Welcome to our blog section, where we delve into the world of instant fund transfers made easy with IMPS – Immediate Payment Service. In this fast-paced digital era, IMPS offers a convenient and efficient way to transfer funds instantly. Whether you need to send money to a friend, pay bills, or make online purchases, IMPS ensures seamless transactions with its real-time transfer capabilities. Stay updated with the latest information on IMPS, and learn about its features, benefits, and how it simplifies your financial transactions. Join us on this journey to discover the power of IMPS and unlock a world of effortless money transfers.
What is IMPS?
IMPS, which stands for Immediate Payment Service, is a revolutionary fund transfer service in India. It lets users make instant and convenient mobile phone or Internet banking transactions. With IMPS, you can transfer funds to anyone, anywhere, at any time, without needing physical presence or long waiting periods. It enables quick and secure money transfers and bill payments and even lets you purchase at registered merchants. IMPS has transformed how we send and receive money, providing a reliable and efficient solution for all our financial needs.
Features of IMPS: Instant Fund Transfers with Flexibility and Security
IMPS (Immediate Payment Service) is India’s highly flexible and versatile fund transfer system. Its key features include:
- Availability: IMPS is available 24×7, allowing you to transfer funds anytime, anywhere.
- Multi-Platform Support: It can be accessed through mobile banking or net banking.
- Versatility: IMPS enables various types of payments, including person-to-person (P2P) and person-to-merchant (P2M) transactions for online shopping, bill payments, insurance premiums, and more.
- Easy to Use: You can easily transfer funds with the recipient’s mobile number and MMID.
- Instant Transfer: IMPS ensures real-time money transfers.
- Security: Despite being an internet-based service, IMPS employs robust security measures to protect transactions.
- Mobile Alerts: The sender and receiver receive real-time text alerts about transaction updates.
IMPS Transaction Limit and Charges: Everything You Need to Know
The maximum transfer limit for IMPS transactions is typically Rs. 5 lakh, although this may vary depending on the bank. Minimum limits can also vary between banks. When it comes to IMPS charges, they depend on the transferred amount and the bank’s policies. The regular charges range from Rs. 2.50 to Rs. 25 for Rs. 10,000 and Rs. 5 lakh. Different banks have their fee structures, with some examples provided here. Please note that these charges are exclusive of GST and are subject to change.
IMPS Charges Comparison: Minimum and Maximum Fees by Different Banks
|Bank Name||Minimum IMPS Charges||Maximum IMPS Charges|
|Axis Bank||₹2.5 + Taxes||₹15 + Taxes|
|Bank of Baroda||₹1 + Applicable GST||₹5.50 + Applicable GST|
|Bank of India||₹2.5 + Tax||₹5 + Tax|
|Canara Bank||NIL||₹15 + Taxes|
|Central Bank of India||₹5 + GST||₹5 + GST|
|Federal Bank||NIL||₹15 + Tax|
|HDFC Bank||₹3.50 + Applicable GST||₹15 + Applicable GST|
|ICICI Bank||₹5 + Applicable GST||₹15 + Applicable GST|
|IDBI Bank||NIL||₹15 + GST|
|IDFC First Bank||NIL||NIL|
|Indian Overseas Bank||₹5 + Taxes||₹15 + Taxes|
|IndusInd Bank||₹2.5 + GST||₹15 + GST|
|Kotak Mahindra Bank||NIL||NIL|
|Punjab National Bank||₹5 + GST||₹5 + GST|
|RBL Bank||₹5 + GST||₹15 + GST|
|South Indian Bank||NIL||₹15 + GST|
|State Bank of India (SBI)||NIL||NIL|
|Union Bank of India||₹5 + Taxes||₹15 + Taxes|
|Yes Bank||NIL||₹5 + Taxes|
The Benefits and Eligibility Criteria of IMPS
IMPS (Immediate Payment Service) offers a range of advantages for hassle-free fund transfers. Here’s why IMPS is useful:
- Round-the-Clock Access: IMPS is available 24/7, including bank holidays, allowing you to transfer funds anytime.
- Instant Transfers: You can swiftly transfer up to Rs. 2 lakhs to any beneficiary, ensuring quick transactions.
- Transaction Tracking: Each IMPS transfer triggers an SMS alert, enabling you to monitor your fund transfers effectively.
- Nominal Charges: IMPS charges are reasonable, making it a cost-effective option for money transfers.
To utilize IMPS, individuals need a savings bank account with mobile banking enabled. Additionally, banks must comply with RBI-approved mobile banking facilities to participate in the IMPS payment system.
How to Transfer Funds through IMPS: Step-by-Step Guide
To transfer funds through IMPS (Immediate Payment Service), you can use Internet banking, mobile banking, or a Pre-Paid Payments instrument issuer (PPI). Follow these steps for a seamless electronic transfer:
Step 1: Install your bank’s mobile banking application (e.g., SBI Anywhere, iMobile Pay) or access Internet banking.
