What is IMPS? A Comprehensive Guide to Immediate Payment Service

IMPS, which stands for Immediate Payment Service is a revolutionary interbank electronic funds transfer system in India. Launched by the National Payments Corporation of India (NPCI), IMPS allows you to transfer funds instantly and securely through mobile banking, internet banking, or even ATMs. Known for its real-time capabilities, IMPS is a popular choice for quick and efficient financial transactions across the country.

Features and Benefits of IMPS

IMPS is widely recognized for its versatility and user-centric features. Here's a closer look at what makes IMPS stand out:

1. 24/7 Availability

   IMPS operates round the clock, including weekends and public holidays, ensuring users can transfer money whenever needed.

    

2. Daily Transaction Limit

   Users can transfer up to ₹5 lakh per day, depending on their bank's specific policies.

    

3. Multiple Platforms

   IMPS transactions can be initiated via mobile banking, internet banking, or ATMs, offering flexibility and convenience.

    

4. Secure and Reliable

   Robust encryption and authentication measures ensure the safety of each transaction, making IMPS a trusted platform.

    

5. Real-time Transfers

   Funds are transferred instantly, minimizing delays in financial transactions.

    

6. Economical

   IMPS charges are nominal, typically ranging from ₹5 to ₹15 per transaction, making it a cost-effective option.

What is the IMPS Transfer Limit?

The IMPS transaction/transfer limit and charges may vary from bank to bank. For Ujjivan Small Finance Bank, IMPS transaction limit is as follows:

1. IMPS: P2A

• Limit per transaction: ₹5 lakh
• Daily transaction limit: ₹10 lakh

2. IMPS: P2P

• Limit per transaction: ₹10,000
• Daily transaction limit: ₹10,000

*Data as on 6 December 2024

What are the Charges for IMPS Transaction?

The IMPS transaction charges may vary across banks. For Ujjivan Small Finance Bank, the charges are as follows:

• IMPS Inward: Nil
• IMPS Outward up to ₹1 lakh: ₹5
• IMPS Outward from ₹1 lakh to ₹2 lakh: ₹15

What is IMPS P2A Transfer?

IMPS P2A (Person-to-Account) transfer is a real-time interbank fund transfer that allows you to transfer money to a beneficiary's bank account using their account number and IFSC code. This method is secure, fast, and operates 24/7, making it ideal for quick payments.

What is IMPS P2P Transfer?

IMPS (P2P (Person-to-Person) transfer is also a real-time fund transfer option that allows sending money using the beneficiary's mobile number and MMID (Mobile Money Identifier). It’s a convenient method, especially when the sender doesn't have the recipient's bank account details. Like P2A, P2P is also instant and available 24/7. However,

How to Use IMPS for Fund Transfers

IMPS offers various modes for transferring funds. Here's a step-by-step guide:

1. Via Mobile or Internet Banking:

• Log in to your bank’s mobile app or net banking platform.
• Navigate to the Transfer Funds section.
• Choose the IMPS option and select the transfer type (MMID or account number).
• Enter beneficiary details and transaction amount.
• Authenticate with your MPIN or transaction password.

2. Via ATMs:

• Visit your bank’s ATM and choose the IMPS Fund Transfer option.
• Enter the beneficiary's mobile number, MMID, and the amount.
• Authenticate the transaction using your debit card and ATM PIN.

What Happens If Your IMPS Fund Transfer Fails?

You can check your IMPS fund transfer status via Mobile Banking or Net Banking. If the IMPS fund transfer status shows as ‘FAILED’ or ‘PENDING’, you should contact your bank immediately (Ujjivan Toll Free Number: 1800 208 2121) to know more about the issue. In most cases, if the IMPS fund transfer fails, the amount is reversed back into your account within a few hours.

Advantages of IMPS

IMPS offers a host of benefits that make it an indispensable tool for digital transactions:

1. Instant Transactions

   Real-time processing ensures immediate fund transfers.

    

2. Safe and Secure

   Advanced security protocols protect sensitive user data and transaction details.

    

3. Accessible Anytime

   Operates 24/7, providing unparalleled convenience.

    

4. Versatile Applications

   IMPS is suitable for peer-to-peer transfers, merchant payments, and utility bill settlements.

    

5. Hassle-free Beneficiary Addition

   Adding beneficiaries is simple, requiring only mobile numbers and MMIDs.

    

6. Instant Notifications

   Both sender and receiver receive immediate transaction alerts, ensuring transparency.

IMPS vs Other Payment Methods

Here's how IMPS compares with other popular payment systems: