Immediate Payment Service (IMPS) is a facility banks provide for instantly transferring your funds from one bank account to another. The participants for IMPS include a sender, receiver or beneficiary, banks, and NPCI.
According to the latest update from government bodies, the current daily IMPS limit is set to Rs. 5 lakh per day. This article covers all about Immediate Payment Service (IMPS), including IMPS charges, limits, timings, eligibility, etc.
What Is IMPS?
IMPS, orImmediate Payment Service, is anelectronic money transfer system where you cansend money instantly from your bank account to another. To use this, you and the receiver should have a bank account and register yourself for IMPS services with your respective bank. Banks facilitate their customers to use this facility from branches, net banking, and mobile banking channels.
IMPS Maximum Limit Per Day
The Reserve Bank of India (RBI) previously set the IMPS limit to Rs. 2 lakh per day. However, seeing the increasing demand for this payment system, they have increased theIMPS daily limitto Rs. 5 lakh per day.
IMPS Charges
IMPS allows you to make instant transfers of funds from sender to receiver. Banks tend to charge additional for this service. The additional charge depends on the transaction amount. The below table provides thecharges of IMPS transactions:
Transfer Amount | Charges |
Up to Rs. 10,000 | Rs. 2.50 plus GST |
From Rs. 10,001 to Rs. 1 lakh | Rs. 5 plus GST |
From Rs. 1 lakh to Rs. 2 lakh | Rs. 15 plus GST |
Rs. 2 lakh and above | Rs. 20 plus GST |
Theexact amount can vary between different banks. The table contains approximate IMPS charges.
IMPS Transfer Time
IMPS transfer facility is available 24/7 for every account holder of any bank. The funds reach the beneficiary instantly after the sender's bank approves the transaction. However, in rare cases, it can take up to 5 working days when your transaction becomes void, fails, or is timed out during the process.
Benefits of IMPS
There are various benefits of using IMPS to make instant money transfers that are pointed out below:
- 24/7 availability
- Instant fund transfer
- Cost-effective
- Available on mobile banking, net banking and ATM
- Safe and secure
IMPS Eligibility
According to NPCI, both thesender and the receiver musthave a bank account with a registered mobile number and MMID to send and receive funds through IMPS. Additionally, you need to enter the IFSC code, bank account number and transaction amount to make a transaction.
How To Transfer Money Through IMPS?
A bank account holder can use this facility from various channels. These are some of the mostpopular ways to transfer money through IMPS:
Net Banking
If you can access your bank’s net banking facility, you can make IMPS transfers by logging in to your account. Sign in to your account and go to the IMPS option, which may be available under the money transfer section. Enter the account number, IFSC code, name, etc., of the receiver and authorise the transaction. After every successful transaction, you will get a confirmation SMS and email from your bank.
Mobile Banking
Most of the popular banks allow their account holders to make IMPS transactions from mobile banking applications. You need to go to the IMPS transaction option, select payee, enter the amount, and authorise the transaction.
USSD
You can even make an IMPS transaction by dialling *99# from your dialer. This is very helpful if you do not have internet connectivity and want to make a money transfer. After dialling the number, complete the step-by-step process by entering the IFSC code, account number or MMID, transfer amount, etc., and enter your MPIN to complete the transfer.
How to Track IMPS Transactions?
IMPS transactions are easily tracked using theTransaction ID or Retrieval Reference Number (RRN). It is a 12-digit number which is generated after every transaction. If you have done an IMPS transaction from net banking or mobile banking, you can track the transaction by checking the status through your net banking or mobile banking account.
Usually, your bank will send you a confirmation in your registered email and SMS when the amount successfully reaches the beneficiary account.
IMPS Participating Banks
The table below provides the list ofbanks that offer IMPS facility to their customers:
List of Banks Providing IMPS Facility | ||||
Bank of Maharashtra | Bandhan Bank Limited | IDBI Bank | Jammu And Kashmir Bank | Karnataka Bank |
HSBC Bank | City Union Bank | Dhanalakshmi Bank | Axis Bank | IDFC Bank |
Development Bank of Singapore | Central Bank of India | Fino Payments Bank | Bank of Baroda | Catholic Syrian Bank |
Emirates NBD Bank (P J S C) | Federal Bank | Bank of Bahrain and Kuwait B.S.C | Kotak Mahindra Bank | Ratnakar Bank |
Punjab and Sind Bank | Barclays Bank | HDFC Bank | Indian Overseas Bank | State Bank of India |
IndusInd Bank | ICICI Bank | Yes Bank Ltd | UCO Bank | Paytm Payments Bank |
Union Bank Of India | Karur Vysya Bank | South Indian Bank | Airtel Payments Bank Ltd. | SBM Bank (India) Limited |
Bank of America | The Rayat Sevak Co-Operative Bank Limited | NSDL Payments Bank Ltd | The Goa Urban Co-Operative Bank Ltd. | Standard Chartered Bank |
DCB Bank Ltd. | Citi Bank | Punjab National Bank | Sri Satya Sai Nagrik Sahakari Bank, MYDT | Tirumala Co-Operative Urban Bank Ltd |
Ramrajya Sahakari Bank Ltd | Tamilnad Mercantile Bank | India Post Payments Bank Limited | Credit Agricole Corporate & Investment Bank | Khardah Cooperative Bank Ltd |
Canara Bank | Bank of India | Shinhan Bank | BNP Paribas | Indian Bank |
Factors To Consider While Using IMPS
IMPS is one of the best electronic fund transfer systems for safe, secure and faster transactions. However, a small mistake can lead to fund loss. Here are somefactors that you should consider while using the IMPSservice of a bank:
- To make an IMPS transfer, you should have the account number, IFSC code, name and the registered mobile number of the receiver.
- In case you are transferring by using the MMID, you and the receiver must have registered with the mobile banking services of any bank. Without the registration, you will not be able to get the MMID, which is very important for an IMPS transaction.
- As a sender, you should recheck the account details, IFSC code, etc., at least two or three times to ensure that the details you entered are correct.
- You should have a good internet connection for online IMPS transactions to avoid payment failure and request timed-out errors.
In case you transfer your funds to an incorrect account, you cannot get your money back if the receiver declines to give it back to you. Therefore, you should be very careful while entering the receiver's details.
Now that you have an overall idea about various aspects of IMPS, you can use this information to clear your doubts about the IMPS facility and make hassle-free transactions.
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