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:

  1. 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.
  2. Funds can only be transferred to the new beneficiary after its activation.
  3. Maximum Rs. 10000/- can be transferred on the first day of activation. It is decided by the bank and varies from bank to bank.
  4. The period of first few days (may vary from bank to bank) after activation is called :cooling period".
  5. 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.
  6. 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
    1. Account number and IFSC of the beneficiary (receiver)
    2. 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
    1. The mobile number and unique 7 digit Mobile Money Identification Number (MMID) of the beneficiary (receiver). It is also mandatory
    2. 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 NameUsing Account No. and IFSC (P2A)Using Mobile No. and MMID (P2P)
Axis BankLiveLive
Bank of BarodaLiveLive
Bank of IndiaLiveLive
Bank of MaharashtraLiveLive
BNP ParibasLiveLive
Canara BankLiveLive
Catholic Syrian BankLiveLive
Central Bank of IndiaLiveLive
Citi BankLiveLive
Development Bank of SingaporeLiveLive
DCB Bank Ltd.LiveLive
Dhanalakshmi BankLiveLive
Federal BankLiveLive
HDFC BankLiveLive
HSBC BankLiveLive
ICICI BankLiveLive
IDBI BankLiveLive
Indian BankLiveLive
Indian Overseas BankLiveLive
Indusind BankLiveLive
Jammu And Kashmir BankLiveLive
Karnataka BankLiveLive
Karur Vysya BankLiveLive
Kotak Mahindra BankLiveLive
Punjab National BankLiveLive
South Indian BankLiveLive
Standard Chartered BankLiveLive
State Bank of IndiaLiveLive
Tamilnaad Mercantile BankLiveLive
UCO BankLiveLive
Union Bank Of IndiaLiveLive
Yes Bank LtdLiveLive
Ratnakar BankLiveNo
Punjab and Sind BankLiveLive
City Union BankLiveNo
Bandhan Bank limitedLiveLive
IDFC bankLiveNo
Barclays BankLiveNo
Airtel Payments Bank  Ltd.LiveNo
Fino Payments BankLiveNo
Paytm Payments BankLiveNo
India Post Payments bank LimitedLiveNo
Emirates NBD Bank (P J S C)LiveNo
JIO Payments BankLiveLive
Shinhan BankLiveNo
Bank of AmericaLiveNo
Bank of Bahrain and Kuwait B.S.CLiveNo
Credit Agricole Corporate & Investment BankLiveNo
Khardah Cooperative Bank LtdLiveLive
The Rayat Sevak Co-Operative Bank LimitedLiveLive
The Goa Urban Co-Operative Bank Ltd.LiveLive