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IMPS - Immediate Payment Service

IMPS stands for Immediate Payments Service. It is an instant, real-time, inter-bank electronic funds transfer system in India. The fund transfer service works through mobile phones & internet banking. Unlike previous payments services NEFT and RTGS , 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.

IMPS was officially launched on November 22, 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 PPIi signed up for the IMPS service.

List of Banks Offering IMPS Money Transfer in India

  • Airtel Payments Bank Apna Cooperative Bank
  • Allahabad Bank
  • Andhra Bank
  • Axis Bank
  • Adarsh Co-Operative Bank
  • Bandhan Bank
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Bassein Catholic Co-op Bank
  • BNP Paribas
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • Citibank
  • City Union Bank
  • Corporation Bank
  • Cosmos Co-operative Bank
  • Dena Bank
  • Development Bank of Singapore
  • Development Credit Bank
  • Dhanalakshmi Bank
  • Union Bank of India
  • Dombivli Nagarik Sahakari Bank
  • Federal Bank
  • HDFC Bank
  • HSBC
  • ICICI Bank
  • IDBI Bank
  • IDFC Bank
  • Indian Bank
  • Indian Overseas Bank
  • ING Vysya Bank
  • Jammu & Kashmir Bank
  • Janata Sahakari Bank, Pune
  • Karnataka Bank
  • Karur Vysya Bank
  • Kerala Gramin Bank
  • Kotak Mahindra Bank
  • Lakshmi Vilas Bank
  • Mehsana Urban Co-operative Bank
  • Nainital Bank
  • NKGSB Co-operative Bank
  • Oriental Bank of Commerce
  • Paytm Payments Bank
  • Pragathi Krishna Gramin Bank
  • Punjab and Maharashtra Co-op Bank
  • Punjab and Sind Bank
  • Punjab National Bank
  • Rajkot Nagrik Sahkari Bank Ltd
  • RBL Bank
  • Saraswat Bank
  • South Indian Bank
  • Standard Chartered Bank
  • State Bank of Bikaner and Jaipur
  • State Bank of Hyderabad
  • State Bank of India
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Travancore
  • Syndicate Bank
  • Tamilnad Mercantile Bank
  • Thane Janata Sahakari Bank
  • The A.P Mahesh Urban Co-op Bank
  • The Greater Bombay Co-op Bank
  • UCO Bank
  • Union Bank of Mandya
  • United Bank of India
  • Vijaya Bank
  • Yes Bank

IMPS Charges

Amount Bank < Rs.10,000 < Rs.1 lakh < Rs.2 lakh
ICICI Bank Rs.5 + GST Rs.5 + GST Rs.15 + GST
Citi Bank Nil Nil Nil
SBI Rs.1 + GST Rs.2 + GST Rs.3 + GST
Yes Bank Rs.5 Rs.5 Rs.5
HDFC Bank Rs.5 Rs.5 Rs.10
Axis Bank Rs.5 Rs.5 Rs.15
Axis Bank Rs.5 Rs.15 Rs.15

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

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

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.

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.

FAQs on IMPS

Q. What are the services available under IMPS?

A. You can send or receive money using IMPS

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. If you change your mobile number you will have to get the new number registered. But if you only change you network but the number remains same, you need not register again.

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. You can transfer funds only within India using IMPS.