IMPS or Immediate Payment Service is an instant, real time inter-bank electronic fund transfer service. You will be able to receive or send money even on Sundays and Bank Holidays or late at night. Anyone anywhere can use IMPS to make a payment. The money is credited to the beneficiary account instantly.
Know how to send money using IMPS in HDFC bank?
You will need your beneficiary's Account number and IFSC to send money. Beneficiary needs to be added in NetBanking to transfer money, or you can send money to already added beneficiaries.
- Login to NetBanking using your net banking details and password.
- Click on "Funds Transfer" Tab.
- Click on IMPS Funds transfer using account number, enter the details, and confirm the transaction.
- You will receive the confirmation SMS for IMPS transaction
Charges for IMPS
Effective 1st Jan 2017, below services charges, are levied on all IMPS Outgoing transactions by HDFC bank
Rs 5: For transferring Rs 1 to Rs 1,00,000
Rs 15: For transferring Rs 1,00,001 to Rs 2,00,000
Merit and demerit
IMPS allow customers to make 24x7 instant interbank payments to individuals, or merchants via mobile phone, Internet or ATM. According to RBI guidelines, a customer can transact up to Rs 50,000 a day through IMPS, provided he or she is using end-to-end encryption (provided by the bank). Banks can facilitate transactions up to Rs1,000 a day without end-to-end encryption. What To Do If You Forgot Your Netbanking Password Of HDFC Bank?