IMPS (Immediate Payment System) in India

Changing technology is changing the world and so is the banking.Mobile technology brought mega changes in banking industry.

If you wish to transfer money instantly without thinking about the time and day! Yes, you can.

IMPS (Immediate Payment System), introduces in 2010 by NPCI, let you enjoy the freedom of fund transfer any time any day. Of course, it works on bank holiday and after bank closing hours. Unlike fund trasfer within bank, IMPS allows you to instant interbank electronic fund transfer. 

It can be used through mobile phones,Internet Banking and ATMs. Beneficiary will get credit instantly after debiting your account. Mobile will confirm you the transaction by SMS.

Any bank account holders who have registered mobile numbers can send and receive money using IMPS.

For transferring fund you required beneficiary’s mobile number as registered with his/her bank and his/her Mobile Money Identifier (MMID) or his bank account no and bank IFSC code.

You need to generate the Seven digit MMID (Mobile Money Identifier) after completing registration with your bank. 

It is advisable to use mobile no and MMID as the chances of returning transactions are high if wrong MMID and mobile no are use. But if you use wrong account no money will get credited in wrong account.

You can transfer of Rs. 50,000 per account per day through this system.

Charges for IMPS is vary from bank to bank. You may visit your bank website to know the charges of this service.