IMPS

IMPS (Immediate Payment Service) is a real-time electronic fund transfer method. Money is credited instantly to the payee or beneficiary account through IMPS and it can be done at any time on a 24/7 basis. It can be done on all 365 days, including on Sundays as well as other bank holidays. Interbank transfers can be initiated through IMPS via multiple channels such as SMS, ATMs, mobile banking, internet banking, etc. The primary advantage of IMPS over RTGS and NEFT is that the facility can be availed round the clock. The National Payments Corporation of India (NPCI) manages the IMPS services.

An IMPS transfer through net banking requires the remitter to register the beneficiary. This can be done by providing all the necessary details like bank account number, the name of the bank and branch, along with its IFSC code, etc. IFSC stands for Indian Financial System Code, which is an 11-digit alphanumeric code assigned to all the branches of each bank by the RBI. It is a way to monitor and streamline the fund transfer process via IMPS. Each bank has a separate transaction charge for an IMPS transfer. The transaction fee, ranging anywhere from Rs.1 to Rs.7, depends on the amount that is being sent.

Benefits of IMPS	IMPS transaction limit	Modes of transfer
Instant money transfer Available on a 24/7 basis on all 365 days in a year Service can be used on holidays Safe & secure Can be used on multiple channels	For account number-based transactions: the maximum limit of Rs.2 lakh per transaction For MMID-based transfers Rs.5,000 per day	Mobile banking (using phone number & MMID) Through account number & IFSC code ATMs

IMPS Charges

Different banks charge various rates for IMPS transactions. The charges for receiving funds (inward remittances) are free. The charges are applicable only on outward remittances. Here are the IMPS charges imposed by a few banks.

Up to Rs.10,000

Bank	IMPS Transactions Charges
ICICI Bank	Rs.5 + GST
Citi Bank	-
SBI	Rs.1 + GST
Yes Bank	Rs.5
HDFC Bank	Rs.5

 

Rs.10,000 to Rs.1 lakh

Bank	IMPS Transactions Charges
ICICI Bank	Rs.5 + GST
Citi Bank	-
SBI	Rs.2 + GST
Yes Bank	Rs.5
HDFC Bank	Rs.5

Rs.1 lakh to Rs.2 lakh

Bank	IMPS Transactions Charges
ICICI Bank	Rs.15 + GST
Citi Bank	-
SBI	Rs.3 + GST
Yes Bank	Rs.5
HDFC Bank	Rs.10

 

Rs.2 lakh to Rs.5 lakh

Bank	IMPS Transactions Charges
ICICI Bank	-
Citi Bank	-
SBI	Rs.3 + GST
Yes Bank	Rs.5
HDFC Bank	Rs.10

 

Sending Money through IMPS Facility on Your Phone

• Log in to your bank's mobile application.
• Select the IMPS option.
• Fill in the beneficiary details such as mobile number, amount, beneficiary MMID.
• Enter your MPIN to transfer the funds.
• Receive a confirmation text message or SMS when the transaction is completed.
• Note down the transaction reference for future reference.

Receiving Money Through IMPS on Your Phone

• Provide your cell phone number along with MMID to the sender.
• The sender will initiate a transaction using your Mobile number and MMID.
• Receive a confirmation text message or SMS when the transaction is completed.
• Note down the transaction reference for future reference.

Features of IMPS

• Transfering funds through IMPS is as safe as NEFT and RTGS.
• The facility can be easily used on any phone or smart device with an internet connection.
• It is one of the fastest ways for intra-bank fund transfer.
• The amount is credited instantly without any delays.
• The service is accessible throughout the year and 24/7.
• The sender pays a nominal charge to avail of this service.
• Both the parties are notified when the transaction is completed.
• Accessible from all phones and mobile devices with an internet connection.

FAQs

What is IMPS?

IMPS is the abbreviation for Immediate Payment Service offered by National Payments Corporation of India (NPCI). It is an electronic fund transfer system through which money is sent instantly to the payee or beneficiary account in real time.

What are the charges for receiving money through IMPS?

There are no such charges.

Do IMPS charges vary from bank to bank?

Yes.

What should I do if the money is deducted from my account but the not credited to the beneficiary account?

The money will be back to your bank account within a day. If not, you must contact your bank at the earliest.

Are there any specific timings for IMPS?

No, it is available round the clock.

Do IMPS services work on bank holidays?

Yes, it works every day.

How to register for IMPS services?

Just sign up for your bank's internet or mobile banking service.

Is there any transaction limit for IMPS?

Yes, but it differs from bank to bank.

Can IMPS be used to transfer funds to another country?

No, IMPS is exclusively domestic.