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Immediate Payment Service (IMPS) is a real-time electronic fund transfer method through which money is credited immediately to the payee/beneficiary account. IMPS transfers can be done at anytime on a 24/7 basis and on all 365 days in a year, including on Sundays and other bank holidays. Through IMPS, interbank transfers can be initiated through multiple channels such as mobile banking, internet banking, SMS, ATMs, etc. Unlike other types of fund transfer methods, the main advantage of IMPS over NEFT and RTGS is that the service is available round the clock. The IMPS services is managed by the National Payments Corporation of India (NPCI) and comes under the purview of the Reserve Bank of India (RBI).
To make an IMPS transfer through net banking, the remitter will have to register the beneficiary by providing all details such as bank account number, IFSC code , name of bank, and bank branch, etc. Indian Financial System Code, abbreviated as IFSC, is a 11-digit alphanumeric code that is assigned to all bank branches by the RBI to monitor and streamline the fund transfer process through IMPS. Every bank has a different transaction charge for an IMPS transfer and this fee only depends on the amount that is sent. The charges range anywhere from Rs.1 to Rs.7, and in most cases banks do not charge more than Rs.5.
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| IMPS transaction limit | Benefits of IMPS | Modes of transfer |
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Bank List of IMPS Charges
Different banks charge differently for IMPS transactions. The charges for inward remittances are free and charges are only applicable for outward remittances. Given below are a some of the most popular bank IMPS charges.
Bank list of IMPS charges for upto Rs.10,000
| No. | Bank | IMPS Transactions Charges |
|---|---|---|
| 1 | ICICI Bank | Rs.5 + GST |
| 2 | Citi Bank | Nil |
| 3 | SBI | Rs.1 + GST |
| 4 | Yes Bank | Rs.5 |
| 5. | HDFC Bank | Rs.5 |
Bank list of IMPS charges from Rs.10,000 to Rs.1 lakh
| No. | Bank | IMPS Transactions Charges |
|---|---|---|
| 1 | ICICI Bank | Rs.5 + GST |
| 2 | Citi Bank | Nil |
| 3 | SBI | Rs.2 + GST |
| 4 | Yes Bank | Rs.5 |
| 5. | HDFC Bank | Rs.5 |
Bank list of IMPS charges above Rs.1 lakh to Rs.2 lakh
| No. | Bank | IMPS Transactions Charges |
|---|---|---|
| 1 | ICICI Bank | Rs.15 + GST |
| 2 | Citi Bank | Nil |
| 3 | SBI | Rs.3 + GST |
| 4 | Yes Bank | Rs.5 |
| 5. | HDFC Bank | Rs.10 |
Bank list of IMPS charges above Rs.2 lakh to Rs.5 lakh
| No. | Bank | IMPS Transactions Charges |
|---|---|---|
| 1 | ICICI Bank | Not applicable |
| 2 | Citi Bank | Nil |
| 3 | SBI | Rs.3 + GST |
| 4 | Yes Bank | Rs.5 |
| 5. | HDFC Bank | Rs.10 |
How to Register for IMPS
- You need to first register for the mobile banking service of the bank.
- You will also need to have the Mobile Money Identifier (MMID) and MPIN from the bank. Even the recipient or beneficiary needs to have them.
- You can download the application for mobile banking from your bank or use the SMS facility in your mobile if your bank has SMS IMPS facility.
How to Send Money with IMPS Facility on Your Phone
- You need to login to your bank’s application.
- Next, select the IMPS option for the IMPS menu. The SMS facility in your phone can be used for the same.
- You need to have the beneficiary mobile number and MMID, ready.
- You need to fill in the beneficiary mobile number, amount, beneficiary MMID, as well as your MPIN to transfer the funds.
- A confirmation text through SMS will be sent to you for the debit in your account and credit in the beneficiary’s account.
- The transaction reference number must be noted for future reference.
Features of IMPS
- The money transfer through IMPS is as safe and secure as NEFT and RTGS .
- It is easy to use this facility on any smart device or phone with an internet connection.
- This is one of the fastest ways to transfer money between bank accounts
- Money can be sent to anyone, simply with their cell phone number.
- The recipient gets the amount credited instantly without any delays.
- People do not need to share their bank details especially their account numbers for the transfer of funds in this platform.
- The service is available throughout the year and 24 by 7.
