IMPS is a real-time electronic funds transfer system in India that allows you to send and receive money instantly between bank accounts 24×7, including Sundays and bank holidays. It is operated by NPCI (National Payments Corporation of India).
Key Points About IMPS
- Full form: Immediate Payment Service
- Transfer speed: Instant (real-time)
- Availability: 24×7, including holidays
- Used via: Net banking, mobile banking, ATM, UPI (in some cases)
- Minimum amount: No minimum limit
- Maximum limit: Usually up to ₹2 lakh (may vary by bank)
IMPS vs NEFT vs RTGS (Quick Comparison)
| Feature | IMPS | NEFT | RTGS |
|---|---|---|---|
| Full form | Immediate Payment Service | National Electronic Funds Transfer | Real Time Gross Settlement |
| Speed | Instant | Near real-time | Real-time |
| Availability | 24×7 | 24×7 | 24×7 |
| Minimum amount | No limit | No limit | ₹2 lakh |
IMPS FAQs
Is IMPS free?
A. Many banks offer IMPS free or at low charges. Charges may vary.
Can IMPS be done on holidays?
A. Yes, IMPS works 24×7, including bank holidays.
Is IMPS safe?
A. Yes, IMPS is secure and uses multi-level authentication.
Conclusion
IMPS (Immediate Payment Service) is one of the fastest and most reliable ways to transfer money between bank accounts in India.
