IMPS Full Form in Banking
IMPS full form
The Full form IMPS is Immediate Payment Service.
- Table of contents
About IMPS
IMPS stands for Immediate Payment Service. It is the fastest online money transfer service. It allows fund transfers between the same bank and another bank. Using IMPS you can transfer money anytime, anywhere and money will be credited to the receiver’s account within a few seconds.
Transferring money on a real-time basis and making this service available to users has been a significant challenge in the banking sector. No one had any option to transfer money other than going to the bank and standing in long queues during banking. At that time only NEFT & RTGS services were available during banking hours. Keeping the above issues in mind, NPCI started a pilot project on the mobile payment banking system with some of the banks like SBI, BOI, UBI, and ICICI in August 2010.
Also, other banks like Yes bank, Axis, and HDFC bank joined this event in the month of September, October, and November 2010 respectively. Immediate Payment Service (IMPS) was publicly launched on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai, and this service are now available to the Indian public.
What are the Advantages and Disadvantages of IMPS?
IMPS provides an online fund transfer service capable of processing funds transfers from one account to another instantly. This fund transfer service is available 24×7 throughout the year. This service is also available on bank holidays, State or national holidays. Another significant advantage of IMPS is that people can access this facility in various ways, such as Mobile banking, SMS Banking, Net banking, and even through ATMs.
Advantages of IMPS:
- IMPS is not a time-specific service such as RTGS & NEFT. People can freely initiate IMPS transactions whenever they required this without facing any challenges and also not having any liability to depend on banking hours.
- IMPS stands for Immediate Payment Service. And this ‘Immediate’ payment is a big advantage of these services because all services except this IMPS take time to transfer money.
- IMPS is available 24x7x365 and even on bank holidays, so you can use the IMPS service for transferring funds to anyone, anytime, anywhere.
- With the help of the IMPS process, you can send money from person to person, person to account, and person to merchant.
- IMPS transactions can be done in various modes like ATM, SMS, bank account, MMID code, etc. and this is the big advantage of IMPS which gives another level of satisfaction to the user to transfer money.
- Along with the immediate fund transfer, IMPS also allows you to pay insurance premiums, Electricity bills, Railway ticket charges, online purchases, etc.
- Bank charges in IMPS transactions are very minimal amount. In some cases, these minimal charges are also renounced for transactions. As a result, it is one of the most cost-effective ways to transfer funds.
Disadvantages of IMPS :
Each service has advantages and disadvantages and similarly, IMPS also has some disadvantages.
- You cannot transfer the maximum amount you want, there is a limit. However, this transfer limit may vary from bank to bank.
- IMPS is chargeable, which means if you transfer money through IMPS, you have to pay extra to the bank and it can be up to Rs 15 + GST per IMPS transfer.
How to Transfer money using IMPS?
Fund transfer through Immediate Payment Service (IMPS) is easily possible using the four modes mentioned below :
- Through account details and IFSC Code
- Through a registered mobile number and MMID
- Through SMS
- And also via ATMs
IMPS Fund Transfer using the details of A/c number and IFSC Code
Money transfer using an account number and IFSC code is the most commonly used payment method in IMPS. Basically in this method, three data are required Recipient Name, Bank Account Number, and IFSC Code. Below are the steps you need to follow to make the transaction successful.
- First, log in to your internet or mobile banking with your user ID and password.
- Select the beneficiary name if it is already added otherwise click on Add Beneficiary then enter all the required details. It will always show once beneficiaries are added.
- After selecting the beneficiary name click on the next button.
- Enter the amount you want to send.
- Please cross-check all entry details and click on the ‘Send’ option if the details are correct
After completing all the above steps, the entered amount will be transferred from your a/c to the beneficiary a/c within a second.
Note: Sometimes this process may take a little longer if you are adding beneficiaries for the first time.
