IMPS stands for Immediate Payment Service. Managed by NPCI, it’s a real-time electronic fund transfer system available 24×7—including holidays—across mobile, net banking, ATMs, and USSD.
1. IMPS – Key Features
- Real-time settlement: Funds reach the recipient instantly, no batching delays.
- Always available: No cut-off—even on Sundays or bank holidays.
- Multichannel support: Use mobile apps, net banking, ATMs, SMS, and USSD (*99#).
- Versatile transfers:
- P2P: using mobile number + MMID
- P2A: using account number + IFSC
- Aadhaar-based and merchant payments also supported.
- Secure: Protected through OTPs and MPIN or transaction passwords.
2. IMPS Limits (2025)
- Minimum transfer: ₹1
- Maximum per transaction/day: ₹5 lakh (subject to individual bank policies)
3. IMPS Charges
Fees vary by bank and transaction size:
| Transaction Amount | Approx. Charges + GST |
|---|---|
| Up to ₹1,000 | ₹3–5 |
| ₹1,001–₹1 lac | ₹5–₹10 |
| ₹1 lac–₹5 lakh | ₹10–₹20+ |
- Some banks like SBI, Kotak, and PNB often offer free IMPS.
- Others (Axis, HDFC, ICICI, etc.) charge per amount slab.
4. IMPS Transaction Timing
- Always on—24×7×365—with instant credit.
- In rare failures or timeouts, resolution may take a few hours; refunds processed per bank policy.
5. How to Use IMPS
Via Mobile or Net Banking:
- Login → Choose Fund Transfer
- Select IMPS (P2P or P2A)
- Enter beneficiary details (name, mobile/MMID or account/IFSC)
- Enter amount, authorize with MPIN/OTP
- Get confirmation—funds land instantly.
Via ATM:
- Insert card → Select IMPS/Funds Transfer
- Enter beneficiary mobile/MMID or account/IFSC
- Enter amount + PIN → Confirm
- Transaction completes instantly.
Via SMS/USSD:
- Some banks support SMS IMPS: objectivecCopyEdit
IMPS MMID amount MPIN - Or dial *99# → IMPS and follow prompts (no internet)
6. IMPS vs NEFT vs RTGS
- Speed: IMPS (instant) > RTGS (~minutes) > NEFT (batch, often minutes)
- Availability: IMPS & UPI – 24×7; NEFT & RTGS now 24×7 after RBI updates
- Limits: IMPS max ₹5 lakh; RTGS min ₹2 lakh; NEFT no min/max
- Charges: IMPS: small fee; NEFT & RTGS: higher branch fees
Why Choose IMPS?
- Instant and always available
- Flexible options (P2P, P2A, Aadhaar)
- Available across multiple digital channels
- Ideal for urgent small-to-medium payments
