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IMPS (Immediate Payment Service)

The IMPS full form is Immediate Payment Service. It is a real-time payment service that is facilitated by the National Payments Corporation of India (NPCI) and is available 24x7. 

 

You can make use of the IMPS facility to transfer funds up to ₹2 Lakhs instantly, at any time and on any day (including banking holidays and national holidays). 

 

All leading banks offer IMPS services online, and you can avail of this facility from your bank’s Internet banking portal. Some banks also offer this facility via SMS services. 

 

You can always contact your banking partner to check if they support IMPS money transfers through SMS.

What are the Features and Benefits of IMPS?

The Immediate Payment Service comes with several features and benefits that make it one of the most popular ways to transfer funds. Here’s a detailed overview of some of its most important features and advantages. 

1. Instant Fund Transfer

As the IMPS full form suggests, fund transfers made through the Immediate Payment Service are affected immediately. 

 

Since IMPS transactions are processed on an individual basis and not batch-wise, the beneficiary account will receive the funds as soon as the transfer is complete. 

 

Also, you can initiate an IMPS fund transfer using your bank’s net banking portal, mobile banking facility, ATM, or even through SMS.  

2. Available 24x7 

One of the major benefits of IMPS is that it is available 24x7. You can use the facility to transfer funds even on Sundays and bank holidays. No matter where you are or what the time is, the service can be used to transfer funds to the intended account.  

3. Instant Notifications

As soon as an IMPS fund transfer is completed, both you and the beneficiary will instantly receive a notification from your respective banks in the form of an SMS. Thanks to this feature, you don’t have to worry about whether or not the fund transfer was successful. 

4. Versatile

IMPS fund transfers are very versatile. You can initiate a fund transfer in one of two ways - using the bank account details and IFSC of the beneficiary or the 7-digit Mobile Money Identifier (MMID) of the beneficiary. 

5. Safe and Secure

All IMPS fund transfer requests pass through encrypted servers, making it impossible for a third party to hack or syphon important details of the transaction. 

 

Also, all banks use a two-step verification system that requires an OTP, which is sent to your registered mobile number, to place an IMPS fund transfer request. 

6. Minimum Information 

With IMPS, you don’t have to fill and submit lengthy or tedious forms to initiate fund transfers. Once a beneficiary is added to your Internet banking account, you can quickly transfer funds within just a few minutes. 

 

To add a beneficiary, you only need the following three details - the account holder’s name, their bank account number and IFSC. 

7. Multiple Applications 

In addition to transferring funds from one bank account to another, the Immediate Payment Service also has other applications. For instance, you can use IMPS to pay utility bills, insurance premiums, make online purchases, and more. 

8. Cost Effective 

Banks levy a fee for availing the IMPS fund transfer facility. Fortunately, the fee is very nominal compared to the other electronic fund transfer methods. Some banks even waive the IMPS fee, effectively making it free for their customers.  

9. Transfer Funds Through IMPS

Now that you know what IMPS is, its features and benefits, and also know the IMPS full form in banking, let’s take a look at the steps that you need to follow to transfer funds through this service. 

  • Step 1: Log into your bank’s Internet banking portal using your credentials. 

  • Step 2: Navigate to the fund transfer section of the portal. 

  • Step 3: Click on the add a beneficiary option. 

  • Step 4: Enter the details, such as the account holder’s name, bank account number, and IFSC, in the relevant fields. 

  • Step 5: Authenticate the request by entering the OTP sent to your registered mobile number. 

  • Step 6: Wait to have the beneficiary added, and click on the IMPS fund transfer option.

  • Step 7: Select the beneficiary to whom you wish to transfer funds. 

  • Step 8: Enter the amount that you wish to transfer and proceed to place the fund transfer request. 

  • Step 9: Authenticate the fund transfer request by entering the OTP sent to your registered mobile number. 

 

That’s it. Your IMPS fund transfer request will be processed, and the beneficiary’s account will be credited instantly. 

 

It is essential to keep in mind that the process outlined above is generic and may vary slightly depending on the bank with which you have an account. 

What Details are Required for IMPS?

IMPS requires mobile banking details for transferring funds. Even if you are transferring funds through IMPS using the web, you need to have the MMID of both parties, and it cannot be generated without mobile banking. 

 

IMPS, through net banking, requires beneficiary information such as bank details, IFSC code, mobile number of the receiver, name of the receiver, and MMID.

 

If you’re initiating an IMPS fund transfer using IFSC, you will need the following details of the beneficiary. 

  • The full name of the account holder as per his bank records

  • The bank account number 

  • The IFSC of the bank branch in which they hold their account 

 

On the other hand, if you’re initiating an IMPS fund transfer using MMID, you will only require the following two details.  

  • The beneficiary’s mobile number 

  • The beneficiary’s 7-digit Mobile Money Identifier (MMID) 

What is the IMPS Reference Number?

Once you complete an IMPS transaction by authenticating the payment, the bank provides you with a 12-digit number that is displayed on the screen. This is known as the IMPS reference number. 

 

You can find the number on your bank account statement, too, against the IMPS transaction ID.

 

Apart from IMPS, you can also use RTGS or NEFT to transfer money from one account to another. Know about the difference between IMPS vs NEFT vs RTGS and select the mode that suits you best.

