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IMPS (Immediate Payment Service)

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        1. IMPS (Immediate Payment Service) is India's instant interbank electronic fund transfer service. Customers can transfer money 24/7, including weekends and holidays, providing rapid and secure transactions. 

          compared to traditional systems such as NEFT (which operates in batches), IMPS completes transactions quickly, crediting the recipient's account within seconds. It is commonly used for personal and business payments due to its speed, convenience, and security features such as OTP authentication. IMPS is a reliable alternative to cash or cheques, with a daily maximum of up to ₹5 lakh per transaction, making it suited for both small and large payments.



Objectives of IMPS 
  • To provide rapid electronic fund transfer services.  
  • Promote digital and cashless transactions.  
  • To increase financial inclusion, facilitate easy money transfers.  
  • To reduce dependency on traditional banking hours. 
Benefits of IMPS 
  • Multiple Ways to Send: Use mobile banking, net banking, ATMs, or SMS. 
  • High Limit: Send up to ₹5 lakh per day (varies by bank). 
  • Low Cost: Small fee (usually ₹5 to ₹15 per transaction). 
  • Secure: Uses OTP & encryption to prevent fraud. 
  • No Need for Full Bank Details: Transfer with just mobile number + MMID or Aadhaar number. 
  • International Transfers: Some banks allow sending money from abroad to India via IMPS. 
Key Features of IMPS: 
  • Wide Coverage: Works across all participating banks in India. 
  • Instant Transfers: Transactions are completed in real-time. 
  • 24/7 Availability: Operates round-the-clock, even on weekends and holidays. 
  • Convenience: Transfer funds using MMID (Mobile Money Identifier) and mobile number or IFSC & account number. 
  • Low Transaction Limits: Suitable for small to medium-sized transfers. 
How to Use IMPS: 

IMPS via Mobile/Net Banking 

  • Log into your bank's app or website.  
  • Go to "Fund Transfer" and choose IMPS.  
  • Choose the transfer type:  
  • MMID + Mobile Number (provided the recipient has an MMID)  
  • Account Number + IFSC (for direct bank transfers)  
  • Enter the amount, validate the details, and then approve with an OTP/MPIN.  
  • Done! Money is transferred instantly. 

IMPS via ATM 

  • Visit your bank's ATM and insert your card.  
  • Choose "Fund Transfer" or "IMPS".  
  • Enter the recipient's mobile number + MMID, or account number + IFSC.  
  • Enter the amount, then confirm with your ATM PIN.  
  • Transaction is successfully completed! 

 IMPS via SMS  

  • Check if your bank accepts IMPS via SMS.  
  • Create an SMS using the format provided by your bank.  
  • Fill in the beneficiary's MMID and the amount to be transferred.  
  • Send the SMS to the bank's specified number for IMPS transactions. 

IMPS Transaction Limits 

IMPS transactions involve a limit of ₹5 lakhs per account and are dependent on the user's account balance. This limit was implemented to protect user's security and prevent fraud in their accounts. It also ensures that the servers are not overloaded with requests and that each user can complete the transaction with few failures and problems.