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IMPS - Immediate Payment Service

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.

Features of IMPS

  • Money transfer through IMPS is absolutely safe and secure.
  • It is easy and fast to use it on any smart device or phone with an internet connection.
  • Money can be sent to anyone instantly.
  • It is available throughout the year at any time.
  • No charges are levied to any parties to avail this service.
  • Notifications will be sent to both the parties saying debited and credited if both are registered with their banks for SMS alerts.
  • You can use this service through SMS and texting also.
  • Customers with cell phones that have GPRS enabled along with JAVA may use it online for higher security and amount.

IMPS – Uses

  • The Aadhaar seeding status can be checked.
  • Transactions can be completed via mobile banking.
  • Merchant payments can be made.
  • Payments can be received.
  • Funds can be transferred.

Ways to Send Money with IMPS Facility on Your Phone

Here are the different ways through which you can transfer funds using IMPS:

  1. Mobile number & MMID (P2P)
  2. Account number & IFSC Code (P2A)
  3. Aadhaar number (ABRS)
  4. Mobile number + MPIN
  5. Card + ATM PIN
  6. Card + ATM PIN

List of Banks Offering IMPS Money Transfer in India

  • Axis Bank Ltd.
  • Bandhan Bank Ltd.
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Capital Small Finance Bank Limited
  • Central Bank of India
  • City Union Bank Ltd.
  • CSB Bank Ltd.
  • DCB Bank Ltd.
  • Dhanalaxmi Bank Ltd.
  • Equitas Small Finance Bank Limited
  • ESAF Small Finance Bank Limited
  • Federal Bank Ltd.
  • Fincare Small Finance Bank Limited
  • HDFC Bank Ltd
  • ICICI Bank Ltd.
  • IDBI Bank Ltd.
  • IDFC First Bank Ltd.
  • Indian Bank
  • Indian Overseas Bank
  • IndusInd Bank Ltd
  • Jammu & Kashmir Bank Ltd.
  • Jana Small Finance Bank Limited
  • Karnataka Bank Ltd.
  • Karur Vysya Bank Ltd.
  • Kotak Mahindra Bank Ltd
  • Lakshmi Vilas Bank Ltd.
  • Nainital Bank Ltd.
  • Northeast Small Finance Bank Limited
  • Punjab & Sind Bank
  • Punjab National Bank
  • RBL Bank Ltd.
  • Shivalik Small Finance Bank Limited
  • South Indian Bank Ltd.
  • State Bank of India
  • Suryoday Small Finance Bank Limited
  • Tamilnad Mercantile Bank Ltd.
  • UCO Bank
  • Ujjivan Small Finance Bank Limited
  • Union Bank of India
  • Utkarsh Small Finance Bank Limited
  • YES Bank Ltd.

IMPS Charges

Amount Bank < Rs.10,000 < Rs.1 lakh < Rs.5 lakh
(Upper Limit)
ICICI Bank Rs.5 + GST Rs.5 + GST Rs.15 + GST
Axis Bank Rs.5 Rs.5 Rs.10
Citi Bank Nil Nil Nil
Yes Bank Rs.5 Rs.5 Rs.15
HDFC Bank Rs.3.5 + GST Rs.5 Rs.15
Kotak Mahindra Bank Rs.5 Rs.5 Rs.5
RBL Bank Nil Nil Nil
State Bank of India Rs.1 + GST Rs.1 + GST Rs.1 + GST
IDFC First Bank Nil Nil Nil

Pre-Requisites and How to Register for IMPS:

Registration for Remitter:

  1. Register yourself with the mobile banking service of the bank.
  2. Get Mobile Money Identifier (MMID) and MPIN from the bank
  3. Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS

Registration for Beneficiary:

  1. Link your mobile number to the account in the respective bank.
  2. Get Mobile Money Identifier (MMID) from the bank

For Remitter (To send money):

  1. Login to the application and select the IMPS menu from the IMPS or use the SMS facility in your mobile if your bank provides IMPS on SMS
  2. Get Beneficiary Mobile number and MMID
  3. Enter Beneficiary Mobile number, beneficiary MMID, Amount and your MPIN to send
  4. Await confirmation SMS for the debit in your account and credit in beneficiary account
  5. Note the transaction reference number for any future query
  6. Share your Mobile number and MMID with the remitter
  7. Ask the remitter to send money using your Mobile number and MMID
  8. Check the confirmation SMS for credit to your account from the remitter
  9. Note the transaction reference number for any future query

How to Send Money Through IMPS on Your Phone

  1. Get the beneficiary mobile number and MMID.
  2. Login to your bank’s application.
  3. Select the IMPS option for the IMPS menu or use the SMS facility in your phone.
  4. Fill in the beneficiary mobile number, amount, beneficiary MMID and your MPIN to transfer the funds.
  5. Transaction takes place.
  6. You must note the transaction reference number for future reference.

How to Receive Money Through IMPS on Your Phone

  1. Provide your cell phone number and MMID to the sender.
  2. The sender performs steps mentioned in previous section.
  3. Transaction takes place.
  4. You must note the transaction reference number for future reference.

FAQs on IMPS

Q. What are the services available under IMPS?

A. You can use IMPS to transfer funds to your loved ones, pay merchants after shopping, pay bills and fees, and pay for many more services listed below:
  • Fund Transfer Services
  • Merchant Payments

Q.What is the IMPS transaction limit?

A. 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.

Q.Are there any charges for receiving money through IMPS?

A. No.

Q.Do different banks have different IMPS charges?

A. Yes.

Q.What should I do if my account gets debited and the funds are not credited to the payee/beneficiary account?

A. In such a case, the money will be credited back to your bank account within 24 hours. If not, contact your bank at the earliest.

Q.Are there any specific timings for IMPS?

A. No, IMPS services can be availed on a 24/7 basis.

Q.Can IMPS services be availed on bank holidays?

A. IMPS is available on all 365days in a year, including bank holidays and weekends.

Q. Can I link more than one account to the same mobile number?

A. Yes, you can link more than one account to the same mobile number. But keep in mind that each account will have a different MMID.

Q. Is the facility of Stop payments is available on IMPS?

A. No. Since the funds are transferred instantly, you can not stop or cancel the payment once it is initiated.

Q. Do I need to register again if I change my mobile number or network?

A. Yes, customer needs to update their new mobile number with their banks.

Q. Is there any transaction limit for IMPS?

A. The maximum amount that you can send using IMPS is 25 Lacs.

Q. Is it possible to send funds to another country using IMPS?

A. No. IMPS is only for domestic fund transfer transactions.

Q. Does the customer need to register to remit the funds through IMPS?

A. For using IMPS on mobile phones, a customer will have to register for mobile banking with his/her individual bank. However, for initiating IMPS using Bank branch, Internet banking and ATM channels, no prior Mobile banking registration is required.