Do you know what is IMPS? There will be many of you who have used IMPS to transfer money, but do you have full knowledge about it. If not, do not panic because today we are going to know about this subject.
As we know that nowadays everything is available in online . Similarly, banking facility is also available in online nowadays.
Today you can do all your banking work right from home. Such as fund transfer, demand draft, passbook printing etc.
There are many such services that we use for our convenience such as RTGS, NEFT and IMPS .
As we have already known what NEFT and RTGS are. So that’s why today we will know about what is IMPS.
IMPS was first introduced in 2010 , now it has been around 8 years . It has been introduced after NEFT and RTGS, so it is more popular among people.
By using this, one can transfer money from one account to another account in one stroke. So today I thought why should you give full information about what IMPS is, so that you do not need to see or read about it in another place.
Then without delay let’s start and know about what is IMPS and how it works.
What is IMPS
First of all, know that the full form of IMPS is: Immediate Payment Service and we can say it in Hindi, instant payment service .
IMPS is a banking payment system service under which you can send money from one account to another in real time.
Where it takes some time to send money to NEFT and RTGS, on sending money through IMPS, it gets completed immediately, so that we do not have to wait any longer.
The National Payments Corporation of India first started Immediate Payment Service (IMPS).
Through this service, you can transfer electronic funds to any bank through mobile phone, internet, ATM anytime, round the clock.
This service was first started as a pilot project in August 2010 and later on 22 November 2010 it was launched as a full service.
Although initially it was launched by only a few key banks such as State Bank of India, ICICI Bank, Bank of India, but later other private banks like Axis Bank and HDFC Bank also started this service.
Now a full list of all the banks providing this service is available on NPCI website.
How to transfer money through IMPS
By the way, there are many ways through which you can transfer money in IMPS, today we will get complete information about them, which you can use in future.
IMPS to Bank Account and IFSC Code
Using IMPS through bank account and IFSC details, it is a very common way to transfer funds. Through this method, you can easily transfer money to anyone who has an account in any bank.
For this, you just need a good internet connection, whatever the net banking or mobile-banking data, it does not matter. Here I have tried to explain the process to you below:
- First login to your net banking account.
- After that, after filling all the details of the one you want to add according to the beneficiary, add them according to the new beneficiary.
- I have already given you the information of how to add benefit. Here you just need to check the correct details. You can get OTP on your mobile number during the benefiticiary addition process.
- Once you have added the beneficiary, then you can select the details and mention the amount you want to send. Apart from this, you can also write some important comments.
- After this, you need to verify the details. After that, once again verify all the details carefully once for the last time.
- Finally confirm it.
- By doing this, the money will be debit from your account immediately and will be credited to the receiver’s account in a few moments.
- After this you will receive an SMS where the details of your transaction will remain. Keep it safe because if there is any problem regarding payment then you can show this reference number to the bankers.
IMPS to Mobile Number and MMID
Before understanding this process, you need to understand how this MMID works.
Understand MMID and IMPS
If you want to use IMPS then you must have a bank account which should be enrolled for mobile-banking services with your concerned bank.
If you have not yet registered your mobile number with your bank, then you will have to go to the nearest branch of your bank and submit the application form to get this service.
These forms are available on bank’s official websites or net banking website which you can easily fill.
Once you have registered your mobile number in the concerned bank, then they will provide you with a unique seven-digit MMID code which you can use by instant transfers IMPS.
This MMID code consists of first four digits unique identification number of the bank that is providing this IMPS facility to you.
Even if you have multiple bank accounts, your bank will allocate a unique MMID number for all your bank accounts.
Since your MMID number is a combination of your account number and mobile phone number , so you can easily understand which bank account refers to which MMID Code.
There are many ways by which you can generate MMID code according to your bank. Some banks auto-generate your MMID code when you register your mobile number for mobile banking.
Some banks allow you to request an SMS to generate a seven-digit MMID code, while in some you have to put an online request to generate it from your net banking account.
How to transfer funds through MMID
- First of all log in to your mobile banking app.
- After this go to the fund transfer section and select IMPS.
