IMPS Transfer

Below listed are a few of the features of IMPS:

1. Immediate Payment Service (IMPS) is a safe and secure way to send and receive funds.
2. IMPS works on both net-banking and mobile platforms, unlike the UPI mechanism which only works on a mobile platform.
3. The IMPS is one of the fastest and one of the most reliable ways to conduct inter-account money transfers.
4. The IMPS service is available 24 x 7 even on public and bank holidays and bank off-days.
5. Money can be sent to any beneficiary by only providing his/her mobile no. and Mobile Money Identifier (MMID) through the IMPS platform.
6. Bank account nos. are not necessarily required for IMPS fund transfer if you transacting through mobile.
7. Transfer notification is sent by the bank to both parties when the transfer is complete.
8. The IMPS fund transfer limit currently is Rupees 5 lakh per day.
9. The minimum allowed transaction value in IMPS is Rupees 1.

IMPS transactions can only be carried out when you fulfil the following conditions:

1. You have either registered for mobile banking or net banking of your bank account.
2. If accessing the IMPS fund transfer through mobile banking, you need to have the beneficiary’s Mobile Money Identifier (MMID) and your MPIN (Mobile PIN) to send money. You need to have your MMID to receive money.
3. If accessing the IMPS transfer-mechanism through net banking, you need the beneficiary’s account details to make the transfer.

National Electronic Fund Transfer (NEFT) – NEFT is managed by the Reserve Bank of India. NEFT transfer mechanism settles payments in batches. NEFT settles transfer of funds between two enabled bank accounts on a one–to–one basis and its transfers are enabled through electronic messages. Fund transfer mechanism through NEFT doesn’t occur on a real-time basis which is unlike RTGS and IMPS. NEFT usually settles transfers after every half-hour during their business hours. In NEFT, 23 settlements occur between 8 A.M. in the morning and 6.30 P.M. in the evening. This too happens on weekdays and the 1^st, 3^rd, and the 5^th Saturday of a calendar month.

Real-time gross settlement (RTGS) – RTGS is a fund transfer mechanism where the money is transferred between bank accounts on a real-time and gross basis. Unlike NEFT, RTGS transfers funds in real-time which means there is no waiting period while transferring funds, and the transaction is settled as and when it is processed.

Unlike NEFT, RTGS doesn’t bundle your fund transfer settlement with other fund transfers, your funds are not transferred in batches; your funds are not clubbed with payments of other users; your funds are transferred individually and they end up in your beneficiary’s account straight away.

RTGS is a dedicated fund transfer mechanism and so it enables high-value transactions and performs them individually. RTGS fund transfers are immediately cleared. Unlike NEFT, RTGS doesn’t batch and net payments. RTGS payments are settled urgently. Through this mechanism, RTGS transactions are processed throughout RTGS business hours. After the receipt of funds, the beneficiary’s bank credits the beneficiary’s account in 30 minutes. The RTGS window is open from 9 a.m. in the morning to 4.30 p.m. in the evening on weekdays and 9 a.m. to 2 p.m. on Saturdays. Sundays are not included in RTGS business hours.

To transfer funds through RTGS and NEFT, the payer needs the payee’s account no., IFSC code, bank branch, beneficiary’s name, and the amount of money that has to be transferred. The minimum transaction limit of RTGS and NEFT usually is Re. 1. However, the maximum limit for these transfer mechanisms depends on each bank.  The minimum transfer limit of IMPS is Re. 1 and the maximum limit of funds can go up to Rupees 5 lakh in a day.

Transactional charges for NEFT, RTGS, and IMPS can vary from bank to bank. They can be as low as Re. 1 and as high as Rupees 50, depending upon the channel of your NEFT transaction. The same goes for RTGS transfers. RTGS transactional charges can be as low as Rupees 25 and as high as Rupees 55. GST may be applicable too on these transfers. If an RTGS transfer is carried out outside business hours, additional charges may be transferred.

For Immediate Payment Service (IMPS) the minimum transactional charges usually are Rupees 2.5 and maximum charges can go up to Rupees 15. Again these charges may change from bank to bank. Moreover, there is an additional service tax chargeable with IMPS.

The banks which are offering IMPS services as of date are: Andhra Bank, Allahabad Bank, Adarsh Co-Operative Bank Ltd., Axis Bank, Bandhan Bank Ltd., Bank of India, Bank of Baroda, Bassein Catholic Co-op Bank, Bank of Maharashtra, Canara Bank, BNP Paribas, Central Bank of India, Catholic Syrian Bank, City Union Bank, Citibank, Cosmos Co-operative Bank, Corporation Bank, Development Bank of Singapore, Dena Bank, Dhanalakshmi Bank, Development Credit Bank, Federal Bank, Dombivli Nagarik Sahakari Bank, HSBC, HDFC Bank, IDBI Bank, ICICI Bank, Indian Overseas Bank, Indian Bank, ING Vysya Bank, IndusInd Bank, Janata Sahakari Bank, Pune, Jammu & Kashmir Bank, Karur Vysya Bank, Karnataka Bank, Kerala Gramin Bank, Lakshmi Vilas Bank, Kotak Mahindra Bank, Nainital Bank, Mehsana Urban Co-operative Bank, NKGSB Co-operative Bank, Pragathi Krishna Gramin Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab and Maharashtra Co-op Bank, Rajkot Nagrik Sahkari Bank Ltd, Punjab National Bank, Saraswat Bank, RBL Bank, Standard Chartered Bank, South Indian Bank, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of India, State Bank of Travancore, State Bank of Patiala, Syndicate Bank, Thane Janata Sahakari Bank, Tamilnad Mercantile Bank, The A.P Mahesh Urban Co-op Bank, UCO Bank, The Greater Bombay Co-op Bank, Union Bank of India, Vijaya Bank, United Bank of India and Yes Bank. This list is subject to change.