What is IMPS Transfer?
IMPS stands for Immediate Payment Service in India. It is a money transfer mechanism. It is available at all times for use. While National Electronic Fund Transfer (NEFT) and RTGS (Real-time gross settlement) transfer mechanisms are not available for 24 hours including on bank off-days and holidays, IMPS is available for 24 x 7.
National Payments Corporation of India (NPCI) manages the IMPS fund transfer mechanism and most banks in India are a party to this transfer tool. IMPS uses an immediate, real-time, inter-bank fund transfer mechanism enabled through electronic means.
How to carry out an IMPS transfer?
You can carry out an IMPS transfer through net-banking and through your mobile too.
The process of IMPS transfer through net-banking is as follows:
- Log into your bank’s net-banking portal.
- Add an IMPS beneficiary by inputting the beneficiary’s account no., account type, IFSC Code, name and contact details.
- After your bank confirms that the intended beneficiary has been included, go to Fund Transfer.
- Select the beneficiary to whom you want to transfer funds. Once you do that the beneficiary’s account details will appear.
- Enter Amount and Remarks (optional).
The process of IMPS transfer through mobile banking is as follows:
- Log into your bank’s mobile banking application.
- In the Send Money/Fund Transfer tab, go to the IMPS option.
- Enter Beneficiary mobile no., Amount, and the beneficiary’s Mobile Money Identifier (MMID).
- The application will then ask for your Mobile PIN (MPIN) to authenticate the transfer.
- Once you verify your Mobile PIN (MPIN), your money is transferred.
- The bank will then send you a confirmation text message mentioning the transaction no.
You can use that transaction no. while giving feedback/for queries and complaints.
Moreover, to receive money through IMPS, just provide your mobile no. and Mobile Money Identifier (MMID) to the payer , and then the payer will be able to transfer money to you through IMPS.