What is IMPS?
IMPS stands for Immediate Payment Service. It is a real time fund transfer system developed by RBI for transferring money by customers form one bank account to another bank account using mobile banking, internet banking, or bank branches. To use this, you and the receiver should have a bank account and register yourself for IMPS services with your respective bank. The IMPS services are available 24x7, thus, making it a highly flexible payment service.
IMPS Transaction Limits
The Reserve Bank of India previously set the IMPS limit to Rs. 2 lakh per day. Currently, the maximum IMPS limit for daily transactions is Rs. 5 lakhs. However, it might vary from bank to bank. The mimimum amount that can be transferred using IMPS is Rs. 1.
IMPS Charges
Charges for transfers via IMPS are levied by the bank. The additional charge depends on the transaction amount. However, the IMPS charges usually range from Rs. 2.50 to Rs. 25 for amounts of Rs. 10,000 to Rs. 5 lakhs. The below table provides the charges of IMPS transactions:
| Transaction Value |
Maximum 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 |
The exact amount can vary between different banks. The bank may also waive off the charges for certain specific customers.
IMPS Timings
Usually, IMPS services are available 24x7 for every account holder of any bank. The funds transfered in the beneficiary account 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 Using IMPS for Fund Transfer
- Real-time transactions
- 24x7 availability
- Easy, Safe and Secure for fund transfer
- Available on mobile banking, net banking and ATM
- To add beneficiaries through IMPS mobile platforms, one can just provide the receiver's mobile number and MMID.
- IMPS transactions done through mobile banking do not require bank account numbers.
How to Transfer money Through IMPS?
Below are the steps to make an IMPS transfer online:
- Log in to your net banking account using your User ID and Password.
- Click on the 'Fund transfer' option on the home page.
- Select the transfer method as 'IMPS'.
- Add the beneficiary to your account if you haven't already.
- Enter the required details of the beneficiary, such as name, registered mobile number, beneficiary MMID, and the amount to be transferred. Alternatively, you can also provide the account number and IFSC code if it is a P2A transfer (phone to account).
- Select 'Accept Terms and Conditions' and click 'confirm'.
- Once you confirm, the amount will be transferred from your bank account to the beneficiary's account.
