What is IMPS? How to transfer money using IMPS

Knowing what is IMPS (Immediate Payment Service) beforehand makes it easier to execute hassle-free fund transfers from the comfort of your home. With the rising popularity of electronic banking, IMPS stands out due to its real-time transfer capabilities. In addition, you can use this option to execute interbank transactions through multiple channels. 

Read on to learn more about IMPS transfer, its features, benefits, limitations and more. 

What is IMPS transfer?

This facility is offered by most banks and here are some facts:

• Allows you to send and receive money from one account to another
• IMPS services are available 24X7 via net banking, mobile banking, SMS, ATM, etc. 

The main reasons for the introduction of this fund transfer facility are as follows:

• To make electronic money transfers convenient and easy for customers 
• To contribute towards the RBI’s aim of electronification of retail transactions

Features of IMPS

Here are some key features of IMPS that you must make note of when choosing this facility.  

• 24/7 Available: You can use IMPS to make transfers outside of banking hours and even on bank holidays
• Transaction Limit: You can initiate inter-bank transactions of up to ₹5 lacs daily 
• Fast Payment: You can choose this to make real-time fund transfers, which makes it convenient to execute merchant payments
• Secure Option: With encryption and authentication protocols, your details are secure when initiating payments
• Availability: You can use it for any purpose, such as online shopping, bill payments, sending money to family and friends, etc. 
• Nominal Charges: You have to pay up to ₹5 as a minimum cost for your transaction, which can vary depending on the total transfer amount
• Streamlined Solution: You simply need the beneficiary’s mobile number and MMID to execute fund transfers

Also Read: Difference Between NEFT and RTGS

Benefits of IMPS

Here are some advantages you can enjoy with IMPS:

• Instant and hassle-free paying options, ensuring secure money transfer
• Allows transactions outside of banking hours
• Simplified fund-transfer process that can be carried out without the receiver’s bank details 
• Send and receive quick notifications upon process completion 
• Minimal charges levied per transaction, making it an economical option 

Charges for IMPS

Check out the table for a brief overview of the costs involved when initiating IMPS transactions:

Transfer Amount	Transaction Charges
Up to ₹10,000	₹2.5 + GST
₹10,001 – ₹1 lacs	₹5 + GST
₹1 lacs – ₹2 lacs	₹15 + GST

These charges may vary as per your bank’s internal policies and regulations. Hence, kindly contact the respective bank for the exact charges levied.

How to Initiate IMPS Money Transfer?

Before executing the process, you need the following details:

• Receiver’s MMID (Mobile Money Identifier) or Account number
• Mobile number of the receiver
• Name of the receiver
• IFSC

Once you get these details, follow this process:

• Step 1: Choose a channel and log in with your credentials
• Step 2: Go to the fund transfer option
• Step 3: Choose ‘IMPS’
• Step 4: Click on ‘Add beneficiary’ 
• Step 5: Enter the beneficiary details and amount
• Step 6: Authenticate the transfer with OTP 

What is the IMPS wallet number?

IMPS wallet number or MMID is a 7-digit number generated by the bank that allows you to receive payment into your bank account. To create this ID, banks use a combination of your account number and your mobile number linked to the account. 

To know what is the IMPS number for your transaction, log into your bank’s net banking portal or mobile banking application. This is a unique reference number generated after every successful transaction.

Using these steps, you can make an IMPS transfer and enjoy instant payment transfer facilities within the limit decided by your bank. However, if you need instant funds to manage immediate requirements, then opting for a Fibe Online Personal Loan is a great choice. 

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FAQs on IMPS 

What is the difference between IMPS and NEFT?

Among a number of functional differences between the two options, the key difference lies in their process, as given below: 

• IMPS allows real-time transactions
• NEFT transfers funds within half-hourly batches

Is IMPS the same as UPI?

While both modes allow quick and secure money transfer options, they are two digital fund transfer options with distinctive features. 

Is IMPS safe to use?

Yes, IMPS uses robust security measures such as encryption technology to ensure secure end-to-end fund transfers. 

Which is safer: IMPS or NEFT?

Both options are equally safe as they follow all RBI norms for electronic payment transfers.