What are the Important Factors to Remember about IMPS?

Before you choose IMPS as your preferred mode of online money transfer, there are a few things you need to keep in mind. They are as follows:

1) Access to Mobile Banking

For the transfer of funds quickly and efficiently using your phone, IMPS requires you to have a mobile banking account. You need to download your bank’s application on your phone and link your account with it to be able to send and receive money.

2) Errors Cannot be Reversed

Once you make a transaction using IMPS, you cannot reverse it. As a result, it is critical that you check and recheck the details entered before submitting the payment request. 

 

If you mistakenly transfer the money to the incorrect account and are unable to convince the beneficiary to return your money, your funds will be lost.

3) Steady Internet Connection

You must have a stable Internet connection to avail of IMPS fund transfers via mobile banking. Slow or interrupted connectivity can cause a lag, and you might mistakenly submit fund transfer requests more than once.

IMPS - Uses

Now that you are aware of the meaning of IMPS, its features, and its benefits, let’s take a quick look at what you can use IMPS for. 

  • As the IMPS full form suggests, you can use this service to instantly transfer funds to other bank accounts 

  • Bank account holders can receive payments from other individuals using IMPS 

  • It can be used to make payments to merchants for the goods or services provided by them 

  • It can be used to check the Aadhaar and bank account linking status 

  • It can be used to perform financial transactions via mobile banking

Are There Any Chances of IMPS Transfer Failures?

Before using the IMPS service, you must know that the IMPS transfer facility may not work properly every time. If your fund transfer through IMPS, check your transaction history to know if it has been deducted from your account.

 

If funds did not get debited, you will have to wait for some time before you can try transferring funds again through the IMPS service. 

IMPS Participating Banks

Almost all Scheduled Commercial Banks (SCBs) and payments banks in India offer an Immediate Payment Service facility. Here’s the list of the IMPS participating banks in the country. 

S.No.

List of IMPS Participating Banks 

1

Airtel Payments Bank Ltd.

2

Axis Bank

3

Bandhan Bank

4

Bank of America

5

Bank of Bahrain and Kuwait B.S.C.

6

Bank of Baroda

7

Bank of India

8

Bank of Maharashtra

9

Barclays Bank

10

BNP Paribas

11

Canara Bank

12

Catholic Syrian Bank

13

Central Bank of India

14

City Union Bank

15

City Union Bank

16

Credit Agricole Corporate & Investment Bank

17

DBS

18

DCB Bank Ltd.

   

19

Dhanlaxmi Bank

20

Emirates NBD Bank (PJSC)

21

Federal Bank

22

Fino Payments Bank

23

HDFC Bank

24

HSBC Bank

25

ICICI Bank

26

IDBI Bank

27

IDFC Bank

28

India Post Payments Bank Limited

29

Indian Bank

30

Indian Overseas Bank

31

IndusInd Bank

32

Jammu and Kashmir Bank

33

JIO Payments Bank

34

Karnataka Bank

35

Karur Vysya Bank

36

Kotak Mahindra Bank

37

NSDL Payments Bank Ltd.

38

Paytm Payments Bank

39

Punjab and Sind Bank

40

Punjab National Bank

41

RBL Bank

42

SBM Bank (INDIA) Limited.

43

Shinhan Bank

44

South Indian Bank

45

Standard Chartered Bank

46

State Bank of India

47

Tamilnad Mercantile Bank Limited

48

UCO Bank

49

Union Bank of India

50

YES Bank Ltd.

FAQs on IMPS

Can a person without a bank account initiate IMPS?

Yes, customers without a bank account can use IMPS service through Prepaid Payment Instrument Issuer (PPI) method.

Do different banks have different IMPS charges?

Yes. Depending on the bank with which you have an account, the charges for IMPS fund transfers may vary.

How can I register for IMPS?

There’s no separate registration for availing of the IMPS fund transfer facility. You would only have to register for Internet banking or mobile banking service with your bank to avail of the IMPS service.

Can IMPS services be used on holidays?

Yes. IMPS is available 24x7, which means that you can initiate fund transfers using this service even on the weekends and other bank holidays.

 

How long does IMPS take to reflect?

IMPS fund transfers are instant, which means that the funds get transferred to the recipient’s account as soon as the transaction is completed.

 

Can IMPS be refunded?

In the case of a failed IMPS funds transfer, the amount should automatically get refunded to your bank account. If it doesn’t get automatically refunded, you can contact the bank’s customer service cell for more assistance. 

 

However, if the transaction was successful and the amount is already credited to the recipient’s bank account, you cannot initiate a request for a refund of the same.

Can I use IMPS through Mobile banking?

Yes. You can avail of the IMPS fund transfer facility through your bank’s mobile banking portal or application. However, to do so, you would have to first register yourself for the mobile banking facility offered by your bank.

 

What are the services available under IMPS?

There are two fund transfer services available under IMPS - IMPS using mobile number and MMID (Mobile Money Identifier) and IMPS using account number and IFSC. 

 

The former is a person-to-person fund transfer service, while the latter is a person-to-bank account fund transfer service.

 

Can I make foreign transactions using IMPS?

No. The IMPS fund transfer facility is restricted to bank accounts within India only. You cannot electronically transfer funds to foreign bank accounts using the IMPS service.

 

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