IMPS stands for Immediate Payments Service. Recently, the Reserve Bank of India (RBI) has increased the daily limit of IMPS transactions to ₹5 lakh from earlier ₹2 lakh for the ease of consumers.
It is an instant, real-time, inter-bank electronic funds transfer system in India. The fund transfer service works through mobile phones & internet banking. IMPS is available throughout the year including bank holidays. Also, it can be done at any time whatsoever.
Managed by the National Payments Corporation of India (NPCI), IMPS is built upon the existing National Financial Switch network. Originally the NPCI carried out a pilot for the mobile payment system with 4 member banks and expanded it to include a few others later that year.
Here are the different ways through which you can transfer funds using IMPS:
|Amount Bank||< Rs.10,000||< Rs.1 lakh||< Rs.5 lakh
|ICICI Bank||Rs.5 + GST||Rs.5 + GST||Rs.15 + GST|
|HDFC Bank||Rs.3.5 + GST||Rs.5||Rs.15|
|Kotak Mahindra Bank||Rs.5||Rs.5||Rs.5|
|State Bank of India||Rs.1 + GST||Rs.1 + GST||Rs.1 + GST|
|IDFC First Bank||Nil||Nil||Nil|