Step 2: Log in using your credentials (User ID/Customer ID and Password).
Step 3: Click on “Transfer” and select “Add Beneficiary” or choose the “One Time Transfer” option.
Step 4: Provide the necessary details for IMPS transfer, such as the beneficiary’s MMID and mobile number or their account number and IFSC code.
Step 5: Enter the beneficiary’s name, registered mobile number/MMID, and the transfer amount. Alternatively, use the account number and IFSC code.
Step 6: Review and accept the Terms & Conditions before confirming the transaction.
How to Track IMPS Transactions: A Step-by-Step Guide
Tracking your IMPS (Immediate Payment Service) transactions is a straightforward process that provides you with the details of your recent transfers. Follow these steps to track your IMPS transaction:
Step 1: Log into your mobile or net banking account using your credentials.
Step 2: Look for the option to track or view transaction status. This may vary depending on your bank’s interface.
Step 3: Locate the IMPS reference number for the specific transaction you want to track. The bank typically provides the reference number after a successful IMPS transfer.
Step 4: Enter the IMPS reference number in the designated field or select the relevant transaction for detailed information.
Step 5: Review the transaction status, including details such as the date, time, beneficiary, and amount.
Alternatively, suppose you face any difficulties or prefer assistance. In that case, you can contact your bank’s customer support helpline to inquire about IMPS reference number tracking or obtain information about your last transaction.
Understanding MMID (Mobile Money Identifier) for IMPS Transactions
MMID (Mobile Money Identifier) facilitates seamless IMPS (Immediate Payment Service) transactions. Here’s everything you need to know about MMID:
What is MMID?
MMID is a unique seven-digit number issued to customers upon registration for mobile banking. It serves as an identification for conducting IMPS transactions.
Importance of MMID:
The remitter and beneficiary must have an MMID to initiate a successful IMPS transfer. It ensures accurate fund transfers by using the mobile number and MMID combination.
Unique to Each Account:
Each customer account is assigned a distinct MMID. This allows you to select the specific account from which you want to transfer funds.
You can easily check your MMID online by logging into your mobile banking app and selecting the “Know your MMID” option. Alternatively, you can send an SMS to the designated number provided by your bank to receive your MMID via SMS.
Remember, entering the correct combination of MMID and the beneficiary’s mobile number is essential to ensure error-free transfers. Make sure to double-check the accuracy of these details before initiating an IMPS transaction.
Understanding IMPS P2A and Making Transfers
IMPS P2A (Phone to Account) enables you to transfer funds from your mobile phone to any beneficiary’s bank account. Here’s what you need to know about IMPS P2A and how to make a transfer:
IMPS P2A Meaning:
IMPS P2A allows you to transfer money by providing the beneficiary’s account details, such as the account number and IFSC code. This option is useful when you can’t access the beneficiary’s Mobile Money Identifier (MMID).
Difference Between P2P and P2A:
In P2P (Phone to Phone) transfers, you need the beneficiary’s MMID and mobile number. For P2A transfers, the MMID is not required. Instead, you provide the beneficiary’s account number and IFSC code.
Making an IMPS P2A Transfer:
To initiate an IMPS P2A transfer, follow these steps:
1. Log into your mobile banking account using your credentials.
2. Select the Funds Transfer option and choose IMPS.
3. Choose the “Using IFSC code” option.
4. Enter the beneficiary’s name and the transfer amount.
5. Provide your MPIN (Mobile Personal Identification Number) and confirm the transaction.
6. Upon completion, you will receive an IMPS transfer tracking number.
7. The sender and beneficiary will receive SMS alerts once the funds are credited.
It’s important to ensure the accuracy of the beneficiary’s account number and IFSC code to avoid any errors in the transfer process.
1. What is IMPS transfer?
IMPS transfer refers to Immediate Payment Service, a fast and convenient way to transfer funds electronically. It allows you to send money instantly using mobile banking, internet banking, or a Pre-Paid Payments instrument issuer.
2. Is IMPS chargeable?
Yes, IMPS transactions may have charges associated with them. The charges vary from bank to bank and depend on the transfer amount. It is advisable to check with your bank or refer to their official website for the latest IMPS charges.
3. What are IMPS and NEFT?
IMPS and NEFT are both electronic payment systems in India. While IMPS enables instant fund transfers throughout the day, NEFT (National Electronic Funds Transfer) operates in scheduled batches with fixed settlement cycles.
4. What is the IMPS wallet number?
IMPS has no specific “wallet number” like other digital wallets. Instead, IMPS transfers are typically made using the beneficiary’s account number, IFSC code, or Mobile Money Identifier (MMID) and mobile number.
5. How to find IMPS sender details?
You can check your transaction history or bank statement for IMPS sender details. It will provide information about the sender, including their account number, name, and transaction details.
6. What is IMPS payment?
IMPS payment refers to making a payment using the Immediate Payment Service. It allows you to transfer funds instantly, enabling quick and convenient payments for various purposes such as bill payments, online shopping, and person-to-person transfers.