The IMPS Full Form in English is Immediate Payment Service. It is an instant interbank electronic fund transfer service available via mobile phones. Learn more here.
With technology expanding rapidly, digital payment services have become increasingly popular. Through these services, you can send money to anyone, anywhere, using your mobile phone. Banks primarily offer three methods for transferring funds: NEFT, IMPS, and RTGS. Among these, IMPS is the fastest way to transfer money. Managed by the National Payments Corporation of India, IMPS offers a free-of-cost money transfer method. Below, you can learn more about IMPS, including its features and benefits.
What is IMPS?
The IMPS Full Form in English is Immediate Payment Service, is an electronic funds transfer system in India that operates 24/7. IMPS can be used for:
- Sending money to friends and family (person-to-person)
- Transferring funds to a bank account (person-to-account)
- Making payments to merchants (person-to-merchant)
IMPS is managed by the National Payments Corporation of India (NPCI) and can be accessed through mobile banking apps, internet banking, SMS, and ATMs.
Now that you understand what IMPS is, let’s explore its features and benefits.
Features of IMPS
IMPS is a popular choice for money transfers due to its key features:
Instant Transfers
IMPS provides instant transfers, crediting the recipient’s account immediately, unlike NEFT or RTGS, which may take some time to process.
365247 Service
IMPS is available 24/7, year-round, including holidays, allowing transactions anytime.
User-Friendly
Accessible through any smart device with an internet connection, IMPS is easy to use on the go.
Cost-Effective
IMPS transactions typically have lower fees compared to other transfer methods.
Safe and Secure
IMPS employs secure methods like OTPs (One Time Passwords) to safeguard transactions.
No Need for Bank Details
Customers don’t need to share bank account numbers to make transactions, making IMPS a convenient and hassle-free option.
Details Required for IMPS
To transfer money through IMPS, you will need the following information:
For Mobile Banking:
- Mobile banking details or MMID of both the sender and the receiver.
For Net Banking:
- Bank Details
- IFSC Code
- Mobile Number
- Name
- MMID
To Transfer Funds Using IFSC:
- Full name of the account holder
- Bank account number
- IFSC of the bank branch
To Transfer Funds Using MMID:
- Phone number of the beneficiary
- MMID of the beneficiary
IMPS Transfer via ATM
An ATM is a convenient channel for transferring money using IMPS. Here’s a step-by-step guide:
Find a compatible ATM:
Locate an ATM that supports fund transfers.
Insert your bank card:
Place your card into the ATM slot and enter your PIN when prompted.
Select the transfer option:
Choose the fund transfer or similar option displayed on the ATM screen.
Enter beneficiary details:
If the beneficiary is not pre-added, you’ll need to enter the recipient’s mobile number and MMID or account number.
Enter the transfer amount:
Specify the amount you wish to transfer.
Authenticate the transaction:
Follow the prompts to authenticate the transaction, usually with your card PIN.
Collect the receipt:
After the transaction is complete, collect the receipt for your records.
Note:
The user interface and steps may vary slightly depending on the ATM.
IMPS Transfer via SMS
Your bank may allow you to perform IMPS transfers via SMS. To use this service, ensure your mobile number is registered with the bank’s mobile banking portal. Here’s how to do it:
Register for mobile banking:
Ensure your mobile number is registered with your bank’s mobile banking service.
Obtain the SMS banking number: Your bank will provide a specific number for SMS banking.
Send the transfer request:
Text the provided number using the format specified by your bank, including details such as the beneficiary’s account number, IFSC, and the transfer amount.
This method is convenient when you don’t have internet access.
Things to Remember
Keep these key points in mind for IMPS payments:
Two-factor authentication:
All IMPS transfers use a two-factor authentication method.
Mobile transfers:
Authenticated using your mobile number and MPIN.
ATM transfers:
Authenticated using your card number and ATM PIN.
NetBanking transfers:
Authenticated using your user ID and NetBanking password or transaction password.
Transfer limits:
Banks may set different transfer limits for various channels. Check with your bank for specific limits.
Registration requirements:
If you use ATM or internet banking for IMPS transfers, mobile banking registration is not mandatory. Beneficiaries receiving money via IMPS with an account number and IFSC don’t need to register for mobile banking.
