IMPS is a short form for the Immediate Payment Service, and it is an internet banking system, which electronically instantly transmits, and receives funds among various banks and to individuals. It’s one of the popular internet banking methods for performing mobile banking transactions, transfer of funds, receive payments, make merchant payments, and checking Aadhaar Seeding. Access this facility through mobiles, Automated Teller Machines (ATMs), online banking or internet banking, bank branches, and SMS. There’s 100% assurance of safety while making transfers/payments, and economical as well. It allows instant interbank electronic fund transfer up to Rs 2 Lakhs, 24X7, 365 days.
How to transfer funds using IMPS?
Fund transfers by IMPS can occur through net-banking and mobile banking platforms. The process is:
IMPS transfer through net-banking is described as follows:
Log in to the net-banking portal
Add the IMPS beneficiary by feeding in vital details about the beneficiary such as its beneficiary’s account no., account type, IFSC Code, name and contact details
After filling in details the bank will confirm the beneficiary has been added, then go to Fund Transfer and select the beneficiary to whom you desire to transfer funds. Once done the beneficiary’s account details will appear on the screen, feed in the Amount and Remarks (optional)
Verify the payment details and hit submit, funds have transferred instantly through IMPS
Add the beneficiary details, if the beneficiary details have not been already added, then the process of adding one has been described above
Once the beneficiary has successfully been added, click 'Send Money/Fund Transfer' tab and go to IMPS option. Add beneficiary's mobile number, amount, and the beneficiary’s Mobile Money Identifier (MMID)
To authenticate the transfer, the bank's mobile application will ask for your Mobile PIN (MPIN). Once the verify of your Mobile PIN is done, your funds will get transferred, and the bank will send a confirmation SMS mentioning the transaction number and its details.