An instant inter-bank electronic way of transferring funds, IMPS is one of the many ways to transfer your funds without actually having to go to the bank. That said, there are certain things that one should consider, when it comes to IMPS.
The cost of operating and facilitating transactions in IMPS involves operational costs and settlement risk management costs, etc. The IMPS charges are a function of these costs.
As per RBI, customers can transfer funds ranging from Re 1 to Rs 5 lakhs in a day. That said, banks are free to put IMPS limit for their customers but it should be within the parameters provided by RBI.
IMPS vs NEFT
Just like IMPS, there is another mode of funds transfer – NEFT which I short for National Electronic Funds Transfers. This is an electronic system in which 48 half-hourly batches are released in which NEFT requests are processed. NEFT transfer is not as fast as IMPS and may take anywhere between 30 minutes to 2 hours to credit the transferred amount to the beneficiary’s account.
For Detailed Comparison: IMPS vs NEFT
IMPS vs NEFT vs RTGS
IMPS, NEFT and RTGS are three of the most common ways to transfer your money without actually going to the bank. However, these services can be availed at the bank as well but when done at the bank, these attract certain charges. While IMPS and RTGs are instant payment services working on real-time, NEFT works in half-hourly batches.
For More: IMPS vs NEFT vs RTGS
IMPS Timings: FAQs
IMPS is a real-time fund transfer system. This means that when talking of ‘IMPS time taken’, the request is processed as soon as it’s released. It takes no more than a few minutes to process the IMPS transfer request. So the next time you worry about how much time IMPS takes, just go ahead with your transaction as it is one of the quickest ways to transfer money.
Yes. IMPS is regulated by NPCI which is a non-profit organisation owned by RBI. Your transactions are tracked and if the transfer is incomplete, your money will still be safe. In all probabilities, you will get unprocessed IMPS amount back into your account.
If due to some reasons your IMPS request cannot be processed and the IMPS transaction fails, the amount will be refunded into your initial account.
Under normal circumstances, a failed IMPS transaction amount is refunded immediately. However, if there’s an issue, it may take up to 2 days for the bank to refund failed IMPS transaction amount into your account.
Yes, just like NEFT and RTGS, you can request an IMPS transfer at your bank branch as well. However, IMPS timings at the branch will not be 24×7 for the obvious reasons. Therefore, we suggest you check your bank timings before heading to perform an IMPS transaction at your bank. Also note that the IMPS charges at the branch may be higher than when done online via internet banking or mobile banking.