Immediate Payment Service

Features & Benefits

• IMPS services is available 24/7 throughout the year including bank holidays.
• The funds will be credited into the beneficiary account immediately.
• The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
• On receiving the amount, the beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.

Types of IMPS & How it Works?

• IMPS fund Transfer can be of two types: IMPS remittance from Person to Person and IMPS remittance from Person to Account
• Details required for IMPS remittance from Person to Person:
  • Beneficiary Name
  • Beneficiary MMID
  • Beneficiary Mobile Number
• Details required for IMPS remittance from Person to Account
  • Beneficiary Name
  • Beneficiary Account Number
  • Beneficiary IFS Code
  • For transferring funds using IMPS users can opt any of the above methods.

What is MMID in IMPS?

• MMID stands for Mobile Money Identification Number
• It is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.

Transaction Limit & Timing

• Inward and Outward IMPS transactions are available 24X7.
• There are no holiday restrictions on IMPS outward and inward transactions.
• Outward IMPS transactions are allowed upto an amount of Rs.50,000/- per day with per transaction limit of Rs.50,000/-
• Monthly limit of IMPS is 5 Lakhs

Rates & Charges

For Rates & Service charges Click here