IMPS (Immediate Payment Service)

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!

IMPS Full Form

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.

IMPS Transaction Limit & Timings

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:

• Limits for New Beneficiaries: After a new beneficiary is added, banks usually impose a 24-hour limit, allowing transfers of ₹10,000 to ₹50,000 during this period.
• Daily Limit: Some banks set a total daily limit for IMPS transfers, typically between ₹10 lakh to ₹20 lakh.

However, for current beneficiaries, the usual transaction limit (e.g., ₹5 lakh) applies without restrictions.

Note: The IMPS transactions can be accessed 24×7, including holidays.

IMPS Charges & Transaction Limits for Major Banks

The table below shows a list of all the banks with their IMPS charges and IMPS limits per day.

Steps to Perform IMPS Money Transfer

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:

1. Open your bank’s mobile banking app or visit its internet banking platform.
2. Go to the ‘Fund Transfer’ section and choose IMPS as the transfer mode.
3. Enter beneficiary details such as mobile number, MMID, account number, and IFSC code.
4. Enter the amount to transfer.
5. Confirm the transaction using your MPIN or OTP.
6. Click on ‘Submit’ to receive a confirmation message.

Required Details for IMPS Funds Transfer

For the successful transfer of funds via IMPS services, the details required based on the transfer method. That is, for

• Using Account Number and IFSC Code: This requires Beneficiary’s Bank Name, Branch Name, IFSC Code, and Account Number.
• Using Mobile Number and MMID: MMID is a unique 7-digit code provided by the receiver’s bank. With MMID and Beneficiary’s Mobile Number, it is possible to transfer funds via IMPS.

Factors to Consider While Using IMPS

There are various you need to be aware of and consider to make an informed decision on using IMPS. Here are a few:

• Transaction limits: IMPS transactions generally have a maximum limit per transaction, which varies based on the bank.
• Service charges: IMPS service charges may differ based on the bank and transaction amount. Ensure to check your bank’s IMPS fee structure.
• Secure transactions: Ensure the safety of your transactions by verifying the recipient details and use secure banking apps to protect your transactions.
• Service availability: Ensure that both your (sender’s) bank and the receiver’s bank offer IMPS services.

IMPS Eligibility Criteria

The eligibility criteria for IMPS services are as follows:

• Mobile banking registration: The sender must be registered for mobile banking with their bank.
• Active bank account: The sender and recipient must have an active bank account.
• MMID: The sender and recipient must have a Mobile Money Identifier (MMID) for mobile-based transfers.
• Bank availability: The sender’s bank must be part of the IMPS network approved by the Reserve Bank of India (RBI).

IMPS Features & Benefits

The IMPS service comes with various features and benefits, some of which are as follows:

IMPS Features:

• Instant fund transfer: Immediate and hassle-free fund transfers.
• Secure transactions: IMPS services come with high-security measures for safe and reliable transactions.
• Multiple Channels: IMPS can be accessed via mobile banking, internet banking, ATMs, and SMS.
• Transaction Limits: IMPS fund transfer limits range from ₹1 lakh to ₹5 lakh per transaction depending on the bank.
• 24×7 availability: IMPS services are available on all days, including weekends and holidays, including beyond banking hours.

Benefits of IMPS:

• Highly convenient: Flexible and convenient as it can be accessed via various platforms.
• Multiple platforms: Users can transfer funds through mobile apps, websites, and ATMs, making it widely available to customers across India.

Steps to Track IMPS Transactions

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:

Track IMPS Transaction Status by Internet Banking

1. Log into your bank’s online portal.
2. Go to the ‘IMPS’ or ‘Funds Transfer’ section.
3. Enter IMPS reference number to filter and successfully track the transaction.

Track IMPS Transaction Status by Mobile Banking

1. Open your bank’s mobile app and login.
2. Go to the ‘Transaction History’ section.
3. Select ‘Transaction History’ or ‘Payment Status’ option.
4. Enter the IMPS reference number and search.
5. View the current status of your IMPS transaction.

In the case of offline methods such as bank branch visits, bank statements, or customer support, here are the steps to follow:

Check IMPS Status by Bank Branch Visit

1. Visit your nearest bank branch.
2. Provide the IMPS Transaction ID or Retrieval Reference Number (RRN) to a bank representative.
3. The representative will verify the details and provide the transaction status.

IMPS in Bank Statement

1. Request a printed copy of your bank statement at the branch.
2. Specify the date range to locate the transaction.
3. Use the IMPS Transaction ID or RRN (Retrieval Reference Number) mentioned in the statement to confirm the transaction’s status.

Check IMPS Status with Customer Support

1. Call your bank’s customer care.
2. Provide your IMPS reference number to the bank representative.
3. Request transaction status.

NEFT vs RTGS vs IMPS

The table below shows a comparison between NEFT, RTGS, and IMPS based on various factors: