Immediate Payment Service (IMPS) is a real-time interbank payment service that is available 24 x 7 and throughout the year including Sunday and any other bank holiday. IMPS was launched by the National Payments Corporation of India (NPCI) on 22nd November 2010 by Smt. Shyamala Gopinath, DG of The Reserve Bank of India. You can pay any beneficiary instantly using your mobile phone or internet banking. Let us understand more about IMPS limit, charges, IMPS timings, and more.
IMPS is one of the most simplified ways of transferring funds. Any user with a bank account can transfer funds electronically via internet banking and mobile banking. Any customer transferring funds should ensure that the payment is under the IMPS limit and the sender is registered as a mobile banking customer. Now that you are aware of IMPS, let us check the IMPS limit below:
What is the IMPS Limit?
With IMPS, any user can transfer funds as low as Rs.1, which makes it a better option than NEFT & RTGS for smaller payments. As NEFT does not transfer funds instantly and RTGS do not allow fund transfer below Rs. 2 lakh.
IMPS Maximum Limit per transaction is Rs. 2 lakh. Multiple transactions may be permissible depending upon your bank and IMPS Limits approved. Following are the minimum and maximum transaction limits for IMPS, NEFT and RTGS.
|Minimum Limit||Rs. 1||No Limit||Rs. 2 lakh|
|Maximum Limit||Rs. 2 lakh (per transaction)||Rs. 50000 (Per Transaction)*||No Limit|
*No maximum cap on the number of transactions per day.
What are the applicable IMPS Charges?
IMPS Charges are decided by the individual banks and PPIs participating in Immediate Payment Service (IMPS), which means IMPS charges can vary from one bank to another.