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IMPS Charges, Limit Per Day, Transaction Limit, Transfer Time

By Mayashree Acharya

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Updated on: Feb 21st, 2024

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17 min read

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Immediate Payment Service (IMPS) is a facility banks provide for instantly transferring your funds from one bank account to another. The participants for IMPS include a sender, receiver or beneficiary, banks, and NPCI.

According to the latest update from government bodies, the current daily IMPS limit is set to Rs. 5 lakh per day. This article covers all about Immediate Payment Service (IMPS), including IMPS charges, limits, timings, eligibility, etc.

What Is IMPS?

IMPS, or Immediate Payment Service, is an electronic money transfer system where you can send money instantly from your bank account to another. To use this, you and the receiver should have a bank account and register yourself for IMPS services with your respective bank. Banks facilitate their customers to use this facility from branches, net banking, and mobile banking channels.

IMPS Maximum Limit Per Day

The Reserve Bank of India (RBI) previously set the IMPS limit to Rs. 2 lakh per day. However, seeing the increasing demand for this payment system, they have increased the IMPS daily limit to Rs. 5 lakh per day.

IMPS Charges

IMPS allows you to make instant transfers of funds from sender to receiver. Banks tend to charge additional for this service. The additional charge depends on the transaction amount. The below table provides the charges of IMPS transactions:

Transfer Amount

Charges

Up to Rs. 10,000

Rs. 2.50 plus GST

From Rs. 10,001 to Rs. 1 lakh

Rs. 5 plus GST

From Rs. 1 lakh to Rs. 2 lakh

Rs. 15 plus GST

Rs. 2 lakh and above

Rs. 20 plus GST 

The exact amount can vary between different banks. The table contains approximate IMPS charges.

IMPS Transfer Time

IMPS transfer facility is available 24/7 for every account holder of any bank. The funds reach the beneficiary instantly after the sender's bank approves the transaction. However, in rare cases, it can take up to 5 working days when your transaction becomes void, fails, or is timed out during the process.

Benefits of IMPS

There are various benefits of using IMPS to make instant money transfers that are pointed out below:

  • 24/7 availability
  • Instant fund transfer
  • Cost-effective
  • Available on mobile banking, net banking and ATM
  • Safe and secure

IMPS Eligibility

According to NPCI, both the sender and the receiver must have a bank account with a registered mobile number and MMID to send and receive funds through IMPS. Additionally, you need to enter the IFSC code, bank account number and transaction amount to make a transaction. 

How To Transfer Money Through IMPS?

A bank account holder can use this facility from various channels. These are some of the most popular ways to transfer money through IMPS:

Net Banking

If you can access your bank’s net banking facility, you can make IMPS transfers by logging in to your account. Sign in to your account and go to the IMPS option, which may be available under the money transfer section. Enter the account number, IFSC code, name, etc., of the receiver and authorise the transaction. After every successful transaction, you will get a confirmation SMS and email from your bank.

Mobile Banking

Most of the popular banks allow their account holders to make IMPS transactions from mobile banking applications. You need to go to the IMPS transaction option, select payee, enter the amount, and authorise the transaction.

USSD

You can even make an IMPS transaction by dialling *99# from your dialer. This is very helpful if you do not have internet connectivity and want to make a money transfer. After dialling the number, complete the step-by-step process by entering the IFSC code, account number or MMID, transfer amount, etc., and enter your MPIN to complete the transfer.

How to Track IMPS Transactions?

IMPS transactions are easily tracked using the Transaction ID or Retrieval Reference Number (RRN). It is a 12-digit number which is generated after every transaction. If you have done an IMPS transaction from net banking or mobile banking, you can track the transaction by checking the status through your net banking or mobile banking account.

Usually, your bank will send you a confirmation in your registered email and SMS when the amount successfully reaches the beneficiary account.

IMPS Participating Banks

The table below provides the list of banks that offer IMPS facility to their customers:

List of Banks Providing IMPS Facility

Bank of Maharashtra

Bandhan Bank Limited

IDBI Bank

Jammu And Kashmir Bank

Karnataka Bank

HSBC Bank

City Union Bank

Dhanalakshmi Bank

Axis Bank

IDFC Bank

Development Bank of Singapore

Central Bank of India

Fino Payments Bank

Bank of Baroda

Catholic Syrian Bank

Emirates NBD Bank (P J S C)

Federal Bank

Bank of Bahrain and Kuwait B.S.C

Kotak Mahindra Bank

Ratnakar Bank

Punjab and Sind Bank

Barclays Bank

HDFC Bank

Indian Overseas Bank

State Bank of India

IndusInd Bank

ICICI Bank

Yes Bank Ltd

UCO Bank

Paytm Payments Bank

Union Bank Of India

Karur Vysya Bank

South Indian Bank

Airtel Payments Bank Ltd.

SBM Bank (India) Limited

Bank of America

The Rayat Sevak Co-Operative Bank Limited

NSDL Payments Bank Ltd

The Goa Urban Co-Operative Bank Ltd.

Standard Chartered Bank

DCB Bank Ltd.