IMPS Limits
The NPCI has set a maximum limit of ₹5 lakh per transaction for all channels except SMS and IVR. Banks can set their own limits. For example, HDFC Bank’s IMPS limits are:
Using account number:
Maximum limit per transaction: ₹5 lakh. Daily limit per third-party transfer (TPT) applies.
Using MMID:
NetBanking and MobileBanking: ₹5,000 per day per Customer ID (on either channel).
IMPS Charges
Banks may levy charges for IMPS transfers, usually only for outward remittances. Some customers may qualify for fee waivers. For instance, HDFC Bank’s charges are:
- Up to ₹1,000: ₹3.50 + taxes.
- ₹1,001 to ₹1 lakh: ₹5 + taxes.
- Above ₹1 lakh: ₹15 + taxes.
Wrapping Up
IMPS allows you to transfer funds instantly using the beneficiary’s mobile number or account number. Funds are processed in real-time, and the service is available 24x7x365.
What are the IMPS Timings?
IMPS operates 24/7, allowing transactions to be conducted anytime and anywhere, including bank and public holidays. This means you can transfer funds even when banks are closed. However, IMPS transactions might be affected by server issues or maintenance activities. In such cases, an appropriate message will be displayed on the funds transfer page.
What is the Limit of IMPS?
The daily limit for IMPS transactions is ₹5 lakhs per user per account, subject to the availability of funds. This limit is designed to ensure user security and prevent fraudulent transactions. It also helps manage server load, allowing users to complete transactions effortlessly with minimal errors and failures.
What Are the Benefits of IMPS?
IMPS offers several advantages that make it a popular choice for fund transfers:
Instant Fund Transfer:
IMPS provides real-time fund transfers, allowing you to send large amounts of money instantly.
24/7 Availability:
IMPS is available around the clock, seven days a week, enabling you to transfer funds anytime, anywhere.
Versatile:
IMPS supports various transfer methods, allowing you to use either bank account details or the IFSC code of the beneficiary.
Safety and Security:
IMPS ensures secure transactions through encrypted servers, making it challenging for unauthorized parties to access or interfere with the process.
How Does IMPS Work?
Now That You Have A Brief Idea Of What IMPS Is, Let’s Understand How It Works. IMPS (Immediate Payment Service) Is A Payment System For Real-Time Interbank Electronic Transfers In India.
From A Technical Perspective, The Process Consists Of The Following Aspects:
The Infrastructure
The National Payments Corporation of India (NPCI) is the central hub that manages IMPS transactions across the country. They maintain a smooth infrastructure to ensure seamless IMPS transactions, which includes:
1.1 IMPS Switch
A highly secure and robust channel through which banks establish connections. This channel facilitates quick fund transfers and the simultaneous transfer of transaction-related data.
1.2 Message Broker
A routing system incorporated into the IMPS network that routes information among various participants in the ecosystem.
1.3 Directory Services
A comprehensive record of all participating banks and their technical configurations. It is a centralized database designed for all participants.
The Communication Protocol
The Financial Industry Business Messaging Scheme (FIBOS) Is The Standardized Messaging Format Ensuring Reliable And Secure Communication Between Banks And NPCI. FIBOS Messages Contain Information About The Sender, The Beneficiary, The Transaction Amount, And Authentication Data.
By Adhering To The FIBOS Standard, Banks Ensure Smooth And Secure Interactions, Leading To Trust And Cooperation Across The Banking Sector. This Standardized Protocol Enhances The Integrity And Reliability Of Transaction Processes.
The Transfer Process
3.1 Initiation
The sender initiates the transfer via their bank’s mobile app, portal, or ATM. The bank’s system verifies the sender’s credentials using MPIN/OTP and creates an IMPS message in the FIBOS format.
3.2 Message Transmission
The IMPS Switch securely sends the transfer information to NPCI.
3.3 Routing and Validation
NPCI uses directory services to track and route the message to the beneficiary’s bank. NPCI validates the bank account, message format, and account balance to ensure secure and accurate transactions.
3.4 Authorization
Upon successful routing and validation, NPCI sends an authorization message to the bank, allowing the transfer of funds.
