Mobile internet banking allows users to transfer funds quickly and easily using IMPS, or Immediate Payment Service. It is a method by which a user can send money to a recipient immediately.
IMPS reference number is required during the process of transferring funds from the sender to the receiver. In this blog, we will discuss IMPS reference numbers and how to easily transfer funds from an IMPS account. But, before we get into that, let’s take a quick look at what IMPS is all about.
What is IMPS or Immediate Payment Service?
Immediate Payment Service (IMPS) is a fund transfer service for mobile banking users. Users who have opted for IMPS can transfer funds into the beneficiary’s bank account at a participating bank. To use IMPS, you must have a beneficiary account number, an IFSC code, an MMID, a beneficiary mobile number, etc.
- IMPS payments service can be availed 24*7 and 365 days a year
- The daily limit for IMPS is now Rs. 5,00,000, up from Rs. 2,00,000 previously
- Additional transactional charges for IMPS fund transfers range between Rs. 2 and Rs. 15
- Payments made via IMPS are safe and secure
- A user can send a minimum of Rs. 1 and a maximum of Rs. 5,00,000 to the beneficiary via IMPS
What is the Daily Transaction Limit of IMPS?
Today, the Reserve Bank of India imposes a transaction limit on IMPS transactions. Previously, a user could send up to Rs. 2,00,000; however, due to its growing popularity and status as one of the most widely used payment methods, the government increased the daily transaction limit. The daily transaction limit for instant domestic IMPS funds transfer has been increased to Rs. 500,000.
What are the Charges for IMPS Transactions?
Bank charges an amount every time a user opts for an IMPS payment service. The following charges might differ vary from one bank to another-
|Less than or equal to Rs. 10,000||Rs. 2.5|
|More than Rs. 10,000 and up to Rs. 1 Lakh||Rs. 5|
|More than Rs. 1,00,000||Rs. 15|
What is the IMPS Transaction Timing?
IMPS transactions can be started at any time and from any location. The IMPS service is available 24 hours a day, 365 days a year. Some banks may have restricted IMPS service from 8 a.m. to 8 p.m. due to fraudulent activities and theft.