IMPS Reference Number - Transfer Funds using IMPS & IMPS Limit

IMPS stands for Immediate Payment Service, which is a method to transfer funds immediately from one bank account to the other. Banks allow money transfer using IMPS through internet banking and mobile banking platforms. As the name states, IMPS is useful in case of immediate money transfer which is chargeable according to the transaction amount set by the banks.

IMPS was brought into existence in the year 2010 by NPCI (National Payment Corporation of India) and RBI (Reserve Bank of India). It is considered to be one of the most reliable methods of transferring money between bank accounts.

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

What is IMPS Reference Number?

IMPS reference number is basically a transaction number which is provided by the banks after every successful transaction.

Using your IMPS reference number, you can easily track the status of your IMPS transaction. All you have to do is log in to your net banking account, enter your IMPS reference number and check the status of your transaction. Alternatively, you can also call your bank’s customer support staff to find your IMPS reference number or to check your IMPS transaction status.

How to Transfer Funds using IMPS?

To transfer funds from one bank account to another via IMPS, you should follow these steps-

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.

What is the Limit on IMPS Fund Transfer?

According to the guidelines laid down by the Reserve Bank of India, users can transfer a maximum of Rs. 2 lakh per transaction using the IMPS mode of money transfer. However, considering the increasing use of IMPS mode of money transfer, the limit has recently been increased to Rs. 5 lakh per day.

Why should you Use IMPS to Transfer Funds?

IMPS is fast, safe and reliable method of transferring money
The immediate payment service works on both, internet banking and mobile platforms
This immediate payment service can be accessed at all times; even on public and bank holidays
Users can add beneficiaries through IMPS mobile platforms only by providing the receiver’s mobile number and MMID (Mobile Money Identifier)
IMPS transactions made through mobile phones do not require bank account numbers
Upon completion of an IMPS transaction, both the payer and the payee are notified by the bank immediately
Apart from transferring money from one bank account to another, IMPS can also be used to receive payments, make payments to other merchants, perform mobile banking transactions, etc.

Wrapping it Up:

IMPS reference number simply refers to the transaction number of your IMPS transfer. You can use your IMPS reference number to track the status of your IMPS transaction. According to the guidelines laid down by the Reserve Bank of India, users can transfer a maximum of Rs. 2 lakh per transaction using the IMPS mode of money transfer. However, considering the increasing use of IMPS mode of money transfer, the limit has recently been increased to Rs. 5 lakh per day.

FAQs

What is IMPS reference number?

IMPS reference number is basically a transaction number which is provided by the banks after every successful transaction.

How can I track my IMPS transaction?

To track the status of your IMPS transaction, all you have to do is log in to your net banking account, enter your IMPS reference number and check the status of your transaction. Alternatively, you can also call your bank’s customer support staff to find your IMPS reference number or to check your IMPS transaction status.

What are the important details required to make an IMPS transaction?

To make an IMPS transaction, you must have the receiver’s mobile number and MMID (Mobile Money Identifier). In case you don’t have the receiver’s MMID, then you must have his/her bank account number, IFSC and Aadhaar number.

What are the timings for IMPS transactions?

IMPS transactions can be performed at any time, on any day and from anywhere. This immediate payment service is available even on bank and public holidays.

Is there any limit on IMPS transactions?

IMPS transactions generally have a maximum limit of Rs. 2 Lakh. However, this limit has recently been increased to Rs. 5 lakh per day.

Are there any special charges applicable on IMPS transactions?

IMPS transactions charge a fee varying between Rs. 2.5 to Rs. 15, depending upon the amount of the transaction and limits set by the banks.

Is IMPS better than other modes of online money transfer?

IMPS can be considered better than other modes of online money transfer as it facilitates immediate transfer of funds. Additionally, this immediate payment service can be accessed even on bank and public holidays.