3.5 Funds Debit
The specified amount is debited from the sender’s account, and the bank updates its records accordingly.
3.6 Clearing and Settlement
NPCI handles the clearing and settlement process, ensuring smooth fund transfers between banks by debiting the sender’s account with the RBI and crediting the recipient’s bank.
3.7 Crediting Beneficiary
The beneficiary’s bank receives the credit message from NPCI and promptly credits the designated amount to the recipient’s account.
3.8 Confirmation
Both the sender and the beneficiary receive confirmation messages stating the successful transfer, ensuring transparency and peace of mind.
Security Measures
Encryption
IMPS integrates secure protocols like SSL (Secure Sockets Layer) or TLS (Transport Layer Security) for encrypted communication, ensuring data confidentiality and integrity.
Two-Factor Authentication
Requiring additional credentials such as MPIN or OTP for transactions, making accounts more secure.
Message Authentication
Using digital signatures or message authentication codes to ensure the integrity of messages, preventing tampering and enhancing security.
IMPS via Mobile Banking
To transfer money using IMPS via mobile banking, follow these steps:
Install Mobile Banking App
Download and install your bank’s mobile banking app on your mobile phone.
Ensure Mobile Data Connection
Make sure your mobile phone’s data connection is turned on.
Login to the App
Launch the app and enter your login details.
Select Funds Transfer
Tap on the funds transfer option in the app menu.
Choose Transfer Method
Select the IMPS option from the available transfer methods (NEFT, RTGS, and IMPS).
Enter Transaction Details
Input the necessary details: the recipient’s MMID, mobile number, and the amount to be transferred.
Verify and Submit
Verify all the entered details, and then tap on the submit option to initiate the fund transfer request to the bank.
Using IMPS via mobile banking is straightforward and beneficial, allowing you to send money quickly and securely with just a mobile number and MMID.
IMPS Limit Per Day
The daily limit for IMPS transactions in India is ₹5 lakh. This amount can be transferred using internet banking, mobile banking, or via account number. Adhering to this limit is crucial for maintaining smooth financial operations.
Initially, the Reserve Bank of India (RBI) restricted the daily IMPS limit to ₹2 lakh. However, due to increasing demand, the RBI raised the limit to ₹5 lakh to accommodate the needs of users and businesses.
IMPS Charges as of 2024
The charges for IMPS transactions, excluding applicable Goods and Services Tax (GST), are as follows:
- ₹2.5 for transactions up to ₹10,000
- ₹5 for transactions between ₹10,001 and ₹1 lakh
- ₹15 for transactions between ₹1 lakh and ₹2 lakh
IMPS Transfer Time
IMPS operates 24/7, allowing account holders to transfer funds instantly. Transactions are typically processed immediately upon approval by the sender’s bank. In rare instances where a transaction fails or times out, resolution may take up to 5 working days.
IMPS Transaction Essentials and Involved Parties
To make a successful IMPS transaction, the following requirements must be met:
Registration:
The mobile number must be registered with the bank, and the user must have access to mobile banking services.
Credentials:
After registration, the bank provides a Mobile Money Identifier (MMID) and a Mobile Banking Personal Identification Number (MPIN). The MMID is a 7-digit identification number, and the MPIN is a 4-digit password for mobile banking.
Beneficiary Details:
Add beneficiaries to the account, link their account details with the registered mobile number, and obtain their MMID from the bank. The beneficiary must provide their Aadhaar number, IFSC, bank account number, mobile number, and MMID.
IMPS transactions involve three main participants:
Remitter:
Remitter bank or Prepaid Payment Instruments (PPI)
Beneficiary:
Beneficiary bank or PPI
National Financial Switch:
National Payments Corporation of India (NPCI)
How to Register for IMPS in 2024
To register for IMPS, follow these steps:
Register using the mobile banking service provided by the bank.
Obtain MMID and MPIN:
Ensure that both the sender and the beneficiary have these identifiers.
Download Banking Mobile App:
Use the bank’s mobile application or the SMS facility if available.
Steps to Transfer Money Using IMPS in 2024
To transfer money using IMPS in 2024, follow these steps:
Login and Select IMPS
Log in to the mobile application or website and select IMPS from the menu.
