IMPS Full Form – Immediate Payment Service – 5 Benefits IMPS

In this post we are going to learn about IMPS Full Form, What is the difference between NEFT and IMPS, What is a full form of IMPS, Is IMPS transfer free, Which is safe IMPS or NEFT, and more information in detail.

IMPS Full Form: Immediate Payment Service.

IMPS full form or meaning is Immediate Payment Service. This service is used to transfer money from one account to another this transaction is done with the help of an immediate payment service. It is also known as Instant Payment System because the money transfer instantly and easy with help of a mobile phone or laptop.

Full Form of IMPS:

In this immediate payment service deposit account holders have no need to waiting for the transaction. It will transfer immediately. This is the advanced method to transfer, it was introduced in 2010 by the Indian government by the National Payment Corporation of India (NPCI). People can easily transfer money.

It is an instant real-time inter-bank electronic funds transfer system, through which people can transfer money instantly across India by using mobile, internet and ATM machines. IMPS is a safe process and beneficial for both financial and non-financial businesses.

Immediate payment service available 24*7 and also on holidays.

How does IMPS work or How to register on Mobile?

There are several steps that have to go through to transfer money on mobile instantly.

• The customer has to register the mobile number with the particular bank account through the mobile phone.
• Then the customer gets the 7 digit number from the bank that number is called a Unique Mobile Money Identification Number(MMID).
• IMPS take the mobile number or Aadhar number to connect the mobile with the bank account.
• When you send money to others using IMPS, it first connects you to your current account using your mobile number. Unlike NEFT and RTGS, it doesn’t transfer funds to the beneficiary’s account.
• Then it transfers the fund deposit holder account.

What are the Benefits of IMPS?

• Transfer money at emergency condition easily.
• Money transfer in few seconds.
• No minimum amount for transaction.
• Available in 24*7 and also on holidays.
• Safe and secure.
• Easily used on mobile, internet banking and ATMs.
• Though IFSC code and therefore the current account number is usually used for IMPS, however, one can transfer money through IMPS by using MMID, AAdhar number and mobile number also.

Drawback of IMPS:

Any transaction administered over internet depends upon the safety and robustness of the network; IMPS is usually safe but with no guarantee for human errors- if you remit to an account whose number has been wrongly stated, then recovering the cash from that account holder are going to be difficult or impossible.

What is the limit of IMPS?

• No minimum limit for transaction but maximum is 2 lakhs.
• Number of transaction is possible depending on the banks.
• ICICI bank customer can transfer the money up to 1000000 per day by using IMPS.

What are the Charges of IMPS?

For each transaction, there will be a charge apply from 2.25 rupees to 25 rupees.

Difference between IMPS and NEFT:

RTGS (Real Time Gross Settlement):

Business owners can use RTGS once they need to transfer large amounts instantly. One advantage that RTGS has over the other methods is that the transaction speed since the entire amount is transferred in real-time.

RTGS is out there for customer and inter-bank transactions round the clock — aside from the interval between ‘end-of-day and ‘start-of-day processes (these timings are getting to be duly broadcasted through the RTGS system).

There’s a minimum limit of Rs. 2 lakhs for RTGS transactions, and there’s no maximum limit intrinsically.

To get an RTGS-account, you’ll either contact your bank or check your eligibility status in your online banking portal. If you’re using RTGS for a fund transfer, confirm that both you and thus the recipient have RTGS enabled accounts.

To transfer funds via RTGS, log in to your internet banking and add the recipient as a beneficiary by entering details like their name, account number, account type, and IFSC code. Then choose RTGS due to the mode of transfer and enter the number to be transferred, and thus the fund transfer goes to be completed.

FAQs related to IMPS full form in banking:

Conclusion of full form of IMPS:

Hope understood about the IMPS ka full form and also other topics related to the IMPS full form and also NEFT.

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