IMPS Full form Charges Limit Uses benefits etc
IMPS provides strong & real-time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, and SMS. IMPS is an emphatic service that allows transferring of funds instantly within banks across India which is not only safe but also cheap.
As we know, For transferring funds in real-time and 24X7X365 interbank was a major challenge faced in the banking industry. Only NEFT & RTGS were available to users for fund transfer during banking hours.
With the above context in mind, NPCI conducted a pilot study on the mobile payment system with the banks like SBI, BOI, UBI, and ICICI in August 2010. Also, the banks like Yes Bank, Axis, and HDFC Bank joined this league in the month of September, October, and November 2010 respectively. Immediate Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai, and this service are now available to the Indian public.
Contents of this post
IMPS full form is Immediate Payment Service. Immediate Payment Service is an instant interbank electronic fund transfer service through mobile phones. It is also being enlarged through other channels such as ATMs, Internet Banking, etc.
IMPS is an electronic fund transfer service that is instant and real-time available 24*7*365. And IMPS provides strong & real-time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS. IMPS is an energetic service that allows transferring of funds instantly within banks across India which is not only safe but also cheap.
Immediate Payment Service is an innovative real-time payment service that is available 24*7. This service is offered by the National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI-authorized Prepaid Payment Instrument Issuers (PPI) across India.
These are the objectives-
These are the Participants for the fund transfer-
These are the benefits of IMPS-
A user can transfer up to Rs 5 lakh using the |MPS payment method in a day. This limit has been revised by RBI from 2 lac to 5 lac. Earlier the limit was 2 lac only. So if you want to transfer an amount up to 5 lac instantly then you can use IMPS. And on the other hand, if you want to transfer more than 5 lac then you should use RTGS OR NEFT.
| DIFFER BASE | NEFT | IMPS |
| Full form | National electronic fund transfer | Immediate Payment Service |
| Payment option available | online and offline both | online only |
| Min. transfer value | 1 Rs | 1 Rs |
| max transfer value | No limit | 5 lac Rs |
| Timing | 8 am to 7 pm on all working days | 24/7 and 365 days |
| Settlement Type | half-hourly | Real-time |
| Inward transaction charges | No charge | Depends on the bank’s norms and decision |
| DIFFER BASE | RTGS | IMPS |
| Full form | Real-time gross settlement | Immediate Payment Service |
| Payment option available | online and offline both | online only |
| Min. transfer value | 2 lac Rs | 1 Rs |
| max transfer value | No Limit | 5 lac Rs |
| Timing | 8 am to 6 pm | 24/7 and 365 days |
| Settlement Type | Real-time | Real-time |
| Inward transaction charges | No charge | Depends on the bank’s norms and decision |
The charges of IMPS are as follows-
| Transfer Amount | Charges |
| (Subject to Change According to Banks) | |
| Up to Rs. 10,000 | Rs. 2.50 + Applicable GST |
| From Rs. 10,000 to Rs. 1 lakh | Rs. 5 + Applicable GST |
| From Rs. 1 lakh to Rs. 2 lakh | Rs. 15 + Applicable GST |
| Rs. 2 lakh and Above | Rs. 25 + Applicable GST or No Charge |
Some banks do not charge for IMPS and some banks have different charges. So check the list of charges of your bank if you want to know the exact charges.
Here is the list of IMPS features-
It is important to know how to initiate a transaction using your mobile phone. If you want to use the IMPS facility to transfer funds to another bank account through the mobile banking route, you need two things:
MMID means Mobile Money Identifier. It is a 7-digit unique code issued to account holders by their banks to receive money using IMPS. If you have different bank accounts, you will have different MMIDs, even in the same bank. However, you can link them all to the same mobile number registered with your bank account.
Using MMIDs helps in keeping the account details private. Also, you do not need to remember account numbers and IFSC codes. Sending or receiving money is possible by just using registered mobile numbers and MMIDs.
