What is IMPS?, How to Transfer Money Through IMPS
IMPS is an abbreviation for "Immediate Payment Service". It is an instant interbank electronic fund transfer service that helps you access your bank account and transfer funds immediately and securely. It can be done through various channels such as ATM, Mobile Phones, Internet Banking, etc. The transferred money is credited to the beneficiary account instantly. This is facility was introduced in 2010 by National Payments Corporation of India (NPCI).
Through this service, one can transfer or receive money even on Sundays and bank holidays. This service is available 24x7, throughout the year.
Benefits of IMPS
- IMPS is secure and cost-effective.
- It is one of the fastest ways to transfer the funds.
- There are no time constraints. You can transfer funds using IMPS 24X7 all days (including Sundays and holidays).
- There is no cap on minimum amount that can be transferred through IMPS.
- It is channel independent can be initiated from Mobile/ Internet / ATM channels.
- You can transfer funds using mobile phone, internet banking or ATM.
- You get the confirmation of debit of funds in your account as well as credit of funds in beneficiary's account by SMS instantly as soon as the transaction is processed.
There are some limitations, while using IMPS for fund transfer, which are listed below:
- Only one beneficiary (receiver) can be added and approved in a single calendar day which will be activated by the internet banking system within 4 hours, if the remitter (sender) approves between 6 AM and 8 PM.
- Funds can only be transferred to the new beneficiary after its activation.
- Maximum Rs. 10000/- can be transferred on the first day of activation. It is decided by the bank and varies from bank to bank.
- The period of first few days (may vary from bank to bank) after activation is called :cooling period".
- A fixed sum of (for example Rs. 50,000/- (maximum)) can be transferred to the new beneficiary during this cooling period. The amount of this fixed sum is decided by the bank and varies from bank to bank.
- A fixed sum (for example maximum Rs. 50,000/-) can be transferred to the new beneficiary every day once cooling period gets over.
Following particulars of the beneficiary (receiver) are required to send the money through IMPS
- If the customer (sender) is using option "IMPS using Account number and IFSC" or person-to-account payment
- Account number and IFSC of the beneficiary (receiver)
- The beneficiary needs to be added in NetBanking in order to transfer the money
- If the customer (sender) is using option "IMPS using Mobile Number and MMID" or person-to-person payment
- The mobile number and unique 7 digit Mobile Money Identification Number (MMID) of the beneficiary (receiver). It is also mandatory
- that the beneficiary has got his mobile number registered with his respective bank in which his account is hosted
IMPS Transaction Charges
Facilitating IMPS charges applies not only to banks but also to the government. Therefore the transactions using IMPS have some specific charges.
- For transfers up to Rs. 10,000: Rs. 2.50 with GST
- For transfers from Rs. 10,000 to Rs. 1,00,000: Rs 5 with GST
- For transfers from Rs.1,00,000 to Rs. 2,00,000: Rs 15 with GST
- For transfers above Rs.2,00,000: Rs 25 with GST
IMPS Timings
You can transfer funds using IMPS 24X7 all days (including Sundays and holidays).
IMPS Transaction Limit Per Day
The Reserve Bank of India (RBI) has increased the IMPS limit to Rs.5 lakhs per day from earlier limit of Rs.2 lakhs per day.
Banks Live on IMPS
Bank Name | Using Account No. and IFSC (P2A) | Using Mobile No. and MMID (P2P) |
---|---|---|
Axis Bank | Live | Live |
Bank of Baroda | Live | Live |
Bank of India | Live | Live |
Bank of Maharashtra | Live | Live |
BNP Paribas | Live | Live |
Canara Bank | Live | Live |
Catholic Syrian Bank | Live | Live |
Central Bank of India | Live | Live |
Citi Bank | Live | Live |
Development Bank of Singapore | Live | Live |
DCB Bank Ltd. | Live | Live |
Dhanalakshmi Bank | Live | Live |
Federal Bank | Live | Live |
HDFC Bank | Live | Live |
HSBC Bank | Live | Live |
ICICI Bank | Live | Live |
IDBI Bank | Live | Live |
Indian Bank | Live | Live |
Indian Overseas Bank | Live | Live |
Indusind Bank | Live | Live |
Jammu And Kashmir Bank | Live | Live |
Karnataka Bank | Live | Live |
Karur Vysya Bank | Live | Live |
Kotak Mahindra Bank | Live | Live |
Punjab National Bank | Live | Live |
South Indian Bank | Live | Live |
Standard Chartered Bank | Live | Live |
State Bank of India | Live | Live |
Tamilnaad Mercantile Bank | Live | Live |
UCO Bank | Live | Live |
Union Bank Of India | Live | Live |
Yes Bank Ltd | Live | Live |
Ratnakar Bank | Live | No |
Punjab and Sind Bank | Live | Live |
City Union Bank | Live | No |
Bandhan Bank limited | Live | Live |
IDFC bank | Live | No |
Barclays Bank | Live | No |
Airtel Payments Bank Ltd. | Live | No |
Fino Payments Bank | Live | No |
Paytm Payments Bank | Live | No |
India Post Payments bank Limited | Live | No |
Emirates NBD Bank (P J S C) | Live | No |
JIO Payments Bank | Live | Live |
NSDL PAYMENTS BANK LTD | Live | No |
Shinhan Bank | Live | No |
Bank of America | Live | No |
SBM BANK (INDIA) LIMITED | Live | No |
Bank of Bahrain and Kuwait B.S.C | Live | No |
Credit Agricole Corporate & Investment Bank | Live | No |
Khardah Cooperative Bank Ltd | Live | Live |
The Rayat Sevak Co-Operative Bank Limited | Live | Live |
The Goa Urban Co-Operative Bank Ltd. | Live | Live |
SRI SATYA SAI NAGRIK SAHAKARI BANK, MYDT | Live | Live |
TIRUMALA CO-OPERATIVE URBAN BANK LTD | Live | Live |
RAMRAJYA SAHAKARI BANK LTD | Live | Live |