Alternatively, use the SMS facility if the bank offers IMPS via SMS.
Locate Fund Transfer Section
Find the “Fund Transfer” section in the app or website.
Choose IMPS as Transfer Method
Select IMPS under the fund transfer section. NEFT and RTGS options are also available, but choose IMPS for instant transfers.
Enter Beneficiary’s Details
Using MMID & Mobile Number: Enter the beneficiary’s registered mobile number and MMID.
Using Account Number & IFSC: Enter the beneficiary’s bank account number and IFSC code.
Enter Transfer Amount
Specify the amount to transfer and review all details for accuracy.
Confirm Transaction
Enter the MPIN or verify with a one-time password (OTP) sent to the registered mobile number.
Receive Confirmation
After completing all steps, the transfer will be confirmed, and both the sender and recipient will receive confirmation messages. Funds are typically transferred immediately.
IMPS Participating Banks (As of April 29, 2024)
| Sr. No. | Bank Name | Mobile No. & MMID (P2P) | Account No. & IFSC Code (P2A) | Internet | Branch | Mobile | ATM |
|---|---|---|---|---|---|---|---|
| 1 | Airtel Payments Bank Ltd. | – | Yes | – | – | Yes | – |
| 2 | Axis Bank | Yes | Yes | Yes | – | Yes | – |
| 3 | Bandhan Bank Limited | Yes | Yes | Yes | Yes | Yes | – |
| 4 | Bank of America | – | Yes | – | – | – | – |
| 5 | Bank of Bahrain and Kuwait B.S.C | – | Yes | – | Yes | – | – |
| 6 | Bank of Baroda | Yes | Yes | Yes | Yes | Yes | – |
| 7 | Bank of India | Yes | Yes | Yes | Yes | Yes | – |
| 8 | Bank of Maharashtra | Yes | Yes | – | Yes | – | – |
| 9 | Barclays Bank | – | Yes | – | – | – | – |
| 10 | BNP Paribas | Yes | Yes | – | Yes | – | – |
| 11 | Canara Bank | Yes | Yes | – | Yes | Yes | Yes |
| 12 | Catholic Syrian Bank | Yes | Yes | – | Yes | – | – |
| 13 | Central Bank of India | Yes | Yes | Yes | Yes | – | – |
| 14 | Citi Bank | Yes | Yes | – | Yes | Yes | – |
| 15 | City Union Bank | – | Yes | – | Yes | – | – |
| 16 | Credit Agricole Corporate & Investment Bank | – | Yes | – | – | – | – |
| 17 | DCB Bank Ltd. | Yes | Yes | Yes | Yes | – | – |
| 18 | Development Bank of Singapore | Yes | Yes | – | Yes | – | – |
| 19 | Dhanalakshmi Bank | Yes | Yes | – | Yes | – | – |
| 20 | Emirates NBD Bank (P J S C) | – | Yes | Yes | – | – | – |
| 21 | Federal Bank | Yes | Yes | – | Yes | – | – |
| 22 | Fino Payments Bank | – | Yes | Yes | Yes | – | – |
| 23 | HDFC Bank | Yes | Yes | – | Yes | – | – |
| 24 | HSBC Bank | Yes | Yes | – | Yes | – | – |
| 25 | ICICI Bank | Yes | Yes | – | Yes | – | – |
| 26 | IDBI Bank | Yes | Yes | Yes | Yes | – | – |
| 27 | IDFC Bank | – | Yes | – | – | – | – |
| 28 | India Post Payments Bank Limited | – | Yes | Yes | Yes | – | – |
| 29 | Indian Bank | Yes | Yes | – | Yes | – | – |
| 30 | Indian Overseas Bank | Yes | Yes | – | Yes | – | – |
| 31 | IndusInd Bank | Yes | Yes | Yes | Yes | Yes | Yes |
| 32 | Jammu And Kashmir Bank | Yes | Yes | – | Yes | – | – |
| 33 | JIO Payments Bank | Yes | Yes | – | – | – | – |
| 34 | Karnataka Bank | Yes | Yes | Yes | Yes | – | – |
| 35 | Karur Vysya Bank | Yes | Yes | – | Yes | – | – |
| 36 | Khardah Cooperative Bank Ltd | Yes | Yes | Yes | Yes | – | – |
| 37 | Kotak Mahindra Bank | Yes | Yes | – | Yes | Yes | – |
| 38 | NSDL Payments Bank Ltd | – | Yes | – | Yes | – | – |
| 39 | Paytm Payments Bank | – | Yes | – | Yes | – | – |
| 40 | Punjab and Sind Bank | Yes | Yes | – | Yes | – | – |
| 41 | Punjab National Bank | Yes | Yes | Yes | Yes | Yes | Yes |
