Immediate Payment Service: All that's to know about instant funds transfer

Transfer facility is available 24/7 accounts holder of any bank, helps in digitisation of payments

Immediate Payment Service (IMPS) allows individuals to send and receive money instantly using mobile phones or internet banking. The real-time, interbank electronic funds transfer system can be used to settle bills and transfer funds.

The Reserve Bank of India (RBI) has set the IMPS limit at Rs 500,000 per day. IMPS Transfer Time IMPS transfer facility is available 24/7 for every account holder of any bank. The funds reach the beneficiary instantly after the sender's bank approves the transaction. However, in rare cases, it can take up to five working days when a transaction fails or is timed out during the process.

Features of IMPS

Secure interbank transactions: IMPS ensures secure transfer of funds between different banks.

Participants: The IMPS ecosystem involves senders, receivers (or beneficiaries), banks, and the National Payments Corporation of India (NPCI).

Compatibility: Transactions via IMPS can be conducted seamlessly through both mobile and online banking platforms.

Ease of transfer: IMPS allows users to transfer money using the beneficiary's Mobile Money Identifier (MMID) or their contact number.

RBI initiative: IMPS aligns with the central bank’s efforts to promote digitalization of retail payments.

Minimal requirements: When utilising smartphones, IMPS transactions often do not necessitate the beneficiary's bank account details.

Notification system: Both the sender and the receiver receive notifications once the funds transfer is successfully completed, ensuring transparency and peace of mind.

IMPS Eligibility

According to NPCI, both the sender and the receiver must have a bank account with a registered mobile number and MMID to send and receive funds through IMPS. Additionally, you need to enter the IFSC code, bank account number and transaction amount to make a transaction.

To transfer funds using IMPS, follow these steps:

Open your mobile banking app or access your internet banking account.

Look for the option called 'fund transfer' and tap/click on it.

Choose 'IMPS' as the method to transfer funds.

Enter the beneficiary's MMID (mobile money identifier) and your MPIN (mobile personal identification number).

Enter the amount and confirm the transaction.

How to track IMPS transactions

You can log into your mobile banking account or net banking account to check the status of your IMPS transaction. IMPS reference number tracking can be easily done by using the unique IMPS reference number which is provided by the bank after every successful IMPS transaction. You also have the option of calling your bank for any IMPS reference number tracking or to get details of your last transaction.