What Is IMPS? – Full Form, Features, Steps, Charges and More

  • Published on: 28 Dec 2023
What Is IMPS? – Full Form, Features, Steps, Charges and More

Being aware of the charges for IMPS, timings, limits and other information is important for transferring funds easily. IMPS allows you to send money in real-time and instantly make online payments for bills, fees, tickets, merchants and more. However, there are limits, charges and timings that you should know to make hassle-free transfers. 

Read on to learn these important aspects of IMPS transfers and more.

What is IMPS transfer? 

Immediate Payment Service (IMPS) is an electronic money transfer facility launched by the National Payment Corporation of India (NPCI) on 22nd November 2010. It allows you to make interbank fund transfers through multiple channels like mobile, Internet, ATM and SMS.

Only banks with a licence from the Reserve Bank of India (RBI) can provide IMPS facilities. Through IMPS, you can track your payments in real-time, even outside banking hours. Thus, it’s one of the most flexible solutions for safe and economical banking, allowing you to transfer funds whenever and wherever you want. 

Features of IMPS

Now that you know the meaning of IMPS, here are some of its features:

  • Flexible: This facility is available 24*7, even on bank and gazetted holidays
  • Accessible: Available through net banking, mobile banking and more 
  • Versatile: Easy Peer-to-Peer (P2P) or Person-to-Merchant (P2M) payments
  • Instant: Funds get transferred instantly, in real-time, so you do not have to wait 
  • Easy: You can transfer funds easily with the recipient’s banking or contact details
  • Secure: It follows encryption and authentication protocols to protect your funds’

IMPS transaction limit and timings 

While IMPS is a quick and easy option, it has some limitations regarding timing and amount. In terms of the amount, the RBI imposed a limit of ₹5 lakhs per day on transactions, except for SMS and IVRS. 

Similarly, the IMPS facility is available for all hours of the day, but a few banks have restricted timing for adding beneficiaries. This helps banks avoid any fraudulent activities and take immediate action. So, ensure you check the timings when adding a beneficiary for easy payments.

IMPS transaction charges

Here are the charges for IMPS levied by some prominent banks in the country:

Bank Charges
Axis Bank₹2.5 – ₹10 per transaction
HDFC Bank₹3.50 – ₹15 per transaction
ICICI Bank₹3.5 – ₹15 per transaction
Kotak Mahindra Bank₹5 – ₹15 per transaction
Punjab National Bank₹5 – ₹12 per transaction
State Bank of IndiaNil
YES Bank₹5 – ₹15 per transaction

Note that these charges for IMPS transfer are exclusive of GST and also depend on your transaction amount. They are also subject to change at the bank’s discretion. So, make sure to check with your bank before initiating the transfer. 

Points to remember for IMPS

In addition to the timing, transfer limit and charges for IMPS, here are some other key points to note:

  • You can only make an IMPS transfer if you have registered for mobile banking services 
  • You must have the Mobile Money Identifier (MMID) and MPIN
  • You can also make fund transfers with bank account number and IFSC

How to transfer money through IMPS?

Here are the steps you can follow to make an IMPS transfer online:

  • Step 1: Log in to your bank’s mobile banking app using your credentials
  • Step 2: Click on ‘Transfer’ and select ‘Add Beneficiary’ or ‘One Time Transfer’
  • Step 3: Select ‘IMPS’ as the transfer method
  • Step 4: Add required beneficiary details (MMID, account and mobile number, etc.) 
  • Step 5: Enter the amount you wish to transfer and add a remark 
  • Step 6: Click on ‘Confirm’ and enter the OTP to complete the transaction 

With these steps, sending money to the beneficiary becomes easy, fast and convenient. In the digital era, sending and receiving funds has become hassle free, and lenders use this to their advantage. They can now give instant loans, such as those offered by Fibe. 

With Fibe’s Personal Loan, you can get up to ₹5 lakhs in a few minutes as we have a quick approval and minimum documentation policy. You also enjoy pocket-friendly rates starting at 2% per month with no prepayment charges. Download our Personal Loan App or go to our website to apply now and get the required funds in minutes!

FAQs on IMPS Transfer

What is IMPS and how it works?

IMPS is a real-time fund transfer facility introduced in 2010, which stands for Immediate Payment Service. To carry out an IMPS transaction, you have to register for mobile banking and require the receiver’s mobile number and Mobile Money Identifier (MMID) or bank account details. Using these details, you can send or receive funds instantly. 

What is an example of an immediate payment service?

Immediate Payment Service (IMPS), Real-Time Gross Settlement (RTGS) and UPI are some examples of instant payment options available in India. 

What is the IMPS transfer limit?

As per the RBI guidelines, the maximum daily limit for IMPS transfer is ₹5 lakhs except for SMS and IVRS, but it can vary depending on the banks. 

What happens if IMPS is not credited?

If the IMPS transaction fails, wait a few minutes before initiating another transaction. The amount may not be credited to the beneficiary’s account but the debited amount will be reversed within two working days.

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