IMPS Transfer via MMID and Mobile Numbers
What is MMID? MMID stands for Mobile Money Identifier, this is a 7-digit number that is allotted by your Bank for receiving funds through IMPS.
By default, the bank does not provide an MMID number to all users but you can apply for an MMID number if you need it. The bank will allot a 7-digit MMID code when you register your mobile number and account number in which you wish to receive funds.
With your MMID number, funds can be easily transferred using the following steps:
- First, you need to log in to your mobile or internet banking with your user id and password.
- Click on send money option.
- Select the MMID option.
- Fill in all the required information like the recipient’s mobile number, MMID number, and amount you want to send.
- Click on Process.
- Confirm the details and enter the OTP.
- Click on submit.
Once you follow the above steps, you will receive the transaction confirmation via SMS, similarly, the beneficiary will also receive an SMS about the amount credited to his/her account.
IMPS Money Transfer Through SMS
It is a very simple method of transferring money. In this process, the bank provides a transaction format that you have to follow. Below we have mentioned an example which is basically the general format that most banks follow :
IMPS<Receiver Mobile No><Receiver MMID Number><Amount><User ID><MPIN>
One thing we want to share with you is that each bank may have a different format for SMS banking, so please visit the specific bank website and read the SMS banking manual.
IMPS Transfer via ATM
IMPS transfer through ATM is not as popularly used as other methods. But it is also a mode of fund transfer. So let’s see what are the steps to transfer money from ATM.
- Go to the ATM machine and swipe your debit card
- Now enter your ATM PIN
- After that many options will appear and choose ‘Fund Transfer Option‘
- Click on the IMPS option
- Now enter beneficiary details in the form displayed on the screen
- Enter the amount you want to transfer.
- Cross-check all the details and click the send button
- Once your transaction is completed you will receive an SMS confirmation
What is the IMPS Reference Number?
IMPS reference number is basically a transaction Identification number. When any user initiates an IMPS transaction and after the successful transaction the respective bank provides the IMPS reference number. Alternatively, you can also call your bank’s customer support service to find your IMPS reference number.
Using your IMPS reference number, you can easily track the status of your IMPS transaction. All you have to do is log in to your net banking account, then enter your IMPS reference number which you have received from your bank and check the status of your transaction.
IMPS Steering Committee Member List.
Following are the Banks that are the member of Steering Committee
- Axis Bank
- Bank of Baroda
- Bank of India
- Canara Bank
- Citi Bank
- Federal Bank
- Fino Payments Bank
- HDFC Bank
- HSBC
- ICICI Bank
- Indian Bank
- Paytm Payments bank
- Punjab National Bank
- Saraswat Co-operative Bank
- Spice Digital Ltd
- State Bank of India
- Telangana Grameena Bank
- Transaction Analysts (India) Pvt Ltd
- Union Bank of India
- Yes Bank
User Awareness of (IMPS)
- Don’t share OTP with anyone that you received
- Don’t forward SMSes to the unknown person
- Don’t share your ATM card details (Card number, Expiry date & CVV number)
- Don’t share your net/mobile banking login password
Q1. Full form of IMPS?
Answer: IMPS stands for Immediate Payment Service.
Q2. IMPS limit per day?
Answer: The minimum limit for IMPS is Rs.1 and the maximum limit depends entirely on the bank, this limit may differ from bank to bank. However, the IMPS limit of most banks is limited to ₹5 per day.
Q3. IMPS charges?
Answer: IMPS charges are different in different banks, some banks have zero imps charges like SBI, IDFC, and Kotak Mahindra Bank, except these banks all banks have their minimum and maximum IMPS charges and these charges can range from Rs 2.5 to Rs 15 depending on the bank.
Q4. IMPS full form in Hindi?
Answer: The Full Form of IMPS in hindi is इमीडियेट मोबाइल पेमेंट सर्विसेस
We hope that we have simplified the whole concept of IMPS and after that, if you have any doubt you can ask your doubt in our comment section.
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