What is IMPS and its Full Form?
The full form of IMPS is Immediate Payment Service. IMPS is an instant money transfer service provided by the National Payment Corporation of India (NPCI). It allows you to send or receive money instantly and make inter-bank transactions through mobile or online banking. IMPS is available 24/7, making it a flexible and reliable payment option. You can use it via mobile, internet, SMS, or ATMs for real-time fund transfers.
How does IMPS Work?
IMPS transfers can be done in two types:
- P2P Transfer (Mobile Number and MMID)
- Log into your mobile banking or NetBanking.
- Select IMPS and choose P2P transfer.
- Enter the recipient’s mobile number and MMID.
- Enter the amount and authenticate the transaction.
- P2A Transfer (Account Number and IFSC)
- Log into your banking portal and add the beneficiary’s bank account and IFSC.
- Select IMPS and choose P2A transfer.
- Enter the amount and authenticate the payment.
What are the Benefits of IMPS?
- Real-time Transactions: IMPS allows instant fund transfers, no matter the time or location.
- Multiple Transaction Methods: You can initiate IMPS transfers via mobile phones, NetBanking, SMS, or ATMs.
- 24/7 Availability: IMPS is available round the clock, all year, including holidays and weekends.
- Secure Transfers: IMPS uses two-factor authentication (2FA) for added security.
- Transaction Types: IMPS supports both person-to-person (P2P) and person-to-account (P2A) transfers, with P2A not requiring a mobile number.
- International Remittance: You can send money from abroad to an Indian bank account via IMPS, through partnered money transfer providers.
- Higher Transfer Limits: You can transfer up to ₹5 lakh per transaction, with no minimum transfer limit, though a small fee may apply.
