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.
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, especially for transactions involving smaller amounts. That said, the maximum IMPS limit decided by NPCI is Rs 5 lakhs per day.
However, there are some banks with a different IMPS transaction limit.
IMPS Charges
The following table provides a list of IMPS charges by top banks in India 2023:
| Bank Name | IMPS Charges |
| SBI | NIL |
| HDFC | Up to Rs 1,000 – Rs 3.50 Rs 1,001 to Rs 1 lakh – Rs 5.00 Above Rs 1 lakh – Rs 15 |
| PNB | Up to Rs 1,000 – Nil Rs 1,001 to Rs 1 lakh – Rs 5 Above Rs 1 lakh – Rs 10 |
| ICICI Bank | Up to Rs 1 lakh – Rs 5 Above Rs 1 lakh – Rs 15 |
| Axis Bank | Up 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.
IMPS Timings
IMPS (Immediate Payment Service) is available 24×7 and throughout the calendar. The IMPS window is open is open on weekends, public holidays and all bank holidays. This simply means that the customers can initiate IMPS transactions at any time during the day or night.
Features and Benefits of IMPS
The following are some of the best features of IMPS:
- Instant transfer of funds: IMPS allows instant fund transfer as this is real-time based service.
- 24×7 availability: Days like weekends and public holidays do not matter when doing an IMPS transaction as this service is available online always, i.e. 24x7x365!
- Various modes: This service can be used via multiple modes which includes mobile banking, internet banking and ATM, making it a convenient option for customers.
- Secure: IMPS is a secure mode of transferring money, with all transactions being encrypted and processed in a highly secure environment. It is regulated by the NPCI which is a sub-body of RBI, and thus carries highest levels of safety standards.
- Ease of use: IMPS is easy to use and does not require any special software or equipment. All you need is a mobile phone or internet connection to initiate the transfer.
How to Transfer Funds via IMPS?
The process of transferring funds from your bank account to another via IMPS (online) is more or less the same as that of an NEFT or RTGS process. For your convenience, the below-mentioned are the steps to online transfer funds via IMPS:
Step 1: Login to your netbanking account or mobile banking app.
Step 2: Select the “Funds Transfer” option and choose the mode of transfer as “IMPS”.
Step 3: Add required details such as amount to be transferred, your account details and beneficiary details.
Step 4: Verify the details and confirm the transaction by entering the OTP that you’d receive on your registered mobile number.
Once the request is submitted, the amount will be debited from your account and transferred to the receiver’s account immediately.
IMPS via Internet Banking
Follow the below-mentioned steps to make IMPS transfer via Internet Banking:
Step 1: Login to your netbanking account.
Step 2: Select the “Funds Transfer” option and choose the mode of transfer as “IMPS”.
Step 3: Add required details such as amount to be transferred, your account details and beneficiary details.
Step 4: Verify the details and confirm the transaction by entering the OTP that you’d receive on your registered mobile number.
Step 5: After you have submitted your request, the amount will be debited from your account and will credited to beneficiary’s account instantly.
IMPS via SMS
Customers can make IMPS transfer via SMS too. This is one of the easier mode of transaction via IMPS. Under this method, you will be required to send a message as per the format and detail provided by your bank. Follow the steps mentioned below to proceed further:
Step 1: You will be required to register for mobile banking.
Step 2: Each bank has certain format of specified number to which an SMS is to be sent mentioning the transfer details.
Step 3: You will be required to type payee account number, IFSC Code, transaction amount and other details asked by the bank and then send SMS to the official number.
Step 4: You will receive notification from the bank to follow the instruction to proceed further. You will be required to enter your mPIN to complete the process.
Visit the following links to know more about IMPS:
Also, check all related details about the IMPS:
IMPS: FAQs
IMPS full form is Immediate Payment System.
IMPS is regulated by NPCI or National Payments Corporation of India.
NPCI has decided Rs 5 lakhs as the maximum IMPs limit per day. However, banks can choose a lower limit as well.
IMPS charges range from Rs 2.50 and can go up to Rs 15 based on the IMPS transaction amount.
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.
IMPS transfers are instant and thus the credit amount is received immediately by the receiver.
