IMPS is a money transfer method that allows users to transfer funds from one bank to another. IMPS stands for Immediate Payment Service, implying that using this method, you can transfer funds immediately. IMPS transactions have a daily maximum limit of Rs. 1 Lakh and levy an additional service tax. The charges on transactions made through IMPS vary between Rs. 5 to Rs. 15, depending on the bank’s conditions. Immediate payment service is a robust, real-time fund transfer option that offers 24*7 inter-bank fund transfer facility, which is safe and economical for all the users.
To enable an IMPS transaction, the involvement of the following major parties is a must-
- Remitter- sender of the money
- Beneficiary- receiver of the money
- Bank- facilitator of the immediate payment service (IMPS)
- NFS- National Financial Switch
Since there are multiple parties involved in the process of transferring money through IMPS, it is important to keep a check on the IMPS fund transfer status. Explained further in this blog is the detailed process on how to check IMPS fund transfer status.
Check IMPS Fund Transfer Status
Just like carrying out IMPS transactions is an easy task to transfer funds, checking IMPS fund transfer status is equally easy. However, it can’t be done without the use of the IMPS Reference Number.
- After every IMPS transactions, you’d receive an IMPS reference number, sent by their respective bank
- All you need to do is log into your mobile banking or net banking account using your login credentials
- On the next screen that appears, locate the option of ‘Payments & Transfer’ and click on it
- Next, click on ‘Transaction status’ and then select ‘View Completed Transactions’
Following the above steps, you’ll easily be able to check IMPS fund transfer status of any recent transaction that you’d have made.
IMPS Money Transfer Process
Here’s how you can transfer money from one bank to another through IMPS-
- Login to your mobile/internet banking account
- On the main page that appears, click on ‘Fund Transfer’ option
- Select ‘IMPS’ as your method of fund transfer
- Provide the beneficiary’s MMID and your MPIN to proceed
- Enter the amount that needs to be transferred
- Click on ‘Confirm’
- You might be asked to authenticate the transaction by submitting the OTP sent to your registered mobile number
- Enter the OTP and complete the transaction
The amount will be transferred to the receiver immediately and both, the receiver and the sender will be notified. Note that you will be asked to provide the beneficiary’s MMID only if you are transferring the funds via mobile banking.
If you are transferring the funds through internet banking, then you will have to provide the receiver’s bank account number, IFSC, etc. in order to complete the transaction. In such cases, you will have to add the beneficiary before you begin to transfer the money.
Failed IMPS Transaction- What Happens Next?
When you perform IMPS transactions, it is not very likely that all your transactions would end up being successful. Sometimes, due to certain unavoidable circumstances, your transaction might also fail. Well, here’s what you need to do in such a situation-
- Firstly, you should not panic but wait for the reversal of your funds for at least 2 working days. The funds will either be credited back to your account or will be eventually transferred to the receiver’s account
- However, if neither of these happens within 2 working days, you should contact the customer support staff of your bank and inform them about your concern including the following details in your conversation-
- Transaction’s Reference Number (RRN)
- Date of Transaction
- Amount of Transaction
- Remitter’s Bank Name
- Beneficiary’s Bank Name
IMPS Fund Transfer Limit
IMPS or Immediate Payment Service follows the major guidelines as laid down by the Reserve Bank of India. IMPS transactions can be performed in denominations of INR only. As per the NPCI guidelines, IMPS users can transfer a maximum amount of Rs. 5 lakh in a particular transaction. Even if any user attempts to perform a transaction of a higher amount, his/her transaction would not get processed and the amount will be credited back to the sender’s account.
The IMPS fund transfer limit, which was initially Rs. 2 lakh per transaction, has been recently raised to Rs. 5 lakh per transaction by RBI for the ease of users. The Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24×7 through various channels.
IMPS Money Transfer Time
Just as the name indicates, IMPS transactions can be performed at any time, and on any day of the year. Moreover, these transactions get processed in real-time, meaning that the money gets credited to the receiver’s bank account as soon as it is transferred from the sender’s account.
IMPS charges have been revised from October 2020 as below-
|Transaction Amount (in Rs.)||Charges|
|0 – 1000||Rs. 3.50 + GST|
|1001 – 100000||Rs. 5 + GST|
|10001 and more||Rs. 15 + GST|
It is quite an easy process to check IMPS fund transfer status. All you need to do is log in to the internet banking application and enter your transaction’s reference number. However, it is important to note that you should wait for at least 2 working days after performing an IMPS transaction for the amount to be credited to the receiver’s bank account.