IMPS full form is Immediate Payment Service.
IMPS is a real-time electronic fund transfer system in India that allows you to send or receive money instantly, 24×7, including Sundays and bank holidays.
Quick Summary
- Full Form: Immediate Payment Service
- Launched by: NPCI
- Transfer Speed: Instant
- Availability: 24×7
- Used via: Mobile banking, net banking, UPI
What is IMPS?
IMPS is a banking service that lets you transfer money instantly from one bank account to another. Unlike NEFT or RTGS, IMPS works anytime, even at night or on holidays.
It is widely used for:
- Urgent money transfers
- Small and medium-value payments
- Mobile & online banking transactions
How IMPS Works
You can use IMPS through:
- Mobile banking apps
- Net banking
- UPI apps
- ATMs (in some banks)
You need:
- Beneficiary account number & IFSC
or - Mobile number & MMID
or - UPI ID (VPA)
IMPS Transaction Limit
- Maximum limit: Usually up to ₹2 lakh per transaction
- Minimum limit: No minimum amount
Limits may vary by bank.
FAQs – IMPS Meaning
Q1. Is IMPS and UPI same?
A. No. UPI uses IMPS in the background, but both are different services.
Q2. Is IMPS safe?
A. Yes. IMPS is secure and regulated by NPCI and RBI.
Q3. Can IMPS fail?
A. Yes, sometimes due to technical issues, but failed transactions are usually reversed automatically.
Q4. Are IMPS charges applicable?
A. Many banks offer IMPS free or with nominal charges.
Safety Tips
- Double-check beneficiary details
- Never share OTP or PIN
- Keep transaction reference number
Conclusion
IMPS (Immediate Payment Service) is one of the fastest and most reliable ways to transfer money in India, available 24×7 with instant credit.
