Immediate Payment Transfer Service, popularly known as IMPS, is a service provided by different banks in which you can carry out interbank funds transfer in real time using mobile phones. Unlike other online funds transfer services such as National Electronic Funds Transfer (NEFT) and Real-time Gross Settlement (RTGS) used in India, you can transfer funds using IMPS on all days of the week even after the business hours as well as on bank holidays.
Managed by the National Payments Corporation of India (NPCI), IMPS is built on the National Financial Switch (NFS) network that also connects the ATMs in the country. Launched in 2010, it gained momentum only after demonetisation drive was initiated to promote digitisation.
If you have often wondered what is IMPS Funds Transfer, just think of it as an always-on funds transfer service through which you can send money to a person, bank account, or merchant. You do not have to wait for the bank to open or even be present in a specific area. You are free to transfer funds 24×7. The best part is that the funds are transferred instantly.
Banks and Financial Institutions Offering IMPS
Initially, NPCI launched IMPS funds transfer with only 4 participating banks namely Bank of India, ICICI Bank, State Bank of India (SBI) and Union Bank of India. There are 53 Public and Private Sector banks, 6 Payment Banks, and 33 Regional Rural Banks (RRBs) currently offering IMPS funds transfer service. They have been listed here:
|Public and Private Sector Banks|
|Allahabad Bank||Andhra Bank|
|Axis Bank||Barclays Bank|
|Bandhan Bank||Bank of Baroda|
|Bank of India (BOI)||Bank of Maharashtra|
|BNP Paribas||Canara Bank|
|Catholic Syrian Bank||Central Bank of India|
|CitiBank||City Union Bank|
|Corporation Bank||Dena Bank|
|Development Bank of Singapore||DCB Bank Ltd.|
|Dhanalakshmi Bank||Federal Bank|
|HSBC Bank||HDFC Bank|
|ICICI Bank||IDBI Bank|
|IDFC bank||Indian Bank|
|Indian Overseas Bank||IndusInd Bank|
|Jammu And Kashmir Bank||Karnataka Bank|
|Karur Vysya Bank||Kotak Mahindra Bank|
|Lakshmi Vilas Bank||Oriental Bank of Commerce|
|Punjab and Sind Bank||Punjab National Bank|
|Ratnakar Bank||South Indian Bank|
|Standard Chartered Bank||State Bank of India (SBI)|
|Syndicate Bank||Tamilnaad Mercantile Bank|
|UCO Bank||Union Bank of India|
|United Bank of India||Vijaya Bank|
|Airtel Payments Bank||Equitas Small Finance Bank|
|ESAF Small Finance Bank||Fino Payments Bank|
|Suryoday Small Finance Bank||Ujjivan Small Finance Bank|
|Regional Rural Banks (RRBs)|
|Allahabad UP Gramin Bank||Andhra Pradesh Grameena Vikas Bank|
|Andhra Pragathi Grameena Bank||Arunachal Pradesh Rural Bank|
|Baroda Gujarat Gramin Bank||Baroda Rajasthan Kshetriya Gramin Bank|
|Baroda Uttar Pradesh Gramin Bank||Chhattisgarh Rajya Gramin Bank|
|Ellaquai Dehati Bank||J&K Grameen Bank|
|Karnatak Vikas Gramin Bank||Kashi Gomti Samyut Grameen Bank|
|Kaveri Grameena Bank||Kerala Gramin Bank|
|Langpi Dehangi Rural Bank||Madhyanchal Gramin Bank|
|Maharashtra Grameen Bank||Meghalaya Rural Bank|
|Mizoram Rural Bank||Nagaland Rural Bank|
|Odisha Gramya Bank||Pragathi Krishna Gramin Bank|
|Prathama Bank||Purvanchal Bank|
|Rajarambapu Sahakari Bank||Rajasthan Marudhara Gramin Bank|
|Sarva Haryana Gramin Bank||Saurashtra Gramin Bank|
|Sutlej Gramin Bank||Telangana Grameena bank|
|Utkal Grameen Bank||Uttarakhand Gramin Bank|
|Vananchal Gramin Bank|
What is IMPS Funds Transfer: IMPS Channels
Customers can use plenty of channels to initiate IMPS transactions. They are:
- Mobile phone
The customer can use IMPS to send payments, receive payments, make merchant payments, carry out mobile banking transactions, and search Aadhaar Seeding status with their bank account.
It is important to note here that a customer can use his smartphone to initiate an IMPS transaction or use a bank app only if he has registered for mobile banking with his bank (and the bank offers IMPS services). He can use the internet (from his desktop/computer) to carry out an IMPS transaction if he has registered for internet banking with his bank (and the bank is participating in IMPS). Anyone can use IMPS service using their ATM card at a bank ATM.
A sender can transfer funds by providing any one of the receiver details mentioned here:
- Mobile number and Mobile Money Identifier (MMID)
- Bank account number and IFSC Code of the bank
- Aadhaar Number
What is IMPS Funds Transfer: IMPS Transaction Limit and Charges
The IMPS transaction limit is defined by each participating bank. You can visit their websites for more details. The banks also charge a transaction fee on each of the IMPS transaction a customer carries out. The table here lists the IMPS transaction charges set by many banks based on the amount transferred. The exact amount may vary from one bank to another.
|Amount||Transaction Charges (excluding Service Tax)|
|Up to 10,000 INR||2.50 INR|
|10,000 – 1,00,000 INR||5 INR|
|1,00,000 – 2,00,000 INR||15 INR|
|2,00,000 – 5,00,000 INR||25 INR|
|5,00,000 – 10,00,000 INR||50 INR|
What is IMPS Funds Transfer: Benefits of IMPS
If you were unaware of what is IMPS funds transfer, you might not even be aware of the benefits that IMPS offers. Here are five benefits of using IMPS:
- One of the obvious benefits of IMPS is that it offers instant funds transfer. As compared to NEFT or RTGS where the transaction is carried out in batches, the IMPS transaction is carried out instantly.
- Unlike many funds transfer services, through IMPS you can send money at any time of the day even after the business hours. IMPS transactions can also be easily carried out on weekends and bank holidays.
- The IMPS payment service is easily available to everyone. People who have not registered for mobile banking can still avail IMPS and transfer money through ATM and bank. If he has registered for internet banking, he can go to the bank’s website to transfer money using IMPS.
- For IMPS funds transfer, people can use any one of the four channels including mobile, internet, ATM, or bank. The availability of so many choices makes sure that the customer does not have to worry about doing transactions at any particular time of the day.
- The IMPS service ensures that the sender receives the debit confirmation and the receiver also receives the credit confirmation instantly via SMS.