You need to follow the below-given steps to do IMPS through mobile banking
A perfect thing about the Immediate Payment Service is that you can still initiate IMPS transfers without a net banking account or an internet-enabled smartphone. To make it more inclusive for everyone, banks enable IMPS transfers through SMS as well. So long as you have a mobile phone, you can IMPS facility via SMS as well.
However, to access this facility, you need to register for mobile banking and link your mobile number to your savings or current bank accounts. Once you have registered for the same, you can initiate a fund transfer through SMS. Here are the steps.
You can also access the Immediate Payment Service facility through net banking. In this case, you can transfer funds using the account number and IFSC code of the beneficiary.
Let us check the steps of using IMPS through Internet banking:
Once you complete an IMPS transaction by authenticating the payment, the bank provides you with a 12-digit number that is displayed on the screen. This is known as the IMPS reference number. You can find the number on your bank account statement too against the IMPS transaction ID.
IMPS timing is very fast and Instant transfers in real-time. Once you complete an IMPS transaction by authenticating the payment, You can see the amount will be deducted from the bank of the sender and will show in the bank account of the Receiver instantly.
For using IMP on mobile phones, a customer will have to register for mobile banking with his/her individual bank. However, for initiating IMP using the Bank branches, Internet banking, and ATM channels, no prior Mobile banking registration is required.
Yes, customers can link more than one account to the same mobile number. However each A/C no. will have a different MMID.
No need for registration, if receiving money using bank account details or Aadhaar Numbers. However, for receiving money using Mobile no. & MMID, Mobile registration is mandatory.
Mobile Money Identifier is a 7-digit number, issued by banks. MMID is one of the inputs which when clubbed with a mobile number facilitates fund transfer. Combination of Mobile no. & MMID is uniquely linked with an Account number and helps in identifying the beneficiary details. Different MMIDs can be linked to the same Mobile Number. (Please contact your bank for getting the MMID issued)
The following channels may be used to initiate IMPs transactions.
Here are the steps to transfer funds by IMPS
The sender is required to enter details such as
No, It is an immediate fund transfer service, after initiating the payment request payment cannot be stopped or canceled.
22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai.
Instant credit will be done.
You should use IMPS in case of instant fund transfer is required.
You can find the sender details through the passbook entry, you can see the phone number/sender name in the narration. But sometimes it may not be mentioned in the narration, in such cases, you should visit your branch for sender details.
You need to follow the steps of doing imps if not done, then IMPS will show an issue.
No, just you need to create a beneficiary and then select that payee, enter the amount, verify with OTP, and the amount will be credited to the account of the beneficiary.
After doing an IMPS, a success msg will show and the instant amount will be credited to the account of the beneficiary. You should ask and confirm from the beneficiary for the amount is credited or not.
Yes, If your IMPS transaction times out or fails, check if your money has been debited from the account. If the money is not debited, you can wait for a few minutes and strike another transaction.
An Accountant, GSTP, GST blogger, Website Creator, SEO Builder & Co-founder of the website https://gstportalindia.in for the help of GST Taxpayers of India. Having a perfect accounting experience of more than 10 years in a Private Ltd Company.
Login to the Udyam Registration Portal online is very easy. But you will have to understand first about the Udyam… Read More
Delhi Online Application Form For Admission under EWS/DG category for session 2024-25. The Directorate of Education, Every year keeps some… Read More
Open Cheque Normally, It is seen that some checkbooks issued by the bank are already having bearer cheques or order… Read More
Post dated Cheque Normally, It is seen that some checkbooks issued by the bank already have bearer cheques or order… Read More
Ante dated Cheque Normally, It is seen that some cheques issued to you have the date today before or within… Read More
Stale Cheque Normally, It is seen that some Cheques issued to you or someone else have expired the 3-month validity… Read More
View Comments
Your explanations are great.
IMPS does not have a clear advice of a) Who the remitter is ?
b) Their Bank Location or A/c No.
c) Remark of what this payment is for,
Can you help us with this.
Every month, we have few lakhs worth of payments, without the above details.
It would ne great if you could provide us a solution.
Thanks & regards