IMPS is an instant money transfer service. You can transfer funds to any bank account using this service. Before IMPS, We mostly used the NEFT for money transfer. However, it is not an immediate money transfer service and available only on working days.
Hence, the NPCI launched IMPS to make money transfers easy and fast. This service is based on the mobile number of the account holder. With IMPS, you don’t need to visit your bank branch to send money to your friend, family member or anyone. Because it allows you to make instant interbank transfers using just your phone or ATM. You only need to register for mobile banking to use IMPS. This service is really too fast and easy. Even after the launch of UPI , the IMPS is still a good solution for money transfers.
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- 1 Ease of IMPS Fund Transfer
- 2 How Banks Promoting IMPS transfer
- 3 IMPS Transfer Limit and Charges
- 4 Participating Banks of IMPS Transfer
- 5 IMPS Transfer Through SBI
- 6 IMPS Transfer Through ICICI Bank
- 7 IMPS Transfer Through HDFC Bank
Ease of IMPS Fund Transfer
IMPS is undoubtedly the faster money transfer and payment service than NEFT. One of the best things of IMPS is its 24X7 availability. No matter it is the weekend or any other holiday. IMPS works on any given day and at any time. Whereas NEFT and RTGS have a time window for settlement.
Being instant is another quality of IMPS. The transactions in NEFT are settled on the half hourly basis. But, the payments using IMPS are settled instantly. Also, as I have already told you that you don’t need to visit your bank to make these payments. IMPS gives you ease of transferring money from anywhere anytime and to anyone. No matter you are travelling or just cannot go to your branch for some reason. You can even send money instantly to your loved ones when they need with IMPS.
IMPS is also secure and easily accessible payment service. It uses two-step authentication to perform transactions. Hence, you do not need to worry about the security of your heard-earned money. The first step of security is your mobile number and second is MMID. You get the MMID when you register for mobile banking at your bank branch.
The IMPS is not depended on a single channel. You can access its services using your mobile phone, an ATM and internet banking. It does not limit you to use any single channel to enjoy its services.
You also get SMS confirmation in your mobile number for every credit or debit in your account.
Along with sending money, you can also use IMPS to pay your bills and mobile recharges.
How Banks Promoting IMPS transfer
Though not heavily but banks are promoting IMPS transfers among customers. Even some of the banks have made IMPS default for transfers under 2 lakh rupees. Because IMPS is a faster service than NEFT and it has the upper limit of 2 Lakh rupees. Most of the participating banks allow you to transfer money using mobile number, IFSC or even Aadhar. Banks also provide IMPS facility through your mobile phones. This is also a promotional step from the bank. Almost every participating bank gives you the option to use IMPS at ATMs. Availability of such a wide variety of channels makes IMPS an easy to access payment service.
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IMPS Transfer Limit and Charges
IMPS has a transfer limit of maximum 2 Lakh rupees. In other words, you cannot transfer more than 2 Lakh rupees in IMPS. However, IMPS does not have any minimum limit on money transfers. You can transfer any amount below 2 Lakh rupees with ease. IMPS is also cost effective. The charges on transfers using IMPS are similar to NEFT which are very less. Below is the table of charges on IMPS transfers.
Also Read: Fund Transfer limits of NEFT, RTGS and UPI
|Upto ₹ 10000||₹ 2.5 + GST|
|Above ₹ 10000 upto ₹ 100000||₹ 5 + GST|
|Above ₹ 100000 upto ₹ 200000||₹ 15 + GST|
IMPS Charges of SBI
Recently SBI has reduced the IMPS charges. Now it gives cheapest IMPS service among the banks.
|1||Upto Rs.1000||No Charges|
|2||₹1001 to ₹10,000||Rs.1/- + GST|
|3||₹10,001 to ₹1,00,000/-||Rs.2/- + GST|
|4||₹1,00,001 to 2,00,000/-||Rs.3/- + GST|
Participating Banks of IMPS Transfer
IMPS has a huge number of participating banks. Almost all the major banks in India are supporting IMPS. Hence, you would not face any difficulty in performing the transaction with any bank account. Below are some of the major banks which support IMPS.
