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What is IMPS Fund Transfer?

Introduced in 2010, Immediate Payment Service (IMPS) enables electronic fund transfer. The system is operated and managed by the National Payments Corporation of India (NPCI). It is by far the simplest and fastest fund transfer method one could use. Until the last decade, only NEFT and RTGS were in use and there was no simple system to aid customers in transferring funds before or after banking hours. Thus, IMPS transfer was introduced to make fund transfer possible in real-time. Now, we all can send and receive money at any hour of the day because IMPS money transfer is made available even on weekends and holidays. IMPS payment can be done using both mobile banking and online banking. 

How to Transfer Money through IMPS?

One of the most sought-after questions bank customers have is “How to transfer money through IMPS?” There are four easy methods/channels to transfer funds through IMPS. One could use bank IFSC code, SMS, MMID, or even an ATM to make the IMPS fund transfer. Each of these modes of payment is made solely to tailor to the different needs of customers.

The process to use IMPS transfer is simple and user-friendly for all these modes, making it one of the most used services daily.


Let us understand the ways to initiate IMPS.

1. IMPS Transfer via IFSC Code

Using an IFSC (Indian Financial System Code) is the most common method used for IMPS money transfer. This method allows you to transfer money from one branch to another or even from one bank to another. All one needs to use this method of transaction is good internet connectivity and access to the mobile/netbanking facility. Here is a run-through on how to use a bank account and IFSC code to initiate IMPS transfer.

  • Log in to the netbanking or mobile banking using your username and password.

  • You can add the details of the payee/beneficiary (once added, it will get saved and pops up as a suggestion every time).

  • Choose IMPS transfer and source account (from which the money will be debited).

  • Click on the ‘Fund Transfer’ option.

  • The beneficiary details you enter will include:
  1. Account number
  2. IFSC code
  3. Bank branch
  4. Transaction amount
  5. Name of the payee
  • Crosscheck and confirm the payment.

You will receive a payment confirmation message in the form of an SMS and/or email.

2. IMPS Transfer via SMS

IMPS fund transfer via SMS is an easier mode of transaction. You only need to send a message as per the details and format given by your bank. The detailed process is as follows:

  • After you have linked your mobile number with your savings account, register for mobile banking. Every bank will have a specified number to which an SMS should be sent along with a particular format in which the transfer details must be shared.

  • Next, type in the payee account number, IFSC, and transaction amount along with the other details asked by your bank and send an SMS to the official number. You will receive a message from your bank with further instructions, following which you should type your MPIN (mobile PIN) in the requested field to complete the process.


You will receive a payment confirmation message in the form of an SMS. And that is it! Simple, right?

3. IMPS Transfer via MMID

If you want to initiate an IMPS transfer through your mobile number, then doing it via Mobile Money Identifier (MMID) is a good option. After linking the mobile number and bank account, instead of using the IFSC option, you could use the mobile number facility and transfer the amount. Here is how you can transfer money using a mobile number and MMID:

  • Register your mobile number with your bank (following which you will be given a 7-digit MMID code).

  • Log in to your mobile banking app.

  • Choose Fund Transfer - IMPS.

  • Enter the beneficiary details, including beneficiary account number, mobile number, and MMID code.

  • Enter the transaction amount

  • You can verify the process using the MPIN method or OTP verification method.


You will receive a payment confirmation message in the form of an SMS and/or email.

4. IMPS Transfer via ATM

ATMs are more popular for deposits and withdrawals than IMPS transfers. If you know the beneficiary’s debit card number (irrespective of whether it belongs to the same or a different bank), transferring money through ATM IMPS is easier. Below are the steps:

  • Swipe your debit card and verify using the PIN.

  • Select ‘Fund Transfer’.

  • Select the ' IMPS' option.

  • Provide beneficiary details, including their debit card number.

  • Enter the amount and click ‘Confirm/Submit’.


You will receive a payment confirmation message in the form of an SMS and/or email. Every bank’s ATM fund transfer limit will be different; do check with your bank about their policies before using this facility. This type of IMPS transfer isn’t prominently used because it requires the debit card number of the beneficiary, which people are not comfortable sharing. However, this mode of IMPS is equally safe as the others.

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IMPS Credit Card Payment

You can even use IMPS to make your credit card payments. It is one of the most commonly used banking methods in the internet era. Making IMPS credit card payments is instant and convenient; the biller will receive your money near-instantly. Here is how you can make a credit card payment through IMPS:

  • Log in to the mobile banking app.

  • Click ‘Bank Account’.

  • Choose the link for the IMPS option.

  • Select ‘Merchant Payment’.

  • Fill in the details, including MMID, mobile number of the biller, your bank account from which money is transferred, amount, and your credit card number.

  • Click the ‘Confirm’ button and the payment will be completed.


If you choose to make the IMPS credit card payment through IFSC:

  • Log in to the mobile banking app.

  • Select ‘Payments and Transfer’.

  • Choose ‘Payee’.

  • Click ‘IMPS-IFSC’.

  • Furnish the details and confirm the payment.

Points to Remember About IMPS

  • You can link multiple accounts to same mobile number

In case you have more than one accounts with your bank or even with separate banks, you can link the IMPS facility for all your accounts to the same mobile number. However, please note that each account number will be assigned a separate MMID. In case you update your mobile number, you need to inform the banks about the same and re-register for the mobile-banking facility.

  • You cannot receive money via IMPS MMID on an un-registered number

You must register for your bank’s mobile banking facility and link your mobile number to your bank account to avail the IMPS service. You can then receive money via IMPS by sharing your unique MMID with the sender.

  • You need to enable mobile banking to avail IMPS facility via your mobile

As stated above, If your mobile number is not registered with the bank, you cannot send/receive money with the mobile banking IMPS facility. IMPS via mobile banking only works for mobile numbers that are linked to your account and are authorised by the bank. In the case your mobile number is not registered with the bank, the IMPS transfer can be done using the option of beneficiary account number and IFS code through netbanking. 

FAQs on IMPS Fund Transfer

What is an IMPS transfer?

IMPS, which stands for ‘Immediate Payment Service’, allows you to transfer money electronically within banks. You can avail this service 24x7 on all days of the year, even on weekends and holidays. 

Is IMPS Payment Method Safe?

IMPS is a nationally acknowledged mode of payment and can only be done between banks authorised by the Reserve Bank of India (RBI). Therefore, IMPS transfer is very safe and secure.

Is IMPS instant transfer free?

IMPS is free for most payments. However, your bank could levy a minimum charge for large transfers. 

How long does it take for an IMPS transfer?

The money gets transferred immediately, irrespective of the day or time the payment is initiated.

Is IMPS the Fastest Mode?

IMPS is the fastest mode of transfer among all the types, i.e. NEFT and RTGS..

Is there any limit on IMPS fund transfer?

Yes, IMPS fund transfer has a few limitations. For instance, the maximum limit per transaction through IMPS is ₹2 Lakhs through account number-based transactions. In case of MMID-based transactions, the fund limit for transfer is ₹5,000.

What are the important details required to make IMPS fund transfers?

Before initiating an IMPS transaction, you must keep certain details handy such as Aadhaar number, IFSC code, bank account number, mobile money identifier and relevant mobile numbers.

What are the different modes of IMPS fund transfer?

IMPS transfers can be made through mobile banking using phone numbers and MMID. Alternatively, you can also use bank account numbers and IFSC codes to make an IMPS transfer.

Does the beneficiary also need to generate and register MMID for IMPS fund transfer using Mobile & MMID?

Yes, the beneficiary or recipient of the funds must also have a mobile money identifier and MPIN from the bank for successful transfer of funds.

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