IMPS (Immediate Payment Service)

1. Quick transfer: As the name indicates, IMPS is a real-time money transfer service and enables you to transfer funds quickly. 
2. Secure method: Even though the internet is used as a medium to transfer funds, IMPS is considered one of the safest transfer methods. While bank servers are relatively well protected by firewalls, the data that travels on the internet is encrypted, which is nearly impossible to decrypt. However, there’s no protection against human mistakes.  
3. Immediate alerts: IMPS takes full advantage of mobile banking. Right after you send money to someone, you get text messages from your bank as an alert from the app. 
4. Availability: IMPS is accessible 24 hours a day, 7 days a week, 365 days a year. This eliminates the need to visit the bank and stand in long lines to make deposits or transfers. 

IMPS Transaction Limits and Charges Across Major Banks

IMPS transaction limits and charges vary across banks. Generally, most banks allow IMPS transactions ranging from ₹1 to ₹5 lakh per day. Charges also differ based on the amount being transferred:

How to Register for IMPS Services

Answer: To use IMPS services, you must first register for your bank’s digital banking platform. Here's how:

• Internet Banking/Mobile App Login: Register/login to your internet banking or download the bank’s mobile app.
• Activate Mobile Banking: Enable mobile banking by linking your mobile number with the account.
• Get MMID (if needed): Some banks require a Mobile Money Identifier (MMID).
• Add Beneficiary: Register the recipient’s details such as account number and IFSC code.
• Start Transferring: Begin transferring funds instantly through IMPS.

How to Transfer Money Using IMPS

Follow the steps mentioned below to transfer funds through IMPS: 

Step 1: You need to install the mobile banking app of your bank. You can also use the internet banking facility for transferring money via IMPS and follow the steps given below.

Step 2: Log in on your bank’s mobile application using your credentials (Customer ID/ User ID and Password).

Step 3: Once you have successfully logged in, select the ‘Transfer’ option and choose to add beneficiary. Alternatively, you can also choose the ‘One Time Transfer’ option.

Step 4: Now, complete the process using IMPS by providing either MMID & mobile number details or account number & IFSC code.

How to Send Money with IMPS Facility on your Phone?

To send money with IMPS on your phone, follow these steps:

1. You need to log in to your bank's application.
2. Next, select the IMPS option for the IMPS menu. The SMS facility in your phone can be used for the same.
3. You need to have the beneficiary mobile number and MMID, ready.
4. You need to fill in the beneficiary mobile number, amount, beneficiary MMID, as well as your MPIN to transfer the funds.
5. A confirmation text through SMS will be sent to you for the debit in your account and credit in the beneficiary's account.
6. The transaction reference number must be noted for future reference.

Requirements for Making IMPS Transactions Through Mobile Banking

To transfer and receive funds through IMPS, the first step is to register your mobile number with your bank and register for the bank’s mobile banking services. Once you have registered for mobile banking, your bank will issue you with your MMID (Mobile Money Identifier) and MPIN. The MMID is a random 7-digit number issued by your bank. The MPIN is a unique 4-digit password designed specifically for mobile banking. 

Once you get your MMID and MPIN, you can add the beneficiary to your account. You can do this by connecting their account details to your mobile number and by getting their MMID number from the bank. 

How to Send Money Through IMPS Using Mobile Banking?

Follow the steps mentioned below to send money through IMPS using mobile banking - 

Step 1: If your bank offers IMPS through SMS, log in to the mobile banking app and choose the IMPS menu from the IMPS or use the SMS feature on your mobile device. 

Step 2: Get the Beneficiary's MMID and mobile number. 

Step 3: Type in the recipient's mobile number, MMID, amount, and MPIN to send 

Step 4: Once done, you will get a confirmation SMS when your account is debited and the beneficiary account is credited. 

How to Receive Money Through IMPS

Follow these steps to receive money through IMPS on your phone:

1. You need to provide your cell phone number and MMID with the sender.
2. The sender will do the same thing as mentioned in the earlier section, to send money using your Mobile number and MMID.
3. A confirmation text through SMS will be sent to you for the credit in your account and debit in the sender's account.
4. The transaction reference number must be noted for future reference.

Common Issues in IMPS Transactions

1. Transaction failed but money debited
2. Delayed credit to beneficiary
3. Incorrect account details entered

List of Banks Offering IMPS Money Transfer in India

The following banks offer IMPS services to their customers:

Details of IMPS

Prerequisites for Carrying Out IMPS Transactions

The pre-requisites for carrying out IMPS transactions are as follows: 

1. IFSC code and the bank account number 
2. Mobile Money Identifier (MMID) 
3. Aadhaar Number 
4. Beneficiary and sender’s mobile numbers 

Benefits of IMPS

The benefits of using IMPS service are as listed below: 

Economic: Apart from UPI, IMPS is the most cost-effective mode of money transfer. Funds transfer charges range from minimum Rs.2.50 to maximum Rs.25. NEFT charges are similar, but NEFT does not do real time funds transfer, which gives IMPS a clear edge. 

Secure: These transactions are carried out through mobile banking and do not require the beneficiary’s account number or IFSC code. It only requires a mobile number and MMID of the beneficiary. However, for IMPS fund transfer through net banking, you require the complete bank details of the beneficiary. 

Availability: The biggest advantage of IMPS service is that you can transfer money whenever you want. This is especially useful on bank holidays, public holidays, and any time of day. Moreover, you only need a mobile phone with a proper internet connection to complete an IMPS transaction. 

Immediate transfer of funds: IMPS transfers funds instantaneously to the beneficiary’s account. Even if there is a technical problem, the funds will be transferred in less than an hour. 

Points to Note When Using the IMPS Facility

Transferring money through IMPS is one of the simplest and quickest ways for funds transfer. However, a simple mistake can result in losing money. Here are a few things to keep in mind when transferring money through IMPS. 

1. IMPS requires a mobile banking account to transfer money. Even if IMPS is a web-based service, you must have the Mobile Money Identifier (MMID) of both parties to transfer money. This cannot be done without mobile banking. 
2. IMPS through Net Banking requires beneficiary details such as bank account number, IFSC number of the beneficiary, mobile number of the beneficiary, name of beneficiary, and MMID. 
3. You have to double-check the information before you can confirm the payment via IMPS. This is because if the money is transferred to the wrong account, it can only be recovered with the beneficiary's approval. 
4. You will need an internet connection for IMPS money transfer.  
5. Do not share any of your bank related information like account number, passwords, SMS alerts, etc. with anyone.  

List of IMPS Charges by Bank

Different banks charge differently for IMPS transactions. The charges for inward remittances are free and charges are only applicable for outward remittances. Given below are a some of the most popular bank IMPS charges.

Uses of IMPS

The main uses of IMPS are mentioned below:

1. The Aadhaar seeding status can be checked.
2. Transactions can be completed via mobile banking.
3. Merchant payments can be made.
4. Payments can be received.
5. Funds can be transferred.