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.
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.
The following table provides a list of IMPS charges by top banks in India 2022:
|Bank Name||IMPS Charges|
|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|
Visit the following links to know more about IMPS:
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.