What is IMPS? How to transfer money via IMPS? www.deekpay.com

IMPS, which stands for Immediate Payment Service in English and translates to Instant Payment Service, is a popular inter-bank electronic fund transfer system in India. With its real-time, secure money transfer feature, IMPS has transformed the way individuals send and receive money using their mobile phones or online banking. In this article, we will explore the basics of IMPS and learn how to transfer money easily using this convenient payment system.

What is IMPS

IMPS Instant Payment Service, is an Indian electronic funds transfer system. It allows individuals to send and receive money instantly using mobile phones or online banking. IMPS facilitates real-time transactions and enables users to transfer funds conveniently and securely. Through IMPS, individuals can make payments, settle bills, send money to friends and family, and conduct various financial transactions quickly and efficiently.

Features of IMPS

Before you start using IMPS as an online money transfer method, it is important to familiarise yourself with its main features and considerations:

Daily Transaction Limit: IMPS transactions are subject to a maximum daily limit of Rs. 50 lakhs, a limit that ensures a balance between user convenience and security. Transaction Fees: Fees associated with IMPS transactions may vary between Rs. 5 and Rs. 15, as per the rules of the respective banks and it is advisable to contact your bank for details. Service Tax: In addition to transaction fees, IMPS transactions may also attract an additional service tax. This tax is generally governed by existing tax regulations and may vary depending on the specific transaction and bank. 24/7 Bank-to-Bank Transfers: IMPS offers a powerful real-time funds transfer option that operates around the clock. It allows users to transfer funds instantly between banks, regardless of time and location, ensuring enhanced convenience and accessibility. Secure and Affordable: IMPS provides a secure platform for transferring funds within banks across India. The system employs strong security measures such as encryption and authentication protocols to ensure secure transactions. Moreover, IMPS transactions are often considered economical, providing users with a cost-effective solution.

Benefits of IMPS

IMPS is one of the most commonly used methods of money transfer and has several advantages that make it popular. Below are the main advantages of IMPS:

Fast, secure and reliable: IMPS offers a fast and reliable method of transferring funds. Transactions are processed in real time, ensuring that funds are transferred between accounts immediately. In addition, IMPS employs strong security measures to protect transactions, providing users with a safe and secure platform for financial transfers. Multi-Platform Access: IMPS can be accessed through online banking and mobile platforms, providing users with convenience and flexibility. Whether you prefer to use a computer or a mobile device, you can easily initiate and manage IMPS transactions, making it a versatile payment option. 24/7 availability: One of the significant advantages of IMPS is its 24/7 availability. IMPS transactions can be made at any time, including public and bank holidays. This ensures that users can transfer money whenever they need to, regardless of traditional banking hours. Easy to add beneficiaries: Adding beneficiaries for IMPS transactions is an easy process. Through the IMPS mobile platform, users can add beneficiaries by simply providing the recipient's mobile phone number and MMID (Mobile Money Identifier). This streamlined process eliminates the need for a bank account number and simplifies the setup of future transactions. Instant notifications: IMPS ensures that payers and payees receive notifications from the bank as soon as the transaction is completed. This real-time notification feature adds transparency and helps users stay informed about the status of their transmissions. Versatile: IMPS offers more than just transferring money between bank accounts. It can also be used to receive payments, make payments to merchants, perform mobile banking transactions and more. This versatility extends the use of IMPS beyond simple fund transfers, making it a comprehensive solution for a wide range of financial needs.

How to transfer money via IMPS

To transfer funds from one bank account to another via IMPS, you should follow the steps below:

Open your mobile banking app or access your online banking account On the homepage, look for the option called "Funds Transfer" and click/tap on it Select "IMPS" as the transfer method. Enter the payee's MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number). Enter the amount you want to transfer Double check the details and click/tap "Confirm" to continue. In some cases, your registered mobile number may receive an OTP (One Time Password) to authenticate the transaction. Enter the OTP you received and follow the prompts to successfully complete the transaction

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