- There are no charges levied to any parties to avail this service.
- Notifications are sent to both the parties when the transaction is completed, saying debited and credited.
- Currently the transfer limit for IMPS is Rs. 50,000 only.
- You should have your bank’s ATM cum Debit Card.
- You should be registered with your bank for SMS alerts.
- If you have a basic handset, then you can use this service through SMS and texting only.
- Customers with cell phones that have GPRS (General Packet Radio Service) enabled by their Service Provider as well as JAVA may use it online for higher security and amount.
- Some banks have their own applications for smart phones were IMPS can be done quickly.
How to Receive Money Through IMPS on Your Phone
- You need to provide your cell phone number and MMID with the sender.
- The sender will do the same thing as mentioned in the earlier section, to send money using your Mobile number and MMID.
- A confirmation text through SMS will be sent to you for the credit in your account and debit in the sender’s account.
- The transaction reference number must be noted for future reference.
Know How to Send Money Through Unified Payments Interface(UPI)
List of Banks Offering IMPS Money Transfer in India
The following banks offer IMPS services to their customers:
- Andhra Bank
- Allahabad Bank
- Adarsh Co-Operative Bank Ltd.
- Axis Bank
- Bandhan Bank Ltd.
- Bank of India
- Bank of Baroda
- Bassein Catholic Co-op Bank
- Bank of Maharashtra
- Canara Bank
- BNP Paribas
- Central Bank of India
- Catholic Syrian Bank
- City Union Bank
- Citibank
- Cosmos Co-operative Bank
- Corporation Bank
- Development Bank of Singapore
- Dena Bank
- Dhanalakshmi Bank
- Development Credit Bank
- Federal Bank
- Dombivli Nagarik Sahakari Bank
- HSBC
- HDFC Bank
- IDBI Bank
- ICICI Bank
- Indian Overseas Bank
- Indian Bank
- ING Vysya Bank
- IndusInd Bank
- Janata Sahakari Bank, Pune
- Jammu & Kashmir Bank
- Karur Vysya Bank
- Karnataka Bank
- Kerala Gramin Bank
- Lakshmi Vilas Bank
- Kotak Mahindra Bank
- Nainital Bank
- Mehsana Urban Co-operative Bank
- NKGSB Co-operative Bank
- Pragathi Krishna Gramin Bank
- Oriental Bank of Commerce
- Punjab and Sind Bank
- Punjab and Maharashtra Co-op Bank
- Rajkot Nagrik Sahkari Bank Ltd
- Punjab National Bank
- Saraswat Bank
- RBL Bank
- Standard Chartered Bank
- South Indian Bank
- State Bank of Hyderabad
- State Bank of Bikaner and Jaipur
- State Bank of Mysore
- State Bank of India
- State Bank of Travancore
- State Bank of Patiala
- Syndicate Bank
- Thane Janata Sahakari Bank
- Tamilnad Mercantile Bank
- The A.P Mahesh Urban Co-op Bank
- UCO Bank
- The Greater Bombay Co-op Bank
- Union Bank of India
- Vijaya Bank
- United Bank of India
- Yes Bank
FAQs on IMPS
What is IMPS?
IMPS, expanded as Immediate Payment Service, is an electronic fund transfer process through which money is sent to the payee/beneficiary account instantly and in real time. The National Payments Corporation of India (NPCI) offers this service.
Are there any charges for receiving money through IMPS?
No.
Do different banks have different IMPS charges?
Yes.
What should I do if my account gets debited and the funds are not credited to the payee/beneficiary account?
In such a case, the money will be credited back to your bank account within 24 hours. If not, contact your bank at the earliest.
Are there any specific timings for IMPS?
No. IMPS services can be availed on a 24/7 basis.
Can IMPS services be availed on bank holidays?
IMPS is available on all 365 days in a year, including bank holidays and weekends.
What are the benefits of IMPS?
- Realtime, instant
- Available round the clock
- Safe and secure
- Economical
- Can be done through multiple channels: Mobile and internet banking, ATMs
How can I register for IMPS services?
To start using IMPS services all you need to do is to sign up for your bank’s internet/mobile banking service.
Is there any transaction limit for IMPS?
Yes. However, different banks have different minimum and maximum limits.
Is it possible to send funds to another country using IMPS?
No. IMPS is only for domestic fund transfer transactions.
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