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Investment Simplified > Banking > IMPS – Full Form, Meaning, Limit & Charges
Banking

IMPS – Full Form, Meaning, Limit & Charges

Monika Mohan
Monika Mohan November 30, 2022 3 Min Read
Updated 2022/12/01 at 10:21 AM
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IMPS is an instant way of transferring funds within the same bank or to other bank accounts with very little effort. But what is IMPS after all? What is the full form of IMPS and why should we choose it over NEFT or RTGS? Let’s find all these answers here.  

Contents
IMPS Full FormWhat is the meaning of IMPS?IMPS LimitIMPS ChargesIMPS: FAQs

IMPS Full Form

IMPS is an acronym. IMPS full form in banking is Immediate Payment System. Here IM is for Immediate whereas the rest is self-explanatory.

What is the meaning of IMPS?

When we talk about the IMPS meaning, it is quite simple. IMPS is an instant mode of transferring funds or making payments – 24×7. There are no time limits, unlike in NEFT or RTGS. A big reason for this is that IMPS mode is only available online – either using the netbanking services or mobile banking. Also, there is no waiting time for receiving the transferred amount in the receiver’s account.

IMPS Limit

The minimum IMPS limit set by NPCI, the regulatory body for all IMPS transactions is Re 1. This makes it highly convenient for transactions involving smaller amounts. That said, the maximum IMPS limit is decided by NPCI as Rs 5 lakhs per day. However, there are some banks with a different IMPS transaction limit.

List of top banks with their IMPS transaction limit per day

IMPS Charges

The following table provides a list of IMPS charges by top banks in India 2022:

Bank NameIMPS Charges
SBINIL
HDFCUp to Rs 1,000 – Rs 3.50 Rs 1,001 to Rs 1 lakh – Rs 5.00 Above Rs 1 lakh – Rs 15
PNBUp to Rs 1,000 – Nil Rs 1,001 to Rs 1 lakh – Rs 5 Above Rs 1 lakh – Rs 10
ICICI BankUp to Rs 1 lakh – Rs 5 Above Rs 1 lakh – Rs 15
Axis BankUp to Rs 1,000 – Rs 2.50 Rs 1,001 to Rs 1 lakh – Rs 5 Above Rs 1 lakh to Rs 5 lakhs – Rs 10

Note: Charges attract GST as per the applicable GST rates 2022.

Visit the following links to know more about IMPS:

IMPS LimitIMPS vs. NEFT
MMIDIMPS vs. NEFT vs. RTGS

IMPS: FAQs

What is the full form of IMPS?

IMPS full form is Immediate Payment System.

Who regulates IMPS?

IMPS is regulated by NPCI or National Payments Corporation of India.

What is the IMPS limit per day?

NPCI has decided Rs 5 lakhs as the maximum IMPs limit per day. However, banks can choose a lower limit as well.

What are the IMPS charges?

IMPS charges range from Rs 2.50 and can go up to Rs 15 based on the IMPS transaction amount.

Can we do IMPS offline?

IMPS is an online mode of transferring funds using netbanking or mobile banking. However, some banks like PNB do offer the option to carry IMPS transactions at their branches. Please contact the PNB customer care support for further details about it.

What is the time taken to transfer funds via IMPS?

IMPS transfers are instant and thus the credit amount is received immediately by the receiver.

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Posted by Monika Mohan
Monika Mohan is a writing enthusiast who has luckily turned her passion into profession. For the greens, she has an established foot in the personal finance sector and likes to put forth complex topics in an easy-to-understand manner, minus the jargons. Outside the penny lane, it’s all about poetry, mountains and single-malts.
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