IMPS - Full Form, Features, Limits and Charges

Immediate Payment Service, which is the IMPS full form in banking, is a payment service for instant money transfers. It is facilitated by NPCI (National Payment Corporation of India). Through IMPS, one can send or receive funds instantly and do inter-bank transactions using mobile or online banking. The IMPS services are available 24x7, thus, making it a highly flexible payment service. 

Check how to transfer funds using the IMPS platform. This page also includes information on IMPS charges, timings and transaction limits of Immediate Payment Services.

Features of IMPS

Here are the important features of IMPS in banking and money transfers:

  • Flexibility: IMPS allows users to transfer funds at any time and from any location online. This service runs smoothly throughout the year, even on public and bank holidays.
  • Fast and Easy Payment: IMPS allows for quick and easy fund transfers where the users can access bank accounts via mobile phones and make secure inter-bank fund transfers. As soon as the funds are transmitted, the sender and the receiver receive instant credit and debit notices.
  • Versatile Platform: The fundamental aspect of IMPS is its versatility, as it may be utilised in various modes. P2M (Person to Merchant) payments can also be made with IMPS. It can be used to pay for insurance premiums, internet shopping, over-the-counter purchases, utility bill payments, transport and ticketing, and school, college, and university fees.
  • Easy to use: IMPS is quite easy to use compared to other electronic fund transfer methods. For quick and simple transactions, IMPS necessitates mobile banking. To utilize these services, you must have a mobile facility in your associated bank account, as they work through the bank's mobile application.

How to Transfer Money Through IMPS?

IMPS transfers can be made using either Internet banking, m-banking or even through Pre-Paid Payments instrument issuer (PPI). Here are the steps that are to be followed while making an IMPS transfer: 

Step 1: Download the mobile banking app for your respective bank or log in to the bank’s online banking portal using your User ID and Password.

Step 2: After login, click on “Transfer” and then select the option ‘add beneficiary’. You can also select the ‘One Time Transfer’ method.

Step 3: Now, select the transfer method as ‘IMPS’. For P2P transfer (phone to phone), provide your MMID & mobile number details, whereas, for P2A transfer (phone to account), you must provide your bank account number & IFSC code.

Step 4: Now, enter the required details of the beneficiary, such as name, registered mobile number, beneficiary MMID, and the amount to be transferred. Alternatively, you can also provide the account number and IFSC code if it is a P2A transfer.

Step 5: Click on ‘Accept Terms of Service (Terms & Conditions)’ and confirm the transaction.

IMPS Charges and Transaction Limits

The users must pay certain charges against every IMPS transaction, depending on the amount. However, the IMPS charges usually range from Rs. 2.50 to Rs. 25 for amounts of Rs. 10,000 to Rs. 5 lakhs.

The IMPS charges for several banks in India are listed in the table below:

List of Banks

IMPS Charges

State Bank of India

No charges

Kotak Mahindra Bank

No charges

ICICI Bank

Rs. 3.50 – Rs. 15.00

Bank of Baroda

Rs. 2.50 – Rs. 25.00

Punjab National Bank

Rs. 6.00 – Rs. 12.00

HDFC Bank

Rs. 3.50 – Rs. 15.00

Axis Bank

Rs. 2.50 – Rs. 10.00

Canara Bank

Rs. 5.00 – Rs. 18.00

AU Small Finance Bank

Rs. 10

IMPS Limit and Timings

The Reserve Bank of India imposed a daily transaction limit on IMPS transactions. Currently, the maximum IMPS limit for daily transactions is Rs. 5 lakhs. However, it might vary from bank to bank. The mimimum amount that can be transferred using IMPS is Rs. 1.

Usually, IMPS services are available 24x7 for transactions, but a few banks may have restricted IMPS timings from 8 a.m. to 8 p.m. due to fraudulent activities and theft.

Benefits of IMPS

There are several benefits of IMPS services over any other mode of transaction. A few of these points are given below:

  • IMPS is a fast and reliable process of transferring money online. 
  • The quick and simple payment service of IMPS works on both internet banking and mobile platforms.
  • To add beneficiaries through IMPS mobile platforms, one can just provide the receiver’s mobile number and MMID.
  • IMPS transactions done through mobile banking do not require bank account numbers.
  • IMPS can also be used to make online payments to other merchants, perform mobile banking transactions,  receive payments, do online shopping, pay insurance bills, etc.

Things to Consider Before Using IMPS Services

These are the essential factors that we should keep in mind while making an IMPS transaction: 

  • It is necessary to have mobile banking services while using IMPS for fund transfers. Also, if anyone is using IMPS online for transferring funds, they need to have the MMID of both parties, and it cannot be generated without mobile banking.
  • IMPS, through net banking, will require the beneficiary details such as bank account number, IFSC code, mobile number of the receiver, name of the receiver, and MMID.
  • IMPS requires an internet connection to transfer funds since it is an online process.
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