| 42 | Ramrajya Sahakari Bank Ltd | Yes | Yes | – | Yes | – | – |
| 43 | Ratnakar Bank | – | Yes | – | Yes | – | – |
| 44 | SBM Bank (India) Limited | – | Yes | – | – | – | – |
| 45 | Shinhan Bank | – | Yes | – | – | – | – |
| 46 | South Indian Bank | Yes | Yes | – | Yes | – | – |
| 47 | Sri Satya Sai Nagrik Sahakari Bank, Mydt | Yes | Yes | – | Yes | – | – |
| 48 | Standard Chartered Bank | Yes | Yes | – | Yes | – | – |
| 49 | State Bank of India | Yes | Yes | Yes | Yes | – | – |
| 50 | Tamilnad Mercantile Bank | Yes | Yes | – | Yes | Yes | – |
| 51 | The Goa Urban Co-Operative Bank Ltd. | Yes | Yes | Yes | Yes | – | – |
| 52 | The Rayat Sevak Co-Operative Bank Limited | Yes | Yes | Yes | Yes | – | – |
| 53 | Tirumala Cooperative Urban Bank Ltd | Yes | Yes | Yes | – | – | – |
| 54 | UCO Bank | Yes | Yes | – | Yes | – | – |
| 55 | Union Bank of India | Yes | Yes | Yes | Yes | Yes | Yes |
| 56 | Yes Bank Ltd | Yes | Yes | – | Yes | – | – |
This list includes banks that support IMPS transactions through various channels such as mobile, internet, branch, and ATMs.
Particulars |
RTGS |
NEFT |
IMPS |
| Minimum transaction amount | ₹2 lakh | ₹1 | ₹1 |
| Maximum transaction amount | No upper limit has been placed on RTGS transactions | Transaction limits vary from bank to bank | Transaction limits vary from bank to bank |
Frequently Asked Questions
What is the IMPS Full Form?
The IMPS Full Form in English is Immediate Payment Service. It is an electronic payment system that allows for instant money transfers between banks.
How does IMPS work?
IMPS enables real-time money transfers through various channels, including mobile phones, internet banking, and ATMs. Users need to register with their bank and use their Mobile Money Identifier (MMID) and Mobile Banking Personal Identification Number (MPIN) for transactions.
What are the benefits of using IMPS?
IMPS offers instant fund transfers, 24/7 availability, secure transactions, and versatility in payment methods. It allows for quick and easy transfers anytime, anywhere.
Is there a limit to IMPS transactions?
Yes, as of 2024, the daily limit for IMPS transactions is ₹5 lakh. This limit may vary depending on the bank and the type of account.
What are the charges for using IMPS?
IMPS charges vary based on the amount being transferred. For transactions up to ₹10,000, the fee is ₹2.5; for amounts between ₹10,001 and ₹1 lakh, it is ₹5; and for transactions between ₹1 lakh and ₹2 lakh, the fee is ₹15. GST is applicable on these charges.
conclusion
The IMPS Full Form in English is Immediate Payment Service is a crucial electronic payment system that offers instant, secure, and convenient money transfers within India. Its round-the-clock availability, low transaction fees, and versatility make it a popular choice for both personal and commercial transactions. By understanding the full scope of IMPS, including its benefits, operational features, and security measures, users can leverage this service to manage their financial needs effectively.
On the other hand, the Public Works Department (PWD) plays a vital role in managing and maintaining public infrastructure. From overseeing construction projects to ensuring the upkeep of roads and government buildings, PWD’s responsibilities are integral to the development and maintenance of public services. Understanding PWD’s functions, job opportunities, and services helps citizens engage with the department more effectively and contribute to community development.
