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IMPS stands for Immediate Payment Service and, as the name suggests, facilitates immediate payments to banks, individuals, or merchant remittances. This service is available 24x7 and as such there are no set IMPS timings.
In some cases, banks may impose restrictions. These restrictions may be on time or the amount you can transfer after a stipulated time (generally after banking hours). Some banks may even have restrictions on when you can add a beneficiary.
This automatically restricts the IMPS timings, as you cannot transfer funds if the recipient is not added as a beneficiary. However, some banks offer the IMPS facility wherein you do have to add the recipient as a beneficiary. In this case, the IMPS timings to process the transaction are among the quickest, as it takes a few seconds if all the details are accurate and up to date.
You can and should confirm the IMPS timings of your bank to ensure that you can process it on time without any delay. You can check the IMPS timings either on the bank’s website, by contacting customer care, or by visiting the branch.
IMPS time limit differs with different banks. While IMPS payment transfer time is the quickest mode of transfer we have as of now. Banks have placed certain limitations to ensure safe and secure transactions. The limitation is either imposed on IMPS timings by reducing the number of hours IMPS could be used. For example, some banks impose restrictions to use IMPS only between 8 AM and 8 PM. While other types of restrictions are imposed by reducing the amount that could be transferred after the regular hours. For example, SBI allows you to transfer up to Rs. 2 Lakhs between 8 AM to 8 PM but allows you to transfer up to only Rs. 40,000 from 8 PM to 8 AM. So, you need to check with your bank to be aware of their IMPS time limit, service charges, and IMPS transaction limit.
IMPS transfer timings of each bank differ slightly based on individual banks' rules, regulations, and management. Here is a list of banks and their IMPS Payment details like IMPS transfer times, charges, and IMPS transaction limits.
1. Axis Bank IMPS Timings
Axis provides 24*7 IMPS transactions without any restrictions placed on timings. The transaction limit for one day is Rs. 2lakhs. For a transaction of up to Rs. 1000, there is a charge of Rs. 2.50. For a transaction from Rs. 1000 to Rs. 1lakh, Rs.5 is charged. Similarly, a charge of Rs.15 is made on transactions above Rs. 1 Lakh to Rs.2 Lakhs.
Additionally, you can add only one beneficiary per day. It will be activated within four hours between 6 AM to 8 PM. In case you add the beneficiary only after 8 PM, then it will be activated after 8 AM the next day.
2. RBL Bank IMPS Timings
RBL also provides IMPS transaction services at all hours of the day. It is available on weekends and holidays as well. Its transaction limit is ₹3lakhs per day and it charges no amount on transactions, it is completely free.
However, you can add only one beneficiary per day. It will be activated within four hours between 6 AM to 8 PM. In case you add the beneficiary only after 8 PM, then it will be activated after 8 AM the next day.
3. SBI Bank IMPS Timings
SBI IMPS timings vary with the amount to be transferred. You can send or receive money 24*7 through the SBI IMPS facility. But there are some restrictions to it. As an SBI account holder, you can transfer up to ₹2,00,000 between 8 AM to 8 PM on any day. However, you can transfer only up to ₹40,000 between 8 PM to 8 AM.
For a transaction of up to ₹1000, there are no charges. For a transaction from ₹1001 to ₹10,000, the bank charges 1 rupee plus GST. ₹2 plus GST is charged for transactions from ₹10,001 to ₹1lakh. Similarly, a charge of 3 rupees plus GST is made on transactions from ₹1,00,001 to ₹2lakhs.
Additionally, you can add only one beneficiary per day. It will be activated within four hours between 6 AM to 8 PM. In case you add the beneficiary only after 8 PM, then it will be activated after 8 AM the next day.
4. HDFC Bank IMPS Timings
HDFC provides 24*7 IMPS facilities the whole year. HDFC charges are applicable only for outward IMPS transactions. There are no charges for inward IMPS transactions. Its transaction limit is ₹2lakhs. The charges as in effect from 1st October 2020 are ₹3.50 plus GST on transactions up to ₹10,000. For transactions from ₹1,001 to ₹1lakh, the charge is ₹5 plus GST and ₹15 plus GST is charged for transactions above ₹1lakh.
However, you can add only one beneficiary per day. It will be activated within four hours between 6 AM to 8 PM. In case you add the beneficiary only after 8 PM, then it will be activated after 8 AM the next day
In general, there is no time limit as such. However, certain banks impose certain IMPS time limits to reduce fraudulent activities. Either they reduce the IMPS fund transfer time to 12 hours a day or reduce the amount that could be transferred during the night. The time limit depends on individual banks.
IMPS payment transfer time is only a few seconds.
The transaction takes only a few seconds to be completed on any day of the year, it is the same on Sundays as well as on any other holidays. Thus, the IMPS clearing time of the transaction is just seconds even on Sundays.
When an IMPS transaction fails or times out, do not panic. Check your bank account to see if the money has been debited. If it is not, then do the transaction after some time. If it is debited, wait for a minimum of two working days. The money will either be credited back to your account or will be credited to the beneficiary’s account. If not, contact your bank’s customer care and they will assist you.
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Posted on 16 May
Roshani Ballal
Academy by Bajaj Markets
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