What is IMPS - Immediate Payment Service in Banking

Individuals have started opting for social media and mobile apps for most of the banking transaction. However, one needs to use online banking facility if the transferring amount is high. There are three different ways like RTGS, NEFT, and IMPS through which we can transfer funds immediately. NEFT and RTGS are two methods to transfer money from one bank to another bank in India. Both the systems are maintained by Reserve Bank of India.

immediate Payment Service usually referred as IMPS. As the name suggests this method facilitates people to transfer money immediately within no time money from one account is transferred into another account. The National Payments Corporation of India introduced this type of mobile payment project Immediate Payment Service (IMPS). IMPS is an instant electronic transfer service uses mobile internet applications.

IMPS transfer service is available 24X7 and you can use your mobile phones to access your account and to authorize the transfer of funds between accounts and banks by providing secure transfer gateway and the individual who transfer money gets an immediate confirmation message to his registered mobile number about the transaction.

Important features of IMPS

• IMPS is a facility which transfers money through online in an immediate basis.
• IMPS operates money transfers 24X7 throughout the year.
• IMPS comes with maximum transfer limit of 2 lakhs rupees.
• Bank's charge service cost on the transactions done through IMPS transfer.
• IMPS transfer requires a customer to first register for the Immediate Payment Services with the bank of the customer.