IMPS or Immediate Payment Service is an electronic fund transfer system in India. Introduced by the National Payments Corporation of India (NPCI), It enables real-time, 24/7 fund transfers across banks via mobile phones, internet banking, and ATMs.
IMPS supports fund transfers for a wide range of transactions such as person-to-person, person-to-account, and person-to-merchant. IMPS's various features make it a reliable, hassle-free, and secure way to transfer funds.
Keep reading to learn more about IMPS meaning, benefits, the list of banks that offer IMPS, eligibility, and more!
Unlike NEFT and RTGS, IMPS ensures real-time processing for even small amounts, ensuring faster fund transfers and accessibility.
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The full form of IMPS is ‘Immediate Payment Service’, a 24*7 interbank electronic fund transfer service in India. IMPS is a real-time online fund transfer facility that can be accessed in different ways like Mobile, Online Portal (NetBanking), Bank Branch, ATM, and SMS.
Although the IMPS transaction limit may vary between banks, as per the Reserve Bank of India (RBI), the IMPS maximum limit per transaction is ₹5 lakh, except via SMS and IVR.
Other types of transaction limit include:
However, for current beneficiaries, the usual transaction limit (e.g., ₹5 lakh) applies without restrictions.
Note: The IMPS transactions can be accessed 24x7, including holidays.
The table below shows a list of all the banks with their IMPS charges and IMPS limits per day.
Bank Name | IMPS Charges | IMPS Transaction Limit |
---|---|---|
State Bank of India | No Charges | Up to ₹5 Lakhs |
Kotak Mahindra Bank | No Charges | Up to ₹2 Lakhs |
ICICI Bank | ₹3.50 to ₹15.00 | Up to ₹5 Lakhs |
Bank of Baroda | ₹2.50 to ₹25.00 | Up to ₹5 Lakhs |
Punjab National Bank | ₹6.00 to ₹12.00 | Up to ₹5 Lakhs |
HDFC Bank | ₹3.50 to ₹15.00 | Up to ₹5 Lakhs |
Axis Bank | ₹2.50 to ₹10.00 | Up to ₹5 Lakhs |
Canara Bank | ₹5.00 to ₹18.00 | Up to ₹2 Lakhs |
AU Small Finance Bank | ₹10.00 | Up to ₹2 Lakhs |
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As you can see, several banks in India support the IMPS facility for hassle-free and secure transactions. Here are some of the general steps to follow if you are looking for a fund transfer via IMPS:
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For the successful transfer of funds via IMPS services, the details required based on the transfer method. That is, for
There are various you need to be aware of and consider to make an informed decision on using IMPS. Here are a few:
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The eligibility criteria for IMPS services are as follows:
The IMPS service comes with various features and benefits, some of which are as follows:
IMPS Features:
Benefits of IMPS:
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You can track your IMPS transactions both online and offline. In the case of online methods, that is, via netbanking or mobile banking app, here are the steps to follow:
In the case of offline methods such as bank branch visits, bank statements, or customer support, here are the steps to follow:
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The table below shows a comparison between NEFT, RTGS, and IMPS based on various factors:
Comparison Category | NEFT | RTGS | IMPS |
---|---|---|---|
Settlement Type | Half-hourly batches | Real-time | Real-time |
Minimum Transfer Limit | ₹1 | ₹2 lakh | ₹1 |
Maximum Transfer Limit | No Limit (₹50,000 for cash-based) | No Limit | ₹5 lakh per transaction |
Service Timings | 24x7, 365 days | 24x7, 365 days | 24x7, 365 days |
Transaction Charges | Varies by bank; generally low | Varies by bank; higher than NEFT | Charges vary by bank |
Payment Options | Online and Offline | Online and Offline | Online |
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The IMPS full form in banking stands for Immediate Payment Service.
IMPS differs from NEFT and RTGS in that it offers instant, 24x7 fund transfers, including on holidays, whereas NEFT and RTGS may not be available during bank holidays.
IMPS is for domestic transfers within India and does not support international money transfers. However, some banks allow foreign remittances to be credited to Indian accounts via IMPS if registered with the NPCI.
IMPS (Immediate Payment Service) operates 24/7, including weekends and holidays, allowing transactions to be processed at any time without any time restrictions.
IMPS (Immediate Payment Service) allows instant fund transfers with a maximum limit of ₹5 lakh per transaction. While some banks may set daily transaction limits, there is no universal daily cap for IMPS transactions.
Register for mobile banking> Obtain an MMID (Mobile Money Identifier)> Set up an MPIN> Use your bank’s mobile app to select the IMPS option> Enter the beneficiary details and transaction amount> Confirm using your MPIN.
IMPS payments are secured through two-factor authentication, including a password or MPIN and a one-time password (OTP) sent to your registered mobile number. Additionally, strong encryption ensures safe data transmission between devices and banking systems.
Yes, however, the IMPS transaction fees vary by bank and transaction amount.
Yes, IMPS can be used for both personal and business payments, which helps in instant fund transfers for individuals and merchants alike.
Log in to your bank's internet or mobile banking platform> Go to the 'Transaction History' or 'Payments' section> Enter IMPS reference number> View current status.
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