The Immediate Payments Service Transfer is the Indian inter-bank money transfer system, which is commonly known for the IMPS. The majority of the banks now provide the facility of the IMPS. Any bank holder can avail of this facility easily with their smartphone or laptop/computer via Internet banking. The Immediate Payments Service Transfer facility is available for 24*7 and 365 days. The main and attractive feature of this service is that you can also use this in bank holidays.
The National Payments Corporation of India (NPCI) has launched the IMPS (Immediate Payment Service) in the year 2010 on 22 November. Usually, banks will not charge any charges for the IMPS services. But there are very genuine charges for the big transactions as per the rules. The charges details have been stated below if you want to know that your bank is providing the said services or not then you can check the list of banks offering IMPS from the provided table.
Moreover, you can also register for the said services very easily the details and the steps for the IMPS registration have been given on this article you can check it easily by going through it.
Table of Contents
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IMPS
IMPS Features And Benefits
- Simple to use and a very secure system
- No charges for the small transactions
- It is available for 24*7, 365 days, even in bank holidays.
- Money can be transfer within a second.
- No need to visit the bank branch
- You can use this facility from anywhere by just having an internet connection, smartphone/laptop.
IMPS Registration- Steps
- Ask the bank to activate your mobile/Internet banking facility in which you have an account.
- Now, you are required to collect the Mobile banking Personal Identification Number (MPIN) and Mobile Money Identifier (MMID) from the respective bank.
- Finally, you are required to install your bank application for mobile banking, or you also have the option to use the IMPS service by using the SMS, IMPS service.
RTGS (Real Time Gross Settlement)
How to send Money with IMPS? – Check Process
- Open the mobile banking application or internet banking.
- After that select, the IMPS option form there, and you can also use the same by using the SMS number with the registered with the bank.
- Now ask the beneficiary to give his/her mobile number and MMID.
- Thereafter you have to enter the beneficiary MMID and the amount you want to transfer.
- At last, enter the MPIN in the given box.
- Lastly, the transaction will be complete, and the beneficiary will receive the money.
- You will receive the confirmation message for the transaction, copy the transaction reference number, and keep it safe with you only.
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List Of Banks Offering IMPS
| Airtel Payments Bank Apna Cooperative Bank | Bank of Maharashtra | Corporation Bank | Sahakari Bank |
| Allahabad Bank | Bassein Catholic Co-op Bank | Cosmos Co-operative Bank | Federal Bank |
| Andhra Bank | BNP Paribas | Dena Bank | HDFC Bank |
| Axis Bank | Canara Bank | Development Bank of Singapore | HSBC |
| Adarsh Co-Operative Bank | Catholic Syrian Bank | Development Credit Bank | ICICI Bank |
| Bandhan Bank | Central Bank of India | Dhanalakshmi Bank | IDBI Bank |
| Bank of Baroda | Citibank | Union Bank of India | IDFC Bank |
| Bank of India | City Union Bank | Dombivli Nagarik | Indian Bank |
| Indian Overseas Bank | Lakshmi Vilas Bank | The A.P Mahesh Urban Co-op Bank | State Bank of Hyderabad |
| ING Vysya Bank | Mehsana Urban Co-operative Bank | Punjab and Sind Bank | State Bank of India |
| Jammu & Kashmir Bank | Nainital Bank | Punjab National Bank | State Bank of Mysore |
| Janata Sahakari Bank, Pune | NKGSB Co-operative Bank | Rajkot Nagrik Sahkari Bank Ltd | State Bank of Patiala |
| Karnataka Bank | Oriental Bank of Commerce | RBL Bank | State Bank of Travancore |
| Karur Vysya Bank | Paytm Payments Bank | Saraswat Bank | Syndicate Bank |
| Kerala Gramin Bank | Pragathi Krishna Gramin Bank | South Indian Bank | Tamilnad Mercantile Bank |
| Kotak Mahindra Bank | Punjab and Maharashtra Co-op Bank | Standard Chartered Bank | Thane Janata Sahakari Bank |
| The Greater Bombay Co-op Bank | Union Bank of Mandya | Vijaya Bank | – |
| UCO Bank | United Bank of India | Yes Bank | – |
List of Public and Private Sector Banks in India
Charges For IMPS
| Amount Bank | < Rs.10,000 | < Rs.1 lakh | < Rs.2 lakh |
| ICICI Bank | Rs.5 + GST | Rs.5 + GST | Rs.15 + GST |
| Citi Bank | Nil | Nil | Nil |
| SBI | Rs.1 + GST | Rs.2 + GST | Rs.3 + GST |
| Yes Bank | Rs.5 | Rs.5 | Rs.5 |
| HDFC Bank | Rs.5 | Rs.5 | Rs.10 |
| Axis Bank | Rs.5 | Rs.5 | Rs.15 |
| Axis Bank | Rs.5 | Rs.15 | Rs.15 |
| IDBI | NIL | Rs.5 | Rs.15 |
| IndusInd Bank | Rs.5 | Rs.15 | Rs.25 |
| Rs.5.50 | Rs.10.50 |
IMPS Charges For Andhra Bank
| Amount of Transaction | Charges |
| Rupees 1 – Rupees 2500 | Zero |
| More than Rupees 2500 – Rupees 10,000 | Rupees 2.50 + Tax |
| More than Rupees 10,000 – Rupees 1 Lakh | Rupees 5 + Tax |
| More than Rupees 1 Lakh | Rupees 10 + Tax |
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CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.