IMPS

What is IMPS?

IMPS (Immediate Payment Service) is an interbank electronic funds transfer system in India, which enables users to send and receive money instantly through mobile phones, internet banking, or ATMs, even outside regular banking hours. It is operated by the National Payments Corporation of India (NPCI) and ensures quick and secure fund transfers across banks.

Key Features of IMPS

Instant Transfer: Real-time transfer of funds, 24x7, including weekends and holidays.
Wide Reach: Accessible through mobile banking, internet banking, ATMs, and SMS.
No Minimum Balance: It can be used for any amount, be it small or big.
Secure: It has MFA for extra security.

How IMPS Works

1. The sender initiates a transaction through a mobile app, net banking, or ATM.
2. It requires details such as the beneficiary account number, IFSC code, or Mobile Money Identifier (MMID).
3. The amount is credited to the recipient's account instantly after processing the transaction.

How to use IMPS?

Using Mobile Banking:

• Open the mobile banking application
• Choose the transfer option as IMPS
• Fill in the details of the beneficiary, which may include the account number and IFSC or MMID
• Confirm and authorize the transaction

Using Internet Banking:

• Log in to your bank's internet banking portal
• Select the IMPS option
• Enter the details of the beneficiary along with the transaction amount
• Verify and complete the transfer

Through ATMs:

• Insert your card and choose the IMPS option.
• Enter the beneficiary details and authorize the transfer.

Advantages of IMPS

1. Speed: Transfers funds instantly without any delay.
2. Availability: Available 24x7, 365 days a year.
3. Convenience: Can be accessed through various channels such as mobile apps, ATMs, and net banking.
4. Flexibility: Suitable for personal, business, or emergency transactions.

IMPS Charges

• Transaction Fees: Nominal charges may be applicable, which differ from bank to bank and the amount of transaction.
• No Hidden Charges: Transparent fee structure.