Immediate Payment Service (IMPS) is a real time interbank payment service which is available 24 x 7 and throughout the year including Sunday and any other bank holiday. IMPS was launched by 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 IMPS limit and the sender is registered as mobile banking customer. Now that you are aware of IMPS, let us check the IMPS limit below:

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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.
IMPS | NEFT | 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.

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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.
How to do IMPS Transfer?
You can make IMPS transfers using internet banking, mobile banking facility or using a Pre-Paid Payments instrument issuer (PPI). To carry out IMPS transfer electronically, you will be required to follow the below-mentioned steps:
Step 1: Install the mobile banking application of the respective bank. For example – SBI Anywhere, iMobile etc. Alternatively, you can also transfer funds via IMPS using internet banking and following the same steps mentioned below.
Step 2: Log in using your credentials (User ID / Customer ID and Password)
Step 3: After successful login, click on “Transfer” and select add beneficiary or select One Time Transfer method.
Step 4: Transfer funds using IMPS by providing either MMID & Mobile number details or Account number & IFSC Code
Step 5: Enter the required details such as the name of the beneficiary, registered mobile number of the beneficiary, beneficiary MMID, and the amount to be transferred. Alternatively, you can also provide the account number and IFSC code instead of registered mobile number and MMID.
Step 6: Click on ‘accept Terms of Service (Terms & Conditions)’ and confirm the transaction.

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IMPS FAQs
Q. Is it necessary to have a bank account for accessing IMPS?
A. No, any customer with or without a bank account can avail IMPS facility. However, customers without a bank account can initiate IMPS transaction using the services of Pre-Paid Payments instrument issuer (PPI).
Q. Is it necessary for the customer to register for remitting funds through IMPS?
A. It is required that the customer should sign up for mobile banking service if he/she wants to use IMPS on mobile phone. This registration process would carry forward as per the bank’s framed procedures. But, to initiate IMPS transactions by visiting bank branch or using internet banking and ATM channels, no prior mobile banking registration is required.
Q. Can a customer link two or more accounts to the same mobile number?
A. A customer can link more than one account to the same mobile number. However, each account will have a different and unique MMID.
Q. If a customer has more than one account connected to his/her mobile number how would they select the account from which the transfer has to be made?
A. This process is made easy with the availability of a Mobile Money Identifier (MMID) code allocated by the bank for each account handled by the customers. This permits the customer to select the particular account using the MMID code.
Q. What are the IMPS Timings for initiating and receiving payments?
A. Any user can make IMPS Transactions 24 x 7 a day including Sundays and bank holidays.