Immediate Payment Service, often known as IMPS, is a well-liked cash transfer service in India that enables customers to send money quickly using online banking or mobile devices. Online transactions require complete details of the receivers bank such as IFSC Code and other details. So you can easily Search IFSC Code on Financial Code Finder. Customers may send and receive money using this real-time interbank electronic cash transfer service every day of the year, including Sundays and bank holidays.
The quickness and security of IMPS are two of its standout qualities. The money is immediately credited to the recipient’s account when transactions are processed. Due to this, IMPS is a great option for transferring funds quickly or in an emergency.
Users can utilize the IMPS transaction status functionality offered by their bank to view the status of an IMPS fund transfer. Users may use this feature to follow the development of their transaction and get real-time information on its status.
Depending on the stage of the transaction, several status messages might be shown for an IMPS fund transfer. The status message, for instance, will indicate that the money has been credited to the recipient’s account if the transaction is successful. On the other hand, if the transaction fails, the failure cause will be included in the status message along with the fact that the funds have not been credited.
You may monitor the progress of an IMPS fund transfer via a variety of methods, including online banking, mobile banking applications, SMS, or by getting in touch with the bank’s customer service team. Users can also configure email or SMS notifications to get information on the progress of their transactions.
The way individuals transfer money in India has been completely transformed by the IMPS cash transfer service. Millions of people all throughout the country favor it because of how quick, safe, and easy it is. Users may be confident in the security and dependability of the service since it is possible to monitor the progress of transactions in real-time.
The IMPS form of money transmission allows users to send money between banks. The term “immediate payment service,” or “IMPS,” indicates that with this method, money may be paid promptly. The daily maximum for IMPS transactions is Rs. 1 lakh, and they are subject to an additional service tax. Depending on the conditions outlined by the bank, IMPS transactions cost between Rs. 5 and Rs. 15, depending on the terms. The immediate payment service offers a dependable, timely, and cost-effective 24-hour interbank fund transfer solution.
To enable an IMPS transaction, the following important parties must be involved:
- Sender of the money called Remitter
- Receiver of the money called Beneficiary
- NFS- National Financial Switch
- Bank- facilitator of the (IMPS)
Due to the involvement of several parties in the transmission of funds through this system, the status of IMPS fund transfers must be kept under close observation. This blog article provides more details on how to track the progress of IMPS payment transfers.
IMPS Fund Transfer Status: Check
Just as easy as it is to perform an IMPS transaction is checking the status of a financial transfer. Nevertheless, it cannot be done without the IMPS Reference Number.
Following each IMPS transaction, you would get an IMPS reference number from the applicable bank.
To log into your net banking or mobile banking account, all you need to do is use your login credentials.
On the following screen, locate the ‘Payments & Transfer’ option and click on it.
After clicking on “Transaction status,” choose “View Completed Transactions.”
It will be straightforward for you to monitor the status of any recent transaction you’ve made utilizing the IMPS fund transfer system if you adhere to the preceding guidelines.
Process of IMPS Money Transfer
Here’s how to use IMPS to transfer funds from one bank to another:
- Log in to your online banking or mobile account.
- Click the ‘Fund Transfer’ button on the first page’s main menu that opens.
- Choose ‘IMPS’ as your preferred form of fund transmission.
- Now, enter your MPIN and the MMID of the beneficiary.
- Put in the necessary transfer amount.
- ‘Confirm’ should be clicked.
- You might be required to input the OTP that was issued to your registered cellphone number in order to authenticate the transaction.
- Complete the transaction by entering the OTP.
The transfer of the monies to the intended recipient will be promptly announced to both the sender and the receiver. Remember that entering the beneficiary’s MMID will only be necessary if you are sending the money via mobile banking.
If you are transferring the money via internet banking, you must provide the recipient’s bank account number, IFSC, etc. in order to complete the transaction. In this case, adding the beneficiary is necessary before initiating the money transfer.
Limit for IMPS Fund Transfers
Through IMPS, or Immediate Payment Service, the main recommendations of the Reserve Bank of India are implemented. The only currency that may be utilized for IMPS transactions is INR. According to NPCI guidelines, IMPS users are only allowed to transfer up to Rs. 5 lakh in a single transaction. The amount will be refunded to the sender’s account even if a user tries to complete a transaction for a higher sum; the transaction will not be completed.
For the convenience of consumers, the RBI raised the IMPS fund transfer limit from Rs. 2 lakh per transaction to Rs. 5 lakh per transaction. The Immediate Payment Service (IMPS) offers round-the-clock quick domestic money transfer capabilities via a number of different techniques.
Time for IMPS Money Transfer
As implied by the name, transactions utilizing the IMPS can be completed at any time and on any day of the year. Additionally, because these transactions are real-time, the money is transferred from the sender’s account and deposited to the recipient’s bank account right away.
It is easy to determine the status of an IMPS fund transfer. To finish the procedure, just log in to the internet banking and enter the transaction reference number. It’s important to keep in mind that it typically takes at least 2 working days for an IMPS transaction to post to the recipient’s bank account.