Knowing what are IMPS charges, timings, limits and other information is important for transferring funds easily. This fund transfer facility gives you real-time updates on your online payments, including bills, fees, tickets, merchants and more.
However, there are limits, charges, and timings that you should know when making hassle-free transfers. To learn more about IMPS transfers, its features, types, charges, and more, read on.
This was launched by the National Payment Corporation of India (NPCI) on 22nd November 2010. It’s an electronic money transfer facility that allows you to make interbank fund transfers. For this, you can opt for mobile, Internet, ATM and SMS banking channels.
Only the Reserve Bank of India (RBI) licenced banks can provide this facility. Through this, you can track your payments in real time, even outside banking hours. Thus, it’s one of the most flexible solutions for safe and economical banking, allowing you to transfer funds whenever and wherever you want.
Now that you know the meaning of IMPS, here are some of its features.
Here are different channels through which you can make an IMPS fund transfer:
While IMPS is a quick and easy option, it has some limitations regarding timing and amount. In terms of the amount, the RBI imposed a limit of ₹5 lakhs per day on transactions, except for SMS and IVRS.
Similarly, the IMPS facility is available for all hours of the day, but a few banks have restricted timing for adding beneficiaries. This helps banks avoid any fraudulent activities and take immediate action. So, ensure you check the timings when adding a beneficiary for easy payments.
Here are the charges for IMPS levied by some prominent banks in the country:
| Bank | Charges |
|---|---|
| Axis Bank | ₹2.5 – ₹10 per transaction |
| HDFC Bank | ₹3.50 – ₹15 per transaction |
| ICICI Bank | ₹2.5 – ₹15 per transaction |
| Kotak Mahindra Bank | ₹2.5 – ₹15 per transaction |
| Punjab National Bank | ₹5 – ₹12 per transaction |
| State Bank of India | Nil |
| YES Bank | ₹5 – ₹15 per transaction |
Note that these charges for IMPS transfer are exclusive of GST. They also depend on your transaction amount and are also subject to change at the bank’s discretion. Furthermore, they are for outward transactions only. So, make sure to check with your bank before initiating the transfer.
In addition to the timing, transfer limit and charges for IMPS, here are some other key points to note:
The registration process for IMPS is as follows:
Using this, you can receive money into your account as well as send funds up to ₹5 lakhs.
Also Read- IMPS vs NEFT
Here are the steps to follow for IMPS transfer:
With these steps, it is easy, fast and convenient to transfer money. This is why many lenders opt for this option to disburse funds to the borrower, allowing them to give instant loans, such as those offered by Fibe.
With the Fibe Instant Cash Loan, you can get up to ₹5 lakhs in a few minutes as we have a quick approval and minimum documentation policy. You also enjoy pocket-friendly rates with no prepayment charges. Download our Personal Loan App or go to our website to apply now to get the required funds!
It’s a real-time fund transfer facility which stands for Immediate Payment Service. For this, you have to register for mobile banking. Additionally, you require the receiver’s mobile number and Mobile Money Identifier (MMID) or bank account details. Using these details, you can send or receive funds instantly.
Immediate Payment Service (IMPS), Real-Time Gross Settlement (RTGS) and UPI are some examples of instant payment options available in India.
As per the RBI guidelines, the maximum daily limit for IMPS transfer is ₹5 lakhs except for SMS and IVRS, but it can vary depending on the banks.
If the transaction fails, wait a few minutes before initiating another transaction. If the amount isn’t credited to the beneficiary’s account but debited from your account, it will get reversed within two working days.
