IMPS | Immediate Payment Service

What is IMPS ?


If you transfer the money through Net banking, then you must know about RTGS, NEFT and IMPS. There are three separate methods for sending or receiving funds to RTGS, NEFT and IMPS. Funds are transferred through this process. There will be many people among you, who have used the IMPS to transfer money, but do you have complete knowledge about this. So today we will discuss about this in this post.



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The IMPS was first introduced in 2010, now it has been almost nine years since it was initiated after NEFT and RTGS. This service was first introduced in August 2010 as a pilot project and later on 22nd  November 2010, it was launched as a publically service by Smt.Shyamala Gopinath. Although initially it was launched by only a few banks such as SBI, ICICI Bank, Bank of India and Union Bank of India but later Axis bank, Yes bank and HDFC bank or other private banks started this service.


IMPS is a immediate fund transfer service whereby you can send money from one account to another in real time. The full form of IMPS is Immediate Payment Service. This is the service provided by NPCI (National Payments Corporation of India) through which you can immediately fund transfer or receive. IMPS is the best service in which you can make a inter banking transaction in real time, if you want to receive or send money immediately so this service is better for you. This is an inter-bank electronic fund transfer system you can transfer fund using mobile phone.


You can make money transfer or receive at anytime 24X7 and 365 days through IMPS. Money can also be transferred by IMPS even on the bank and public holidays.  Through this service you can transfer electronics funds to any bank through mobile phone, internet, ATM and other UPI enabled mobile application.


IMPS is better than other money transfer services like NEFT and RTGS because it takes less time to settle the payment and immediately credited in beneficiary account, in RTGS funds are also transferred in real time, but RTGS is available for transactions two lakh ( Rs 2,00,000/-) and above.



Benefits of IMPS

1. Through IMPS, you can transfer money 24 X 7 and 365 days even on bank and public holidays, while you can not do this in NEFT and RTGS.


2. IMPS is different from NEFT and RTGS because NEFT & RTGS only available to user for fund transfer during banking hours.


3. The facility of sending and receiving money in IMPS through bank account number and IFSC code, mobile number and MMID.


4. If you do not have an internet connection, you can still use it via USSD code (*99#) or sms.


5. The service of IMPS is operated by NPCI, which is very fast and secure.




charges for IMPS



The charges for IMPS are as follows:-


Transfer Amount
Charges
(Subject to Change According to Banks policies)

Up to Rs. 10,000
Rs. 2.50 + Applicable GST
From Rs. 10,000 to Rs. 1 lakh
Rs. 5 + Applicable GST
From Rs. 1 lakh to Rs. 2 lakh
Rs. 15 + Applicable GST
Rs. 2 lakh and Above
Rs. 25 + Applicable GST or No Charge


* Some banks do not apply any charges on transactions above Rs. 2 lakh through IMPS.


*Charges of IMPS may change according to different bank policies.


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