What is IMPS: How to Transfer Funds using IMPS?
The IMPS (Immediate Payment Service) from helps you access your bank account and transfer funds instantly and securely. IMPS facilitates instant Inter Bank fund transfer on 24X7 basis. Funds can be transferred using MMID & Mobile Number or Account Number & IFSC. To enable an IMPS transaction, the involvement of the following participants is required: Remitter (Sender) Beneficiary (Receiver) Banks National Financial Switch - NPCI What are the benefits of IMPS? 1.Instant 2.Available 24 x7 (functional even on holidays) 3.Safe and secure, easily accessible and cost effective 4.Channel Independent can be initiated from Mobile/ Internet / ATM channels 5.Debit & Credit Confirmation by SMS Features of IMPS To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds. This facility is easily accessible on any smart device or phone with an internet connection. Considered one of the fastest ways to transfer money between bank accounts. The service is available throughout the year and 24 by 7. Making payment simpler just with the mobile number of the beneficiary The per transaction limit on IMPS is Rs. 5 lakh (for all channels except SMS and IVR). Banks and non-bank entities (RBI authorized PPI’s) are offering IMPS to the customers across India. How to Transfer Funds Through IMPS ? Login to your mobile/internet banking account Select Payments and Transfer Select ‘IMPS’ as your method of fund transfer Enter MMID & Mobile no. or Account number & IFS Code or Aadhaar number Mention the amount that needs to be transferred Once the MMID is generated, the user can start using IMPS for fund transfer. Both sender & receiver get SMS confirmation. For using IMPS on mobile phones, a customer will have to register for mobile banking with his/her individual bank. However, for initiating IMPS using Bank branch, Internet banking and ATM channels, no prior Mobile banking registration is required.