Citi Bank

Punjab National Bank

Sri Satya Sai Nagrik Sahakari Bank, MYDT

Tirumala Co-Operative Urban Bank Ltd

Ramrajya Sahakari Bank Ltd

Tamilnad Mercantile Bank

India Post Payments Bank Limited

Credit Agricole Corporate & Investment Bank

Khardah Cooperative Bank Ltd

Canara Bank

Bank of India

Shinhan Bank

BNP Paribas

Indian Bank

Factors To Consider While Using IMPS

IMPS is one of the best electronic fund transfer systems for safe, secure and faster transactions. However, a small mistake can lead to fund loss. Here are some factors that you should consider while using the IMPS service of a bank:

  • To make an IMPS transfer, you should have the account number, IFSC code, name and the registered mobile number of the receiver.
  • In case you are transferring by using the MMID, you and the receiver must have registered with the mobile banking services of any bank. Without the registration, you will not be able to get the MMID, which is very important for an IMPS transaction.
  • As a sender, you should recheck the account details, IFSC code, etc., at least two or three times to ensure that the details you entered are correct.
  • You should have a good internet connection for online IMPS transactions to avoid payment failure and request timed-out errors.

In case you transfer your funds to an incorrect account, you cannot get your money back if the receiver declines to give it back to you. Therefore, you should be very careful while entering the receiver's details.

Now that you have an overall idea about various aspects of IMPS, you can use this information to clear your doubts about the IMPS facility and make hassle-free transactions.

Frequently Asked Questions

What is IMPS?

Immediate Payment Service or IMPS is an electronic fund transfer system facilitated by the NPCI. This is an instant fund transfer system that can be done from branches, net banking, and mobile banking platforms. Therefore, customers can make IMPS transactions even on public or bank holidays.

What is the IMPS maximum limit per day?

The IMPS limit per day is Rs. 5 lakh.

What are the IMPS charges?

IMPS charges depend on the sender’s bank and the transfer amount. It can be between Rs. 2.5 to Rs. 25 with additional GST charges.

What is the IMPS transfer time?

IMPS transactions are instantly settled once your bank approves the payment. However, sometimes, it can take up to 5 working days if your payment is stuck due to server problems.

How to transfer money through IMPS?

Log in to your mobile banking or net banking account and go to the money transfer option. If you are eligible for IMPS transfers, you will see the option. Enter the account number, name, and IFSC code of the beneficiary and enter the transaction amount. After this step, confirm your payment by entering your MPIN.

What are the benefits of IMPS?

IMPS transfer is an easy, fast and secure way to transfer funds electronically. You can use this service 24/7 even if your bank is closed due to a holiday. 

What is the IMPS eligibility?

To become eligible for IMPS, you and the sender should have a bank account with an active mobile banking account. 

How to track IMPS transactions?

For offline transactions, you can track your IMPS transfer by using the Transaction ID or RRN number. In case you have made the transfer through net banking or a mobile banking app, you can check your account’s transaction history to check the status.

Which are the IMPS participating banks?

Most of the popular private and government banks allow you to use the IMPS facility for their account holders. Some of the most popular IMPS participating banks are Axis Bank, ICICI Bank, HDFC Bank, SBI Bank, etc.

What are the factors to consider while using IMPS?

Enter the account number, IFSC code, amount and other details properly while using the IMPS facility. Additionally, you should have good internet connectivity if you are using online IMPS transactions from your mobile and net banking.

What is the IMPS wallet number?

MMID or IMPS wallet number is a unique 7-digit code which your bank assigns to each mobile banking account. You can use this ID to make IMPS transactions.

How do you find IMPS sender details?

To get IMPS sender’s details you have to sign in to your internet banking account and check the transaction history.

Is IMPS chargeable?

As the transactions are settled instantly to the receiver's account, it is chargeable. The charge depends on your bank and transaction amount. The charge ranges between Rs. 2.5 to Rs. 25, and you have to pay additional GST on the amount.

How much time does IMPS take?

Payments made through IMPS reach the beneficiary instantly after the payment approval from the bank.

Is it necessary for the consumer to have a bank account to use IMPS?

According to NPCI, it is also mandatory for the consumer to have a bank account to send and receive money through IMPS.

What is the difference between IMPS P2P and P2A transfer?

In P2P IMPS transactions, you need to enter the MMID to complete the transaction, and in the case of a P2P IMPS transaction, you only need the account details, IFSC code and name of the receiver.

How can a customer not having a bank account initiate IMPS?

According to NPCI, you can not initiate an IMPS transaction if you do not have an account in an IMPS-supported bank.

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

If your accounts are present in two different banks, you can add more than one account to the same mobile number. However, you can not do this if the accounts are in the same bank.

Is there any facility available on IMPS to stop payments?

Once an IMPS is initiated, there is no option to stop it in the middle. So, make sure the details are entered correctly.

If I change my mobile number, will I have to register again for mobile banking?

Yes. If you change your mobile number, you need to register again to use the same bank account for your bank’s mobile banking services. Just open the mobile banking app and enter your user ID and OTP, and your mobile banking will be activated.

Where can I register complaints related to IMPS?

It is best to reach your bank's customer support team, or you can visit your nearest branch to file a complaint related to IMPS.

How many times can we use IMPS in a day?

You can use the IMPS facility as much as you want in a day, but the only limit is you can send up to Rs. 5 lakh per day.

Can we reverse an immediate payment?

RBI does not allow you and your bank to reverse any kind of payment. Even if you have sent the money to the wrong person, you can not take it back until and unless that receiver allows his/her bank to reverse the amount to you.

What happens if I transfer money to the wrong bank account?

In this case, if the account does not exist, you will get an instant refund of the amount. However, if any account exists with those details, your funds will reach the person, and you can not get it back until the receiver allows the bank to do so.

What happens when an IMPS transaction fails or times out?

If an IMPS transaction fails or times out, your funds will be reversed to your account within 5 working days.

About the Author

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

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