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Immediate Payment Service (IMPS)

Immediate Payment Service was introduced in the year 2010 by the Indian government and is facilitated by the National Payment Corporation of India (NPCI). It is a service which enables you to make payments using your mobile number and completes the transactions immediately. IMPS uses the  Aadhaar number or mobile number to connect to bank accounts and complete payments. Therefore, it is a secure method for transferring funds. In this article, we view the various aspects of IMPS in detail.

The Benefits of IMPS

The benefits of IMPS given to the consumers are as follows:

  • The fund transfer can be done using MMID, Aadhaar number and mobile number.
  • IMPS serves you with the Debit and Credit Confirmation by SMS immediately.
  • Using IMPS the money will be credited in the beneficiary’s account within a few seconds.
  • IMPS is safe, secure and cost-effective.
  • IMPS has no minimum amount limit on transactions of funds.
  • IMPS is available for 24 hours in a day and even on holidays.
  • The customer can make intrabank as well as interbank payments.
  • IMPS can be used on a mobile phone, internet banking and even ATMs.
  • In IMPS it is not compulsory to know about beneficiary’s Account number and IFSC.

List of Banks Participating in IMPS

The banks using IMPS fund transfer facility are listed out below:

  • Allahabad Bank
  • Andhra Bank
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • Citi Bank
  • Federal Bank
  • HDFC Bank
  • HSBC Bank
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank
  • Karnataka Bank
  • Karur Vysya Bank
  • Kotak Mahindra Bank
  • Punjab National Bank
  • State Bank of India
  • Syndicate Bank
  • UCO Bank
  • Union Bank Of India
  • Vijaya Bank
  • Yes Bank Ltd

Usage of IMPS

IMPS can be utilised to avail many services. One of the government’s most recommended service *99# banking is also based on IMPS. You can apply IMPS to transfer fund through these mediums.

  • Smartphone- Bank App/ SMS / WAP/USSD (NUUP)
  • Basic phone-SMS/USSD (NUUP)
  • Internet- Bank’s Internet banking facility
  • ATM- by using ATM Card at Banks ATM.

IMPS Process

IMPS utilises the mobile number or Aadhaar number to connect with a bank account. If fund transferred from one bank account to another bank account using IMPS, it initially connects you with your bank account with the help of your mobile number. IMPS differs from NEFT and RTGS, as it does not transfer funds immediately to the beneficiary’s account. It transfers the amount from your account to your mobile number. Then it transfers that fund from respective mobile number to beneficiary mobile number. And at finally from beneficiary’s mobile number to his or her account.

How to enable IMPS?

If the customer wants to transfer the fund through IMPS using mobile, then you are supposed to register for the mobile banking.

Some banks register customer mobile number for mobile banking at the time of opening your account while others want a separate application to activate the mobile banking.

However, the customer can use IMPS through the net banking, ATM and branch without activating your mobile banking.

If you are going to receive money through the IMPS method, the money would be credited to your account, and you will get SMS in your mobile. However, you can also get MMID from your bank to receive money quickly. MMID can be used instead of the bank account number and IFSC or Aadhaar number.

IMPS Charges

Facilitating IMPS charges applies not only to banks but also to the government.  Therefore the transactions using IMPS have some specific charges.

  • On transfers up to Rs. 10,000 will be Rs. 2.5  with GST.
  • On transfers from Rs. 10,000 to Rs. 1,00,000 will be Rs 5 with GST.
  • On transfers from Rs.1,00,000 to Rs. 2,00,000 will be Rs 15 with GST.


In NEFT, funds transfer from one account to another in groups. If you transfer money to the account, it does not process credit immediately. Instead, it credits in the next settlement cycle which happens in every 60 minutes. Where all the payments made through IMPS directly transfers to the beneficiary’s bank account.

Also, NEFT services are available only from 8.00 am to 7.00pm on weekdays, and first and third Saturday from 8.00 am to 1.00pm. Also, this NEFT service cannot be availed on bank holidays. But in the case of IMPS, the customer no need to bother about holidays or timings. The customer can avail IMPS services even at midnight or on bank holidays.


Funds transfers using RTGS are paid in real time. But RTGS is a payment made for a large amount of money. Funds which are less than two lakhs are not allowed to transfer using RTGS service. Where in the case of IMPS, there is no minimum limit for the amount.

RTGS can be availed from 9.00am to 4.30pm on weekdays and  from 9.00am to 2.00pm. As similar to NEFT, RTGS also cannot be availed during bank holidays. But in case of IMPS can be used anytime.