|Allahabad Bank||Axis Bank||Bank of Baroda|
|Bank of India||Bank of Maharashtra||Canara Bank|
|Central Bank of India||Citibank||Dena Bank|
|HDFC Bank||ICICI Bank||IDBI Bank|
|State Bank of India||Syndicate Bank||Yes Bank|
Also Read: New Charges of Debit Card Transactions
IMPS Transfer Through SBI
State Bank of India allows you to use IMPS through many channels including mobile, ATM or internet banking. The steps are easy on every individual channel. For instance, if you want to use SBI net banking for IMPS transfers. Then login to your net banking account at SBI net banking portal. Go to the balance transfers page and choose the transfer type. Here you will find the option to select the method among IMPS, NEFT or RTGS. Select IMPS with the help of radio button next to it. And your transfer will be initiated using IMPS platform.
You can also use SBI mobile banking application to transfer funds through IMPS. Install the application and log in. Now select mobile to mobile transfer option available in the app. Then enter the mobile number, MMID, amount and remarks and click OK. In the next step, enter your mobile banking MPIN to complete the transfer request. Keep in mind that mobile banking MPIN and UPI PIN are two different things. For IMPS, you have to use mobile banking MPIN for transfers. UPI Pin is only for the digital payments using UPI platform. As soon as you complete the request, the money will be debited from your account and credited to the beneficiary account.
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IMPS Transfer Through ICICI Bank
ICICI bank is also one of the country’s major banks and it supports IMPS payments. It also gives you the option to use IMPS through internet banking, iMobile app and even SMS. However, you can only generate MMID using SMS. Whereas you can transfer money using both internet banking and iMobile app.
Transfer using ICICI iMobile app:
In the iMobile app, select your desired account and choose IMPS payments. Now select the method you want to use such as the mobile number or IFSC. In the next step, enter the mobile number and MMID of beneficiary and amount. Also, enter the remarks if you wish. Now confirm the details and authenticate using grid values asked. These grid values are present on the back of your ICICI debit card. As soon as you authenticate the details, the money transfers to the beneficiary’s account. The same process will be applicable for IFSC or Aadhar method. You just have to enter IFSC and account number in IFSC method and Aadhar number in Aadhar method in place of mobile number and MMID.
Transfer using ICICI internet banking:
Moreover, If you want to use internet banking to make IMPS transfers then follow below steps.
- Log in to the ICICI net banking portal.
- Select Funds transfer from the menu bar and then select IMPS method.
- Select the account from which you want to transfer balance if you have more than one account linked.
- Enter mobile number, MMID and amount. Verify the details using your internet banking transaction peassword.
- Authenticate using your ATM or debit card grid values.
- Your transaction will complete as soon as the authentication completes.
- You will then recieve detailed SMS informing you about the status.
The process is almost the same when you choose IFSC method instead of mobile number and MMID. You just need to enter IFSC and account number in place of mobile number and MMID.
IMPS Transfer Through HDFC Bank
HDFC is also a participating bank in IMPS. Hence, you can send money from HDFC bank accounts to another bank account using IMPS without any hassle. HDFC allows you to use internet banking or mobile banking to enjoy the services of IMPS. Below are the steps for both the channels.
Transfer using HDFC internet banking:
- Login to the HDFC internet banking.
- Select IMPS funds transfer using mobile number and MMID.
- Enter all the details including the mobile number, MMID, amount and remarks (optional).
- Confirm and verify the details and transaction.
- The transaction will complete after confirmation and verification. And you will recieve a detailed confirmation SMS.
Transfer using HDFC mobile banking:
- Login to HDFC mobile banking.
- Select third party transfer and then select IMPS fund transfer from the oprions.
- Fill all the details including beneficiary mobile number, MMID, amount and remarks.
- Confirm the details and verify the transaction.
- You will recieve a detailed confirmation SMS as soon as your transaction completes.
The steps are almost similar when you transfer using IFSC method under IMPS.