IMPS Full Form
IMO apps full form is immediate payment service. It is one of the electronic funding systems to transfer any amount of money using the inter-bank connection. Unlike other instant funds transfer system in India like NEFT and RTGS, IMPS ok is also a fast way to send any amount of money to anyone.IMPS give Indian citizen an amazing way to send any amount of money easy and fast without any Hustle.
It is different from other fund transfer systems because of its users using mobile phone service which is completely interconnected with the bank system.It is built on the national financial switch (NFS) which is currently managing by the National payments Corporation of India (NPCI).
IMPS makes the payment transfer system easier during the epidemic condition like COVID-19 2020.
It was started in 2012 with the help of four Indian banks. These banks are State Bank of India, Bank of India, Union Bank of India and ICICI Bank who started the service of IMPS under the management of NPCI.
IMPS shows grade performance after 22 November 2012 and now it is working in more than 100 districts and other rural areas of India.IMPS is not providing by more than 50 commercial banks all around the Indian state.
History of IMPS:
IMPS was started in 2012 with the helping management of NPCI.IMPS introduced a new concept of money transferring using a bank process system. After its launch, it becomes a national money transfer system that extended 253 commercial banks in India. Today IMPS is now using in more than a hundred districts, rural and also used in other cooperative banks.
IMPS now becomes one of the easiest ways to send any amount of money using a mobile, desktop, and also using any tablet. With the help of VP, it is possible to send any amount of money with the unique address provided by the bank system.IMPS in a process to generate seven-digit MMID (mobile money transfer) code and after that, you can use this amazing service.
What is the maximum limit of IMPS?
IMPS offers you to send an amount between Rs. 10,000 to Rs. 2 lakh. This type of sending is different from other banks so there is is no limit for minimum transactions in IMPS.
What are the features of IMPS?
IMPS money transfer system has a list of amazing features and benefits for the people currently used mobile phones to send money. Here are some of the useful features of IMPS.
Instant fund transfer
IMPS makes instant fund transfer possible and also makes it simple and easy to use. Using a mobile phone you can easily access bank accounts in a very secure way.
IMPS is available 24 hours and is working a whole year to give facilities of transfer funding anywhere and anytime. Most of the funding transfer system crashed during processing while IMPS can easily make transactions to send or receive money from anyone more easily.IMPS is also open and working in public holidays and bank holidays so you can use this amazing service on any day.
IMPS take care of their clients and users and also successfully confirm your transaction on both sides. Receiver and sender of the money e get confirmation message instantly transfer of money happen. Receiver and sender you can easily check the confirmation message in the mobile inbox.
IMPS is one of the versatile and advanced feature systems that can be easily used for P2P (person to person) and P2M (Person to Merchant) fund transfer payment using mobile easily.
IMPS is not only to use to transfer funds but it can also be used for other useful purposes is such as otc payments, utility bill payments, school fee payments, traveling, and also for many other purposes.
What are the minimum requirements for using IMPS?
The Indian banking system has evolved and revolutionized the way of funding transfer with fast electronic funding through different banking systems.NEFT, RTGS, and IMPS are great examples of electronic funding through your mobile and laptop. These systems were quite easily used and fast to transfer any amount of money to one account to another.
Here are the Minimum requirements of using IMPS system:
- Mobile number
These are the three important requirements to use IMPS from both sides. The receiver and sender of money did not need any of the confidential banking details.IMPS can also work through account number and IFSC Code the Government of India did not recumbent this type of way to transfer money from one account to another. Because of slight mistakes during entering the detail can make a huge mistake and financial loss.
What are the charges of IMPS transfer?
IMPS is one of the inexpensive modes of fund transfer and charge a low amount of money.
Up to Rs. 10,00 (Rs. 2.50 + Applicable GST)
From Rs. 10,000 to Rs. 1 lakh (Rs. 5 + Applicable GST)
From Rs. 1 lakh to Rs. 2 lakh
(Rs. 15 + Applicable GST)
Rs. 2 lakh and Above
(Rs. 25 + Applicable GST or No Charge)
What is the difference between IMPS and Neft?
- NEFT stands for National Electronic Funds Transfer and IMPS is the immediate fund transfer service.
- NEFT transfer funds in batches from one bank account to another. While IMPS transfer any amount of money immediately by mobile phone service.
- NEFT is one of the old fund transfer services which takes lots of time to make transaction and managing of funds effectively in each banking accounts.IMPS is another advanced fund transfer system that can immediately send any amount of money directly into account numbers using internet banking.
- IMPS offers you to send an amount between Rs. 10,000 to Rs. 2 lakh. While NEFT offers to send any amount of money between Rs. 10,000 to Rs. 10 lakh.
- NEFT is maintained by RBI while IMPS maintained by NPCI (National Payments Corporation of India). Both services work on holidays including Bank ok and other holidays
- In IMPS a small error can even transfer funds to the wrong bank account while in NEFT there is no provision in of mistake to fund transfer into the wrong account.
How to use IMPS to transfer money using Indian Bank?
- To use IMPS you first need a name, mobile number, and MMID. Then open the Indian Bank website.
- Login to the Indian Bank website with your password and username provided.
- For fund transfer click on payment transfer option after login in and then go to IMPS funds transfer and at last click on Funds Transfer’
- Payments Transfers > IMPS Funds Transfer > Funds Transfer
- If you want to fund transfer to a person you can click on a person to account with the help of the IFSC option and then click on the proceed to carry on the process.
- In the next form, you have to complete all the details such as name account number and IFSC code.
- Now type the amount in digits that you want to transfer to the other account and then click on submit.
- Sometimes verification detail needed to carry on the process and then click on confirm.