The convenience of transferring money online helps an individual to make the most of modern technology-based banking services. When it comes to transferring money from one account to another, most banks offer various options depending on various factors and requirements of the customers.
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IMPS (Immediate Payment Service) – Instant fund transfer
Now a days many people use online payment option to send money, the most popular of which are Bhim UPI , Paytm , PhonePay , Google Pay , IMPS etc. You must have heard about Phone Pay, Google Pay etc. But do you know about IMPS? Many people also transfer money with its help, but very few people will be fully aware of it.
IMPS stands for Immediate Payment Service, which is an interbank electronic fund transfer service in India. It allows customers to transfer funds instantly and securely between bank accounts, 24×7, including weekends and holidays.
IMPS was launched by the National Payments Corporation of India (NPCI) in 2010, and it is now one of the most popular digital payment methods in India. It allows customers to transfer funds using various channels, including mobile banking, internet banking, and ATMs.
To use IMPS, customers need to register their mobile number with their bank and link it to their bank account. They can then use their mobile banking app or internet banking portal to initiate an IMPS transfer by entering the recipient’s account number, the recipient’s bank’s Indian Financial System Code (IFSC), and the transfer amount. The transaction is then processed instantly and the funds are transferred to the recipient’s account.
IMPS provides a number of benefits over traditional fund transfer methods, including instant transfer of funds, 24×7 availability, and the ability to transfer funds using mobile devices. It also provides a secure platform for transferring funds, with all transactions processed through a secure payment gateway.
Overall, IMPS has helped to revolutionize the way Indians transfer money, making it faster, more convenient, and more secure than ever before. It is widely used by individuals, businesses, and government organizations, and is likely to continue to play an important role in the future of digital payments in India.
IMPS Full Form
Full Form of IMPS is Immediate Payment Service
All banks offer several transfer methods such as National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), etc., depending on the value of the transaction, speed of transfer, service availability, On other factors, each transfer offers a variety of features and flexibility.
Present technology use most of our work is done through online sitting at home. Today we can easily do our banking related tasks through online platform, whether to open an account in the bank, pay anything or send money to any person, today all the tasks are easily completed through online medium.
What Is IMPS
IMPS The Full Form Of IMPS Is Payment Service and known as Immediate Payment Service. This Is A Service Provided By NPCI (National Payment Corporation Of India), Through Which Fund Transfer Or Receive Can Be Done At Once. IMPS Is A Great Service Through Which You Can Send Or Receive Money, As Well As Do Banking Transactions In Real Time.
When start IMPS
- This service was launched on 22 November 2010, today most of the banks in India are providing the benefit of this service to their customers.
- Which includes Axis Bank , Bank Of India, Canara Bank, Central Bank Of India etc. It is a great medium to send or receive money instantly.
- If to access IMPS fund transfer through mobile banking, you need to have the beneficiary’s Mobile Money Identifier (MMID) and your MPIN (Mobile PIN).
- If you are transferring money through IMPS net-banking, you will need the payee’s account details like account name, number, IFSC etc. to make the payment to the beneficiary.
How to transfer fund with IMPS
IMPS is such a banking payment service, through which you can send money from one account to another in real time, through IMPS, money can be sent to any person at any time. IMPS is a service provided by NPCI (National Payment Corporation Service), through which you can transfer or receive funds instantly, through IMPS you can avail banking facility through ATM , internet or mobile anytime in 24 hours
IMPS transfer through Net-Banking
The procedure for IMPS transfer through Net-Banking is as follows
- Log-in to the Net-Banking portal of your bank;
- Add an IMPS beneficiary by inputting the beneficiary’s account number, account type, IFSC code, name and contact details;
- After your bank confirms that the beneficiary has been added,
- go to Fund Transfer and then select the beneficiary to whom you want to transfer the funds.
- Once you do that the beneficiary’s account details will appear, enter the amount and comments (optional).
- Verify the payment and your funds will be transferred instantly through IMPS.
IMPS transfer through mobile banking
The process for IMPS transfer through mobile banking is as follows
- Log in to your bank’s mobile banking application;
- Add beneficiary, if not already added (Procedure to add beneficiary is given above),
- Once the beneficiary is added, click on Send Money / Fund Transfer tab
- go to IMPS option; Enter the beneficiary’s mobile number, amount and the beneficiary’s Mobile Money Identifier (MMID).
- The application will then ask your Mobile PIN (MPIN) to authenticate the transfer,
- once you verify your mobile PIN, your money will be transferred and then the bank will send you a confirmation message with the transaction number.
- You can use that transaction number while responding to queries and complaints.
IMPS transfer By MMID (Mobile Money Identification Number)
This is a 7 digit unique number for using the IMPS service, which is used to transfer funds through IMPS. You can use the internet banking facility of your bank to get the new MMID . The instructions for this are shown below:
- First of all login to your “Mobile Banking App”.
- After this, go to the section of “Fund Transfer” and select “IMPS”.
- After selecting IMPS, pay the money you want to send by adding “Account Number”, “Mobile Number” and “MMID Code”.
- You can “Verify” this transaction through OTP or MIPN.
- In this, money is debited from your account and credited to the beneficiary’s account.
