What is IMPS & IMPS full form?

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What is IMPS full form?

In the year 2010, the facility of the IMPS was started on a pilot basis from the National Payments Corporation of India (currently managing the IMPS) initially with banks that include Bank of India, State Bank of India, ICICI Bank, and the Union Bank of India for the mobile payments. After around a year, some other banks were also added. After successfully running the pilot project, the IMPS facility was launched to the public on 22^nd November 2010.

IMPS full form is Immediate Payment Service. 

What is IMPS?

IMPS full form is Immediate Payment Service. It is an instant electronic fund transfer service that allows inter and intra-bank transfers. In simple word, IMPS helps customers transfer money instantly from one account to another.

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Using IMPS, you can send money in real-time, and it will be credited to the beneficiary’s account within seconds. While there is no cap on the minimum transfer amount, the maximum amount you can transfer per day via the Immediate Payment Service is INR 200,000. This fund transfer service is available 24×7 throughout the year, including on Sundays, banks, and state or national holidays.  Another significant advantage of IMPS is that people can access this facility through multiple channels, such as mobile banking, SMS, Net banking or even ATMs

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To enable an IMPS transaction, the involvement of the following major parties is a must-

How Does IMPS Work?

The customers can use different channels for IMPS transactions that include a mobile application, internet banking, and ATM. For getting the transaction done through mobile banking, the mobile number and MMID of the beneficiary are required, and the transaction can be verified using the mobile number and MPIN of the transferor.

For getting the transaction done through the internet banking, the account number and IFSC of the beneficiary are required, and the transaction can be verified using the internet banking password or transaction password and OTP of the transferor and forgetting the transaction done through the ATM, a person only needs valid ATM card, and the transaction can be verified using the ATM Pin.

Features of IMPS

Before you begin using IMPS as a method of online money transfer, here are all the points that you should know-

• IMPS transactions have a daily maximum limit of Rs. 1 Lakh
• The charges on transactions made through IMPS vary between Rs. 5 to Rs. 15, depending on the bank’s conditions
• IMPS transactions may also levy an additional service tax
• Immediate payment service is a robust, real-time fund transfer option that offers 24*7 inter-bank fund transfer facility
• IMPS offers instant transfer of funds within banks across the country, which is safe and economical for all the users

The Benefits of IMPS

• The fund transfer can be done using MMID, Aadhaar number and mobile number.
• IMPS serves you with the Debit and Credit Confirmation by SMS immediately.
• Using IMPS the money will be credited in the beneficiary’s account within a few seconds.
• IMPS is safe, secure and cost-effective.
• IMPS has no minimum amount limit on transactions of funds.
• IMPS is available for 24 hours in a day and even on holidays.
• The customer can make intrabank as well as interbank payments.
• IMPS can be used on a mobile phone, internet banking and even ATMs.
• In IMPS it is not compulsory to know about beneficiary’s Account number and IFSC.

IMPS has been one of the most common methods of transferring money ever since its launch.

How to Register for IMPS?

• You need to first register for the mobile banking service of the bank.
• You will also need to have the Mobile Money Identifier (MMID) and MPIN from the bank. Even the recipient or beneficiary needs to have them.
• You can download the application for mobile banking from your bank or use the SMS facility in your mobile if your bank has SMS IMPS facility.

IMPS Charges

Facilitating IMPS charges applies not only to banks but also to the government.  Therefore the transactions using IMPS have some specific charges.

• On transfers up to Rs. 10,000 will be Rs. 2.5  with GST.
• On transfers from Rs. 10,000 to Rs. 1,00,000 will be Rs 5 with GST.
• On transfers from Rs.1,00,000 to Rs. 2,00,000 will be Rs 15 with GST.

List of Banks Participating in IMPS

The banks using IMPS fund transfer facility are listed out below:

• Allahabad Bank
• Andhra Bank
• Axis Bank
• Bank of Baroda
• Bank of India
• Canara Bank
• Catholic Syrian Bank
• Central Bank of India
• Citi Bank
• Federal Bank
• HDFC Bank
• HSBC Bank
• ICICI Bank
• IDBI Bank
• Indian Bank
• Indian Overseas Bank
• Karnataka Bank
• Karur Vysya Bank
• Kotak Mahindra Bank
• Punjab National Bank
• State Bank of India
• Syndicate Bank
• UCO Bank
• Union Bank Of India
• Vijaya Bank
• Yes Bank Ltd

How to Send Money with IMPS Facility on Your Phone?

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

Requirements for making IMPS transactions through Mobile Banking

The basic requirement for transferring and receiving funds through IMPS is registering your mobile number with the bank and registering for the banks’ mobile banking services. After registering for mobile banking, the bank will provide you with your Mobile Money Identifier (MMID) and MPIN. The MMID is a randomly generated 7-digit identification number issued by the bank, and the MPIN is a 4-digit password specifically for mobile banking.

Once you have received your MMID and MPIN, you can add beneficiaries to your account by linking their account details with your mobile number, and by obtaining their MMID from the bank.

How to Receive Money Through IMPS on Your Phone?

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