Immediate Payment Service (IMPS): A Comprehensive Guide

IMPS is a game-changer for instant transactions, allowing users to send and receive money 24/7.

It was launched in 2010 by the National Payments Corporation of India (NPCI), revolutionizing the way we make payments.

The service is available on a wide range of platforms, including mobile banking apps, internet banking, and ATMs.

Any bank account holder can use IMPS to make transactions, as long as their bank is a part of the NPCI network.

IMPS transactions are processed in real-time, with a maximum settlement time of 2 hours.

Immediate Payment Service, or IMPS, is a payment service that allows for instant money transfer online. It's available 24x7, including Sundays and bank holidays.

IMPS is developed by the National Payments Corporation of India (NPCI). The service can be availed through various methods such as mobile, internet, ATM, and SMS.

IMPS is a real-time and secure money transfer system that allows for instant money transfer. It's controlled by NPCI and has a significant history of development.

Here are some key milestones in IMPS development:

IMPS has been implemented by more than 150 banks across the country.

IMPS is available 24/7, so you can send money at any time, from anywhere. This means you can transfer funds instantly, even on public and bank holidays.

IMPS is a versatile service that can be used for various purposes, such as bill payments, online shopping, fee payments, and insurance premium payments. You can even use it to pay for transport and ticketing, and school fees.

To use IMPS, you only need an internet connection on your mobile or computer. You can also use it through ATM and SMS if you don't have an internet connection. This makes it a convenient and easy-to-use service.

IMPS is a secure service, protected through mechanisms such as encryption and firewalls. This means your transactions are safe from all attacks, and you can transact hassle-free.

Here are some of the key features of IMPS:

To use Internet Banking, log in to your bank's portal and add a beneficiary by entering their details such as name, bank account number, bank name, and IFSC code. The activation time may vary depending on your bank.

You can also use Mobile Banking, which requires installing the mobile banking application from a trusted source and logging in with your credentials. Once you've added a beneficiary, you can send money using the funds transfer option.

To add a beneficiary, you'll need to enter their name, bank account number, bank name, and IFSC code, and verify the details. This process may take some time, so be patient.

Once the beneficiary is activated, you can select them and enter the amount to be transferred. You'll receive a confirmation when the transfer is complete, along with a transaction ID for future reference.

Here's a comparison of the steps for Internet Banking and Mobile Banking:

Note that the activation time may vary depending on your bank, and it's essential to have mobile banking services while using IMPS for fund transfers.

IMPS transactions follow a specific procedure for processing. The banks involved must be registered with the National Financial Switch (NFS) to ensure safe and secure transactions.

The procedure involves the sender's bank debiting the sender's account with the transaction amount, sending a secure message to the receiver's bank, and the receiver's bank crediting the receiver's account with the amount. This process happens in 3 cycles per working day, with the mechanism of RTGS for every cycle.

The daily limit for IMPS transactions is ₹5 lakhs per user per account per day, subject to the availability of funds in the user's account. This limit helps prevent fraudulent transactions and ensures the servers are not flooded with requests.

Here are some banks with their IMPS charges:

To use IMPS, you need to register for mobile banking or internet banking service with your bank. They'll provide you with a Mobile Money Identifier (MMID) and mobile banking personal identification number (MPIN).

The sender's bank debits the sender's account with the amount being sent when the transaction is initiated. This ensures that the funds are available for transfer.

The sender's bank then sends a secure message to the receiver's bank, which credits the receiver's account with the amount sent. This process happens quickly and securely.

IMPS transactions require the sender to have the bank account number and the receiving bank's IFSC code. This information is necessary to complete the transaction.

Net settlements between the sending and receiving bank are done in 3 cycles per working day. This helps to ensure that transactions are settled efficiently and accurately.

Here's a breakdown of the IMPS transaction process:

IMPS transactions have a daily limit of ₹5 lakhs per user per account per day, as imposed by the Reserve Bank of India for security reasons.

The minimum amount that can be transferred using IMPS is ₹1, which is a relatively low threshold, making it accessible for small transactions.

Here are some banks with their respective IMPS charges:

IMPS transactions are subject to the availability of funds in the user's account, and the servers are not flooded with requests, ensuring that every user can do the transaction effortlessly.

The daily limit of IMPS is ₹5 lakhs per person per account per day, as specified in RBI guidelines.

To transfer money using IMPS, you'll need a mobile banking or internet banking account, or access to a bank ATM. This is a straightforward requirement, and most banks offer these services.

To initiate an IMPS transfer, you'll need to provide the bank account number and IFSC code or MMID of the receiver. This information is essential for the transfer to go through.

Here's a quick rundown of the transfer requirements:

These requirements are in place to ensure secure and efficient transactions.

To make an IMPS transfer, you'll need a few things. You'll need mobile banking or internet banking credentials, or access to a bank ATM. This is the first requirement for an IMPS transfer.

You'll also need the bank account number and IFSC code or MMID of the receiver. This is a crucial piece of information that ensures the transfer is made to the right person.

To make an IMPS transfer, you can use either Internet banking, mobile banking, or a Pre-Paid Payments instrument issuer (PPI).

Here are the channels through which you can make an IMPS fund transfer:

To initiate an IMPS transfer, you'll need to provide the required beneficiary details, such as name, registered mobile number, beneficiary MMID, and the amount to be transferred.

IMPS charges are applicable on transfers, and for a transfer of 1 lakh, you'll incur a charge of Rs. 15.

The charge is applicable from 1 lakh to 2 lacs, which indicates a specific range for the IMPS fee.

This means that if you transfer exactly 1 lakh, you'll be charged Rs. 15, but if you transfer a smaller amount, you won't be charged the IMPS fee.