- After this, add account number, mobile number and MMID code to initiate your beneficiary and your transfer.
- You can then verify this transaction through an OTP and mPIN .
- Money is debited from your account and gets credited to the receiver’s account in a few seconds immediately.
- After this you will receive an SMS where all the transaction details are mentioned. Keep this reference number safe so that if there is some issue then you can show it to the bank.
How to IMPS through ATMs
For this, you need a debit card number of the beneficiary’s, using ATMs to transfer funds. But here in this method, there is a limit on how much money you can transfer per day and per month.
For this, you have to do a little check with your bank. These are some of the steps that you must follow :
- The first thing is to swipe your Debit Card and enter your ATM PIN.
- After that the funds transfer option will have to be selected and then go to the IMPS option.
- Here your registered mobile number will be displayed on the screen.
- Then your beneficiary’s mobile and MMID number has to be done.
- After that fill the amount you want to transfer, then confirm these details and then send it.
- In a few seconds, money from your accounts is debit and credited to the receiver’s account.
- Once the money is transferred, then you will receive an SMS where all your transaction details will be written.
How to do IMPS via SMS
Don’t have an internet connection? Still you want to transfer money. Do not panic at all because you can still use IMPS service via SMS. Here also you can add beneficiary through SMS format. You can get this SMS format from your bank’s website. Keep in mind that these formats are different in different banks. Here I have told you a fomat as an example.
IMPS <Beneficiary Mobile No><Beneficiary MMID><Amount><MPIN>
Once it is finished then you can send money easily.
Features of IMPS on your phone:
- Money transfer through IMPS is very safe and secure like NEFT and RTGS.
- You can easily use this facility on your smart device or phone if you have an internet connection.
- This is a very fastest way to transfer money between different bank accounts.
- You can send money to anyone if you have their mobile number.
- Here the amount is soon credited to the recipient without any delays.
- Here people do not need to share their bank details to transfer funds.
- These services are available 24 hours a year.
- There is no need to pay any charges for the use of service to any parties here.
- With this, notifications are sent to both parties when the transaction is completed, where the sender gets the message of debit of the money, while the receiver receives the message of the credit of the money.
- Currently IMPS transfer limit is only Rs. 50,000 only.
- For this, you must have your bank’s ATM cum Debit Card.
- You have to register your mobile with the bank so that we get all the SMS alerts.
- If you have a basic handset, you can still use this service with the help of SMS and texting.
- In some banks, with the help of their own applications, you can avail the facility of IMPS and that too very fast.
What are the benefits of IMPS
The IMPS fund transfer service has changed the definition of online transaction itself. It is providing many benefits to its users today if their users have activated online / mobile banking services. Here I am going to tell you about the benefits of IMPS.
Instant Fund Transfer: With this help you can transfer funds in real time. For this, you need the account number and mobile number of the bus receiver. All these transactions take place in an instant.
Easy Process: These entire processes are completed very soon and with this they are also user-friendly. For this, all you have to do is add beneficiary details as we do in NEFT / RTGS and wait to become active.
Some banks charge maximum 30 mins to transfer funds to the new beneficiary. Therefore, you have to keep details like their name, account number, IFSC or MMID (Mobile Money Identifier) code, bank account type, handy in front of you.
Round The Clock: Time never creates any obstacle between IMPS because you can do IMPS transfer at any time whether it is Sunday or any Public Holiday.
Money Transfer Channels: You can use many methods to send money in IMPS like net banking, mobile banking, ATMs or SMSs etc.
Where there is no internet facility also, you can send money in IMPS through SMS.
Open To All: Access to the Service Resident or non-resident Indians can also (NRI) to transfer the money.
Security First: Money transfer is very safe in IMPS, in which banks validate your transaction only after checking many times.
But keep in mind that if you have filled any wrong beneficiary details then this fault will be yours only.
However, if you have mistakenly sent money to a wrong beneficiary account, then you can contact your bank branch for refund.
