|IMPS - Immediate Payment Service|
IMPS stands for immediate payment service. While a majority of interbank mobile payment services, fund transfer and transactions are carried out through NEFT (national electronic fund transfer) mechanism and it is noted that NEFT transactions can be done only during working hours, IMPS gives more reliability to customers and allows them instant 24X7 money transfer service through their smartphones. Immediate payment services facilitate the customers to use cell phones as a medium to access their bank accounts and make online transfers in a secured manner with immediate confirmation features. This facility is provided by NPCI (National Payment Corporation Of India) through its existing NFS (National Financial Switch).
|Using IMPS, online money transfer can be done in the following way:|
|Objectives of IMPS|
|Most Popular Banks|
|SBI Bank IFSC Code|
|ICICI Bank IFSC Code|
|HDFC IFSC Code|
|Axis Bank IFSC Code|
|Bank of Baroda IFSC Code|
|Indian Bank IFSC Code|
|Canara Bank IFSC Code|
|Punjab National Bank IFSC Code|
|Allahabad Bank IFSC Code|
|Andhra Bank IFSC Code|
|Union bank of India IFSC Code|
|Bank of Maharashtra IFSC Code|
|Syndicate Bank IFSC Code|
|Citibank IFSC Code|
|What is IFSC code?|
IFSC is an acronym for Indian Financial System Code. It is a 11 characters alphanumeric code which is unique for every bank's branch. The last 6 characters of an IFSC code represents a specific branch of a bank.
|Why we need IFSC code?|
For online funds transfers via National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS) and Immediate Payment System (IMPS), we need IFSC code of the beneficiary account.
|What is NEFT?|
NEFT is an acronym for National Electronic Funds Transfer. It is the most commonly used method for online funds transfer. The transfer doesn’t happen in real-time, rather in slots. There are 11 slots from 8 am to 7 pm on weekdays (Monday through Friday) and 6 slots from 8 am to 1 pm on Saturdays (except 2nd and 4th Saturday).
Note: There is no minimum or maximum transfer limit.
|What is RTGS?|
RTGS is an acronym for Real Time Gross Settlement. Real Time means that the settlement of fund happens in real-time, individually on an instruction by instruction basis, without any delay. RTGS transfer has a minimum limit of rupees 2 lakhs (200,000). As per Reserve Bank of India, there is no maximum limit defined on an RTGS transfer, though the banks might put their own limits. An RTGS can be done between 9 am to 4.30 pm from Monday to Friday and 9 am to 2 pm on Saturday.
|What is IMPS?|
IMPS is an acronym for Immediate Payment Service. It is the latest electronic fund transfer facility which enables an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc. Through IMPS, the money is transferred instantly to the beneficiary’s account, in no time. Through IMPS we can transfer the money 24x7 throughout the year, all 365 days, even on bank holidays.
Note: The minimum amount is ₹ 1 and maximum amount is ₹ 2 lakhs, which can be transferred via IMPS.