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.