IMPS

What is IMPS?

A. Immediate Payment Service (IMPS) is an interbank electronic instant mobile money transfer service through mobile phones. IMPS helps you access your Bank Account and transfer funds instantly. The beneficiary account is credited immediately when a Fund Transfer request is made through your Mobile phone / Internet Banking. This service is available 24x7, throughout the year including Sundays and any bank holiday.

What are the timings for initiating and receiving IMPS remittances?

A. IMPS service is available 24 hours of the day, all days of the week, throughout the year. There are no holiday restrictions on IMPS transactions.

How can I add a beneficiary for IMPS?

A. Adding a beneficiary for IMPS is similar to adding the payee online for NEFT & RTGS. You can add the payee account number and payee name if you are doing a transfer with IFSC code.

What happens in case the remitter enters wrong beneficiary details for remittance in IMPS transaction?

A. If the beneficiary details required for making a remittance (such as mobile number) are wrong, there is every possibility of the transaction getting credited to wrong beneficiary. If you are remitting money using account number, please check the account number as amount will be credited on the basis of account number only. Thus, customers are requested to ensure to cross check the mobile number/account number entered before proceeding with the transaction.

When sending money, how do I come to know that my account is debited, and the money has been credited in the beneficiary's account?

A. After successful completion of IMPS transaction, both the Remitter and Beneficiary get SMS confirmation of the transaction processed on their registered mobile number.

How much time does it will take for the beneficiary to receive the funds transferred through IMPS?

A. For successful transactions, the funds get credited into the beneficiary's account instantly.