- After payment, you will get a message containing all the details of the transaction, save the screenshot as this number can be useful anytime.
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IMPS Fund Transfer by Mobile
- To transfer funds from mobile, first you have to activate mobile banking service in your bank account,
- after that you can transfer funds to any person using NPCI (National Payment Corporation Service) USSD service *99#.
- To use this service, you have to dial *99# from your registered mobile number, in which the option of fund transfer will come
- you can transfer funds to any person by entering his mobile number and bank account information.
IMPS transfer By ATM
To do IMPS from ATM, it is very important to have the debit card number of the money you want to pay . The following points can be taken to make use of this facility:
- To do IMPS, first swipe your debit card at the ATM , then enter your ATM PIN.
- After entering the PIN, select the option of fund transfer and go to the option of IMPS.
- After going to the option of MPS, the mobile numbers that you had registered will be visible.
- After selecting the mobile number, you have to enter the mobile number and MMID number of the person to whom you want to transfer the money.
- Now fill in the amount you want to transfer and “Confirm” and “Send”.
- After completing the above mentioned method, money will be debited from your account and credited to the recipient’s account.
- After the payment is done, you will receive a message in which all the information related to the payment will be written.
Why IMPS Is Better Than NEFT And RTGS
- IMPS is built on the National Financial Switch Network and is managed by the National Payments Corporation of India (NPCI).
- Whereas, NEFT is managed by the Reserve Bank of India.
- IMPS was launched in 2010 while NEFT was launched in 2005. The full form of IMPS is Immediate Payment Service and NEFT Full Form, National Electronic Fund Transfer
- IMPS transfers the money you send to the recipient’s account anytime, anywhere.
- Whereas NEFT works on net and batch basis and it pays money only in its business hours which are in batches.
- In common parlance NEFT transfers funds between two bank accounts through electronic messages.
- IMPS can be used 24 x 7 whereas NEFT is available only during its business hours.
- The NEFT payment system usually makes 23 settlements in a day between 06.30 am and 08.00 pm. Morning and 6.30 PM in the evening.
- NEFT is not a 24 x 7 fund transfer service and is not available at all on Sundays, Bank Off-days and Bank Holidays.
- Transactional charges are also different for NEFT and IMPS. The charges for NEFT and IMPS are decided by the bank.
- NEFT charges start from a minimum of Re 1 per transaction and go up to a maximum of Rs 25 per transaction.
- Whereas IMPS charges usually start from a minimum of Rs 5 per transaction and go up to a maximum of Rs 15 per transaction.
- Generally the minimum transaction value of NEFT and IMPS is Re.1. The maximum limit of NEFT varies from bank to bank, generally it can go up to Rs 10 lakh per transaction.
- On the other hand, the maximum IMPS Transfer Limit through IMPS can only go up to Rs 2 lakh in a day.
- IMPS Is Better Than NEFT And RTGS IMPS Is Almost Better Than Other Money Transfer Services Like NEFT
- And RTGS Because It Takes Time To Transfer Money In NEFT And In RTGS,
- Although Money Is Transferred In Real Time But RTGS Is More Than 150000 Transactions.
Features of IMPS
- IMPS is one of the fastest and most reliable ways to do inter-account money transfers. Unified Payment Interface (UPI) is also built on this platform.
- Immediate Payment Service (IMPS) is a fast, safe and secure way to send and receive funds.
- IMPS works on both net-banking and mobile platform and its services are available in public and also on bank holidays and bank off-days.
- Money can be sent through IMPS mobile platform to any beneficiary by simply providing his mobile number and Mobile Money Identifier (MMID).
- For IMPS fund transfer, bank account number is not required if you are transferring through mobile.
- The transfer notification is sent by the bank to both the payee and the payee upon completion of the transfer.
- The IMPS fund transfer limit, at present, is Rs 2 lakh per day. The minimum permissible transaction value in IMPS is Re.1.
- IMPS Limit – IMPS Limit ranges from Rs 1 to Rs 2 lakh. Its minimum limit per day is Rs. 1 and maximum Rs. 2 lakhs
- IMPS Charges -The charges are Rs. 2, 50 paise, above Rs. 10,000 but up to Rs. 1 lakh – Rs. 5 and above Rs. 1 lakh but up to Rs. 2 lakh – Rs.15. Service tax is levied by the bank on whatever IMPS we transfer to any person.
Benefit of IMPS
Real-time Money Transfer:
Till now, only RTGS or Real Time Gross Settlement enabled you to transfer funds on a real time basis. NEFT transfer takes up to 3 to 4 hours for transfer depending on the bank. Whereas IMPS is the same real time as RTGS.
Any time fund transfer
You can transfer funds through IMPS 24X7, 365 days a year anytime. This facility is also available during Bank Holidays, Sundays and Night time. The limitations of RTGS are that it is available only during banking working days and that too from 8:15 am to 4:15 pm.
Available through Multiple Channels:
You can transfer funds through various channels like ATM, Net Banking, SMS, USSD and mobile application.
Apart from P2P money transfer, IMPS can be used for a host of payments like utility bills, travel tickets, mobile recharge, e-commerce, etc.
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