Introduction to Immediate Payment Service (IMPS)
IMPS is a service provided by banks to help you carry out interbank funds transfer in real time. Unlike other online funds transfer services such as NEFT and RTGS, you can transfer funds using IMPS on any day of the week including weekends and holidays.
Customers can use plenty of channels to initiate IMPS transactions i.e. smart phones, internet, and ATM. To initiate an IMPS transaction using a mobile app on his smartphone, the customer must have registered for mobile banking with his bank. To use other devices such as a computer or laptop for IMPS, the customer must have registered for net banking services with his bank. However, if the customer wants to use IMPS using ATM, he only needs to have a valid ATM card.
The customer can use the Immediate Payment Service (IMPS) to:
- Transfer funds
- Receive payments
- Make merchant payments
- Carry out mobile banking transactions
- Search Aadhaar Seeding status with the bank account
To send payments or transfer funds to a third party using IMPS, the customer needs one of the three details of the beneficiary mentioned here:
- Mobile number and Mobile Money Identifier (MMID)
- Bank account number and IFS Code of the bank
- Aadhaar Number
Theoretically, IMPS can be carried out 24×7 by the customers irrespective of their current location as long as they have the details required to carry out IMPS transactions. However, some banks have their own IMPS timings.
For instance, SBI has different IMPS timings as compared to other banks. SBI account holders can use IMPS for transactions up to Rs. 2 lakh on any given day between 8 AM to 8 PM. However, from 8 PM to 8 AM, customers can only carry out transactions with a collective total of Rs. 40,000. You need to check with your bank to make sure you know their IMPS transaction limit, service charges, as well as IMPS timings.