Lakh

Bank

IMPS Transactions Charges

HDFC Bank
Rs.15
ICICI Bank
Rs.5
Citi Bank
Rs.5
Yes Bank
Rs.5
SBI
Nill

List of Bank IMPS Fees Over Rs. 1 Lakh to Rs. 2 Lakh

Bank

IMPS Transactions Charges

HDFC Bank
Rs.10
ICICI Bank
Rs.15+ GST
Citi Bank
Nill
Yes Bank
Rs.5
SBI
Rs.3 + GST

How to send money using IMPS feature on your phone?

To send money via IMPS to your phone, follow these steps:
  • The application requires you to log in to your bank.
  • Then IMPS menu option should be selected. The SMS functionality of your phone can be used for this.​
  • You should have the beneficiary's mobile number and MMID ready.
  • To transfer funds you need to fill the beneficiary mobile number, amount, beneficiary MMID, as well as your MPIN.
  • A confirmation text will be sent to you via SMS for debit to your account and credit to the beneficiary's account.
  • The transaction reference number should be noted for future reference.

Requirements for carrying out IMPS transactions through Mobile Banking

The first step in using IMPS to send and receive money is to register your mobile phone number with your bank and sign up for the bank’s mobile banking services.Once you are registered for mobile banking, your bank will issue you MMID (Mobile Money Identifier) and MPIN.Your bank will provide you a random 7-digit number called MMID. MPIN is a unique 4-digit password specially designed for mobile banking.
Once you have your MMID and MPIN, you can add the beneficiary to your account. You can do this by linking their account details to your mobile number and obtaining their MMID number from the bank.

How do you use your phone to accept money via IMPS?

To receive money with IMPS on your phone, adhere to following steps:
  • You must provide your cell phone number and MMID to the sender.
  • The sender will do the same thing as explained in the previous section to send money using your mobile number and MMID.
  • A confirmation text will be sent to you via SMS to credit your account and debit the sender's account.
  • The transaction reference number should be noted for future reference.

How can I use mobile banking to send money through IMPS?

Follow the steps given below to send money through IMPS using mobile banking
Step 1: If your bank offers IMPS via SMS, log in to the Mobile Banking app and select IMPS from the IMPS menu or use the SMS feature on your mobile device.
Step 2: Get the MMID and mobile number of the beneficiary.
Step 3: Type the recipient’s mobile number, MMID, amount and MPIN to send
Step 4: Once done, you will get a confirmation SMS once your account is debited and the beneficiary’s account is credited.

List of Indian Banks That Offer IMPS Money Transfer

The following banks provide IMPS services to their customers:

Banks offering IMPS

Andhra Bank

HSBC

Punjab National Bank

Allahabad Bank

HDFC Bank

Saraswat Bank

Adarsh Co-Operative Bank Ltd

IDBI Bank

RBL Bank

Axis Bank

ICICI Bank

Standard Chartered Bank

Bandhan Bank Ltd

Indian Overseas Bank

South Indian Bank

Bank of India

Indian Bank

State Bank of Hyderabad

Bank of Baroda

ING Vysya Bank

State Bank of Bikaner and Jaipur

Bassein Catholic Co-op Bank

IndusInd Bank

State Bank of Mysore

Bank of Maharashtra

Janata Sahakari Bank, Pune

State Bank of India

Canara Bank

Jammu & Kashmir Bank

State Bank of Travancore

BNP Paribas

Karur Vysya Bank

State Bank of Patiala

Central Bank of India

Karnataka Bank

Syndicate Bank

Catholic Syrian Bank

Kerala Gramin Bank

Thane Janata Sahakari Bank

City Union Bank

Lakshmi Vilas Bank

Tamilnad Mercantile Bank

Citibank

Kotak Mahindra Bank

The A.P Mahesh Urban Co-op Bank

Cosmos Co-operative Bank

Nainital Bank

UCO Bank

Corporation Bank

Mehsana Urban Co-operative Bank

The Greater Bombay Co-op Bank

Development Bank of Singapore

NKGSB Co-operative Bank

Union Bank of India

Dena Bank

Pragathi Krishna Gramin Bank

Vijaya Bank

Dhanalakshmi Bank

Oriental Bank of Commerce

United Bank of India

Development Credit Bank

Punjab and Sind Bank

Yes Bank

Federal Bank

Punjab and Maharashtra Co-op Bank

Yes Bank

Dombivli Nagarik Sahakari Bank

Rajkot Nagrik Sahkari Bank Ltd

Yes Bank

IMPS - Usage

Following are some of the primary uses of IMPS:

  • Aadhaar seeding status can be checked.
  • Mobile banking allows transactions to be completed.
  • Payments to merchants are possible.
  • Receiving payments is possible.
  • Money may be transferred here and there.

FAQs on IMPS

IMPS stands for Immediate Payment Service. It’s a real-time interbank electronic funds transfer system in India.

IMPS allows users to transfer funds instantly from their bank account to another bank account using mobile phones, ATMs, or internet banking.

There is no minimum amount for IMPS transactions. You can transfer even small amounts.

Yes, IMPS is available 24/7, including holidays.

The maximum amount for IMPS transactions varies from bank to bank. It can range from a few thousand to a lakh or more.

You need the recipient’s mobile number and their MMID (Mobile Money Identifier) or bank account number and IFSC code.

Some banks may charge nominal fees for IMPS transactions, while others offer it for free.

IMPS transfers are usually instantaneous and happen in real-time.

No, IMPS is for domestic transactions within India.

Yes, many service providers and e-commerce platforms accept IMPS payments.

IMPS transactions are typically irrevocable and cannot be canceled once initiated.

Visit your bank, complete the IMPS registration process, and link your mobile number to your account.

No, both the sender and recipient need to have bank accounts to use IMPS.

Contact your bank’s customer support for assistance in resolving any issues with an IMPS transaction.

Yes, IMPS allows interbank fund transfers.

The number of IMPS transactions you can make in a day may be subject to limits imposed by your bank.

IMPS offers real-time transactions, 24/7 availability, and ease of use through mobile phones.

IMPS is primarily designed for domestic transactions, and there are other systems for international remittances.

IMPS transactions are secured with multi-factor authentication, making them a secure way to transfer funds.

You can check the status of your IMPS transaction by contacting your bank or checking your transaction history.

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