IMPS Transfers Using Different Methods
Immediate Payment Service (IMPS) is a real-time fund transfer service that is available on a 24/7 basis on all 365 days a year. IMPS services can be availed even on bank holidays. The funds sent through this method of money transfer is credited immediately to the payee/beneficiary account. There are many channels of sending money through IMPS including using account number and IFSC, through ATMs, SMS banking, and through Mobile Money Identifier (MMID) and mobile number.
Customers will have to pay a transaction fee to send funds through this method. However, in the recent times, many banks are waiving off this fee. This trend is especially been seen after the launch of the Unified Payments Interface (UPI).
Funds can be transferred to a payee/beneficiary based on:
- Bank account number and IFSC code
- Mobile number and MMID
IMPS Transfer Using Bank Account & IFSC
- Log into internet banking by providing username and password
- Go to the home page and click on the funds transfer option.
- Choose IMPS transfer using bank account & IFSC
- Fill in payee/beneficiary details such as account number, IFSC Code, bank branch, transaction amount and other relevant details
- Verify details and confirm payment
- A confirmation message will be sent through SMS
IMPS Transfer Using ATMs
- Visit your bank ATM machine
- Select your language and enter your pin
- Go to the main menu, select other services like fund transfer and click on IMPS fund transfer
- Key in the mobile number of the payee/beneficiary
- Proceed to enter the MMID and transaction amount
- Verify transaction and choose account from which money should be debited
- Verify details and confirm transaction
IMPS Transfer Through SMS Banking
- The first step is to register for mobile banking. This can be done after the mobile number is linked with your savings bank account
- Send a message to the SMS banking number given by your bank using the keywords
- Type IMPS followed by the account number of the payee/IFSC code and the transaction amount. Follow the SMS format given by your bank
- Enter the MPIN, also known as mobile pin, after you receive a message from your bank
- The customer will receive SMS-based verification
IMPS Transfer Using Mobile Number & MMID
- Log in to the respective bank's mobile banking app on your smartphone
- Go to the homescreen and click on the funds transfer option
- Choose the IMPS option
- Enter beneficiary details such as mobile number, MMID, and amount to be transferred
- Add any remarks if any, verify details and confirm
- A confirmation message will be sent to the customer
Transfer Funds Using IMPS
Funds can be transferred using this method through two options:
- Person to Account Number or P2A: In this type of fund transfer you can send money to the bank account of the payee by keying in the account number and IFSC code.
- Person to Person or P2P: This method of money transfer can be carried out by using the mobile number and MMID of the beneficiary or payee.
Check IFSC Code for Top Banks:
Other IFSC Related Article
FAQs on IMPS Transfers
- What is IMPS payment method?
IMPS is an instant payment inter-bank electronic funds transfer system. It is available 24/7 throughout the year.
- How many options are available to transfer funds using IMPS?
There are two methods through which you can transfer funds using IMPS.
They are:
1. Person to Account Number
2.Person to Person.
- How long does it take for an IMPS transfer?
IMPS transfers are carried out immediately. It does not matter whether you have initiated the transfer during office hours, after office hours or on holidays.
- Is IMPS the fastest mode of money transfer?
Among all the types of funds transfer, IMPS is the fastest mode for sending money to a beneficiary as the money is credited instantly to the beneficiary.
- Do banks charge for IMPS transfers?
Banks do charge a minimum amount for IMPS transfers. However, you are charged only when a large amount is being transferred. Banks don't charge you for transferring small amounts using the IMPS method.
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