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  • IMPS - Immediate Payment Service

    IMPS Fund Transfer
    IMPS

    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).

    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 on Phone:

    • 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:

    1. Andhra Bank
    2. Allahabad Bank
    3. Adarsh Co-Operative Bank Ltd.
    4. Axis Bank
    5. Bandhan Bank Ltd.
    6. Bank of India
    7. Bank of Baroda
    8. Bassein Catholic Co-op Bank
    9. Bank of Maharashtra
    10. Canara Bank
    11. BNP Paribas
    12. Central Bank of India
    13. Catholic Syrian Bank
    14. City Union Bank
    15. Citibank
    16. Cosmos Co-operative Bank
    17. Corporation Bank
    18. Development Bank of Singapore
    19. Dena Bank
    20. Dhanalakshmi Bank
    21. Development Credit Bank
    22. Federal Bank
    23. Dombivli Nagarik Sahakari Bank
    24. HSBC
    25. HDFC Bank

    1. IDBI Bank
    2. ICICI Bank
    3. Indian Overseas Bank
    4. Indian Bank
    5. ING Vysya Bank
    6. IndusInd Bank
    7. Janata Sahakari Bank, Pune
    8. Jammu & Kashmir Bank
    9. Karur Vysya Bank
    10. Karnataka Bank
    11. Kerala Gramin Bank
    12. Lakshmi Vilas Bank
    13. Kotak Mahindra Bank
    14. Nainital Bank
    15. Mehsana Urban Co-operative Bank
    16. NKGSB Co-operative Bank
    17. Pragathi Krishna Gramin Bank
    18. Oriental Bank of Commerce
    19. Punjab and Sind Bank
    20. Punjab and Maharashtra Co-op Bank
    21. Rajkot Nagrik Sahkari Bank Ltd
    22. Punjab National Bank
    23. Saraswat Bank
    24. RBL Bank
    25. Standard Chartered Bank

    1. South Indian Bank
    2. State Bank of Hyderabad
    3. State Bank of Bikaner and Jaipur
    4. State Bank of Mysore
    5. State Bank of India
    6. State Bank of Travancore
    7. State Bank of Patiala
    8. Syndicate Bank
    9. Thane Janata Sahakari Bank
    10. Tamilnad Mercantile Bank
    11. The A.P Mahesh Urban Co-op Bank
    12. UCO Bank
    13. The Greater Bombay Co-op Bank
    14. Union Bank of India
    15. Vijaya Bank
    16. United Bank of India
    17. Yes Bank

    FAQs on IMPS

    1. 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.

    2. Are there any charges for receiving money through IMPS?

      No.

    3. Do different banks have different IMPS charges?

      Yes.

    4. 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.

    5. Are there any specific timings for IMPS?

      No. IMPS services can be availed on a 24/7 basis.

    6. Can IMPS services be availed on bank holidays?

      IMPS is available on all 365 days in a year, including bank holidays and weekends.

    7. 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
    8. 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.

    9. Is there any transaction limit for IMPS?

      Yes. However, different banks have different minimum and maximum limits.

    10. Is it possible to send funds to another country using IMPS?

      No. IMPS is only for domestic fund transfer transactions.

    News About Immediate Payment Service

    • Voice Biometric Authentication to be Introduced

      The Mobile Payment Forum of India (MPFI) is likely to launch various features to make mobile payments more hassle-free and user-friendly.

      In order to move in this direction, MPFI is thinking about introducing biometric authentication. MPFI has already helped develop the Immediate Payment Service (IMPS), a framework on which the Unified Payments Interface (UPI), was later built. The things that MPFI will be focussing on include voice-based authentication, privacy and other security issues.

      The think-tank is now looking at issues related to technology, business and policy over a wide horizon range. Other things that the body will work on include simplifying SMS-based banking, improving Near Field Communication, proximity of payments, etc. The focus is on simplifying SMS-based banking because not everyone has a smartphone.

