What is an IMPS Banking?

IMPS full form is Immediate Payment Service. It is an instant electronic fund transfer service that allows inter and intra-bank transfers. In simple word, IMPS helps customers transfer money instantly from one account to another.

Using IMPS, you can send money in real-time, and it will be credited to the beneficiary’s account within seconds. While there is no cap on the minimum transfer amount, the maximum amount you can transfer per day via the Immediate Payment Service is INR 200,000. This fund transfer service is available 24×7 throughout the year, including on Sundays, banks, and state or national holidays.  Another significant advantage of IMPS is that people can access this facility through multiple channels, such as mobile banking, SMS, Net banking or even ATMs.