List of Banks that provide IMPS Money Transfer facility in India
Here I have written the names of some banks that are currently offering IMPS services to their customers in India :
1. Andhra Bank
2. Allahabad Bank
3. Adarsh Co-Operative Bank Ltd.
4. Axis Bank
5. Bandhan Bank Ltd.
6. Bank of India
7. Bank of Baroda
8. Bassein Catholic Co-op Bank
9. Bank of Maharashtra
10. Canara Bank
11. BNP Paribas
12. Central Bank of India
13. Catholic Syrian Bank
14. City Union Bank
16. Cosmos Co-operative Bank
17. Corporation Bank
18. Development Bank of Singapore
19. Dena Bank
20. Dhanalakshmi Bank
21. Development Credit Bank
22. Federal Bank
23. Dombivli Nagarik Sahakari Bank
25. HDFC Bank
26. IDBI Bank
27. ICICI Bank
28. Indian Overseas Bank
29. Indian Bank
30. ING Vysya Bank
31. IndusInd Bank
32. Janata Sahakari Bank, Pune
33. Jammu & Kashmir Bank
34. Karur Vysya Bank
35. Karnataka Bank
36. Kerala Gramin Bank
37. Lakshmi Vilas Bank
38. Kotak Mahindra Bank
39. Nainital Bank
40. Mehsana Urban Co-operative Bank
41. NKGSB Co-operative Bank 42. Pragathi Krishna Gramin Bank
43. Oriental Bank of Commerce
44. Punjab and Sind Bank
45. Punjab and Maharashtra Co-op Bank
46. Rajkot Nagrik Sahkari Bank Ltd
47. Punjab National Bank
48. Saraswat Bank
49. RBL Bank
50. Standard Chartered Bank
51. South Indian Bank
52. State Bank of Hyderabad
53. State Bank of Bikaner and Jaipur
54. State Bank of Mysore
55. State Bank of India
56. State Bank of Travancore
57. State Bank of Patiala
58. Syndicate Bank
59. Thane Janata Sahakari Bank
60. Tamilnad Mercantile Bank
61. The A.P Mahesh Urban Co-op Bank
62. UCO Bank
63. The Greater Bombay Co-op Bank
64. Union Bank of India
65. Vijaya Bank
66. United Bank of India
67. Yes Bank
FAQs on IMPS
1. What is IMPS?
IMPS, also known as Immediate Payment Service, is an electronic fund transfer process whose money is instantly sent to the payee / beneficiary account and that too in real time. National Payments Corporation of India (NPCI) in India provides this facility.
2. Are there any charges for getting money through IMPS?
3. Do different banks impose different IMPS charges?
4. What to do if money is debit from your account and then the receiver does not get that money?
If this happens to you in a way that does not happen often, then you should do it for 24 hours. If your money has not come even then, then you should contact your banks.
5. Does IMPS have any specific timings?
No. You can avail the convenience of IMPS services anytime of the day on 24/7 basis.
6. Can IMPS services be availed in bank holidays?
The benefit of IMPS services can be availed 365 days a year, which includes bank holidays and weekends.
7. What are the benefits of IMPS?
o Realtime, Instant
o It happens all the time is Available
o It is very Safe and Secure
o Economical is
o This can be done through many channels: such as Mobile Banking, internet banking, ATMs and more.
8. How to register for IMPS services?
If you also have to use IMPS services, then for this you will have to signup for your bank’s internet / mobile banking service.
9. Is there a transaction limit of IMPS?
Yes. There are different minimum and maximum limits according to the banks.
10. Can money be sent to other countries with the help of IMPS?
No. IMPS can only be used for domestic fund transfer transactions.
I sincerely hope that I have told you what IMPS is (IMPS in Hindi)? Gave full information about and I hope you guys have understood about IMPS.
I request all of you readers that you too should share this information in your neighborhood, relatives and friends, so that our awareness will be there and it will benefit everyone.
I need your support so that I can convey more new information to you.
It has always been my endeavor that I always help my readers or readers from all sides, if you people have any doubt of any kind, then you can ask me irresponsibly. I will definitely try to solve those Doubts. What is IMPS ?