      9 November 2017

    • Surge in IMPS, Digital Transactions this August

      Digital payments saw a surge in August by about 9.5% and a 3.5% month-on-month growth. The main drivers for this growth was debit card payments and bank-to-bank fund transfers. IMPS, UPI and BHIM app transactions also saw a surge to reach 75.6 million transactions in August. The same numbers for July stood at 65.8 million, a much lower number.

      It was also seen that while bank fund transfer improved significantly, it was also seen that ATM and PoS terminal transactions reached 1.1 billion in the month of August as against 1.07 million in July. A majority of payments made were through debit card usage.

      There was a drop in the number of mobile wallet based payments even as bank-account based digital payments saw a surge. Mobile wallet payments fell by 4.2% and in terms of volume that stood at 225.4 million in August as against 235.4 million in July and 221.6 million in June.

      According to many experts in the industry, digital payment behaviour is directly linked to the consumption pattern of customers. It was also found that there is a certain seasonality element involved in digital transactions.

      Another interesting trend that came to light is that there were more transactions during the festival season such as Ganesh Chaturthi, Raksha Bandhan, etc. Keeping this trend in mind, the prediction is that digital transactions will surge during the festive season in October.

      Another trend that was observed is that the number of credit cards in circulation saw a surge and reached 810 million as compared to 793 million. There has also been an increase in the number of PoS terminals in the country, which stood at 2.9 million as of August this year as against 2.8 million in July this year.

      16 October 2017

    • Digital Payments See Growth in India, Up by 85%

      There has been an 85% rise in Unified Payments Interface (UPI) payments on a month-on-month basis in September. UPI is seen to be one among the fastest growing forms of digital payments in the country.

      According to reports, the volume of transactions stood at 30.78 million and 28% in terms of value, to Rs.5,293 crore. This data was released by the Reserve Bank of India (RBI).

      Since many e-commerce players integrated with UPI, this contributed to the rise in the number of UPI transactions on the whole.

      Apart from this, the number of IMPS transactions also rose by 10% on a month-on-month basis. The value of IMPS transactions grew to Rs.71,760 crore and the volume grew by 9.5% to 82.8 million. Debit and credit card transactions fell by 5.7% at point-of-sale terminals. The number of card-based transactions fell by more than 1%.

      Mobile wallet based payments increased by an aggregate of 1.4% in the month of September.

      12 October 2017

    • Currency Circulation Dips this Festive Season, Digital Transactions Popular

      The Reserve Bank of India (RBI) data has shown that there has been a drop in currency circulation, while the digital drive is gaining popularity after the demonetization drive that happened last year in November.

      In the month of September, surrency circulation fell in 3 weeks out of the 5. The three-week decline was first seen after demonetization for the first time after December 30, 2016. The last date for submitting old currency notes that were demonetized, was on December 30, 2016.

      Since demonetization, there has been a rise in the number of electronic transactions. To put it in numbers, there has been a rise by 37%. The currency circulation figure stands at 88%.

      When it comes to various types of electronic transactions such as e-wallet usage, net banking, etc, the trend has been quite mixed.

      Apart from this, many banks have been making investments to build their digital product base by various methods, namely tieing up with e-commerce/digital payments platforms and Point of Sale (PoS) terminals. As per numbers, the number of PoS terminals have increased by 78% across the country since November. The government initiative to link bank accounts to Aadhaar has also helped the cause.

      6 October 2017

    • Digital Payments Saw an Increase this August

      There has been a spike in the number digital transactions in the country in the month of August owing to the festive season, according to a recent report published by the Reserve bank of India (RBI).

      The total number of digital transactions carried out stood at a whopping 883 million in August this year. The government-backed Unified Payments Interface (UPI) is trying to help the cause. There were around 16.6 million transactions carried out through the UPI app i n August. There has also been a spike in the number of IMPS transactions.

      25 September 2017

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