IMPS: What does it mean in Banking Terms?
The National Payments Corporation of India (NPCI) launched IMPS full form – ‘Immediate Payment Service, for instant electronic fund transfer. IMPS help customers transfer money instantly from one account to another and allows inter and intra-bank transfers
It enables quick money transfers between banks and PPIs recognised by the RBI and is accessible around the clock via several platforms, including SMS, mobile banking, net banking, and ATMs.
With IMPs, you can send money using an account number, IFSC code, cellphone number, and MMID.
Features and Benefits of IMPS
IMPS help you in the following ways:
Transfer Funds Instantly
You can rapidly send money via IMPS because IMPS transactions do not happen in groups. Online banking, a mobile device, an ATM, or SMS are all ways to use IMPS.
Utilise the Service 24×7
Every day of the year, you can use IMPS. You can transfer money at any time and location, even on bank holidays.
Get Notified Instantly
When you withdraw from one bank account and a credit to another, the service notifies you and the beneficiary. Therefore, you need not worry about whether you accomplished the purchase.
Use Modes Durably
You can carry out IMPS both person to person and person to the merchant. All you need to have is your mobile number or bank account details.
Send Money Safely
You can make fund transfers safe and secure via IMPS over encrypted servers. Payments occur electronically using multi-step verification. You can also pay your insurance premiums, utility bills, ticket charges, fees, and online purchases using IMPS, along with immediate funds transfer.
Fill in Information Minimally
IMPS saves you time and effort because you don’t need to fill out lengthy forms with sensitive information. Name, mobile number, and MMID are all required from the beneficiary. You can also send money via IMPS using the beneficiary account number and IFSC Code.
Manage Bank Charges Efficiently
Banks only charge a small fee when using the IMPS service online. You may not apply these small fees to transactions. It is, therefore, one of the most economical ways to move money.
Details Required for IMPS
You must use the following to register for using IMPS mobile banking to send money:
- MMID (Mobile Money Identifier)- a unique seven-digit code linked to the mobile number that you generate once
- IMPS beneficiary details, including the beneficiary’s mobile number and MMID.
You can use the following for fund transfer:
- IMPS account number
- IFS Code
- Mobile number
Note: If you are using an ATM to avail of IMPS, you would need to authenticate using your ATM PIN.
What is the IMPS Reference Number?
The bank gives you access to a 12-digit number called the IMPS reference number displayed on the screen once you finish an IMPS transaction by authenticating the payment.
Additionally, you can locate the number next to the IMPS transaction ID on your bank account statement.
When moving money between accounts, you can also use RTGS or NEFT.
What are the Important Factors to Remember about IMPS?
Consider a few things before selecting IMPS as your preferred transmission mode. Here are some of them:
Mobile Banking Access
You need a mobile banking account to use IMPS, allowing quick and efficient money transfers using your phone. First, you must download your bank’s app and connect your account to your phone to send and receive money.
You cannot undo a transaction made through IMPS once completed. Therefore, before submitting the payment request, double-check the information you supplied. If you transfer your money to the wrong account by mistake and cannot persuade the beneficiary to return it, you will lose your money.
Stable Internet Connection
You should have a reliable internet connection if you want to use IMPS fund transfers using mobile banking. Otherwise, you may experience lags by poor or intermittent internet and unintentionally send fund transfer requests more than once.
IMPS is a payment service to transfer funds instantly from one bank account to another or RBI-authorised PPIs. The IMPS full form in banking parlance is Immediate Payment Service. IMPS is available 24x7, including on bank holidays. You can avail of it via online banking, mobile phone, ATM, or SMS. You can use it to transfer funds instantly, safely and securely. Your beneficiary will receive the amount in the account within seconds. The maximum amount you can transfer daily via the Immediate Payment Service is INR 200,000. No. IMPS is available 24x7 throughout the year, including on Sundays, banks, and state or national holidays. Yes. You can access this facility through mobile banking, SMS, or net banking.
FAQs on IMPS
What is IMPS transfer?
What is the full form of IMPS?
What are the benefits of IMPS?
When does my beneficiary receive the money via IMPS?
What is the maximum amount transferrable via IMPS daily?
Is IMPS not available on any particular set of days?
I may not be able to go to the banks or ATMs. Is there another way to access IMPS?
IMPS is a payment service to transfer funds instantly from one bank account to another or RBI-authorised PPIs.
The IMPS full form in banking parlance is Immediate Payment Service.
IMPS is available 24x7, including on bank holidays. You can avail of it via online banking, mobile phone, ATM, or SMS. You can use it to transfer funds instantly, safely and securely.
Your beneficiary will receive the amount in the account within seconds.
The maximum amount you can transfer daily via the Immediate Payment Service is INR 200,000.
No. IMPS is available 24x7 throughout the year, including on Sundays, banks, and state or national holidays.
Yes. You can access this facility through mobile banking, SMS, or net banking.
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