What are the IMPS Charges By Various Banks like SBI, HDFC Bank, ICICI Bank, Canara Bank etc?

What is IMPS?

Transferring funds in real time and around the clock was a major challenge in the banking industry. During banking hours, only NEFT and RTGS were available for fund transfers. The Immediate Payment Service (IMPS) was publicly launched on November 22, 2010.IMPS offers a robust and real-time fund transfer service that is available 24 hours a day, seven days a week through multiple channels such as mobile, internet, ATM, and SMS. IMPS is a strong service that allows funds to be transferred instantly between banks in India, which is not only safe but also cost-effective.

Objectives of IMPS

• Banks that wish to participate in IMPS must first obtain a valid banking or prepaid payment instrument licence from the Reserve Bank of India.
• IMPS's goals are to enable bank customers to use mobile instruments to access their bank accounts and remit funds.
• Making payments easier by using the beneficiary's mobile number
• To contribute to the Reserve Bank of India's (RBI) goal of electronic retail payments

Features

• Money transfers via IMPS are just as safe and secure as NEFT and RTGS.
• It is very easy to use this service on any smart device or phone with an internet connection.
• One of the quickest methods of transferring money between bank accounts.
• Only a person's phone number is required to send money to them.
• Quick payments without any delay
• No need for sharing bank information for transferring funds on this platform.
• This service is available 24/7
• Free of charge service
• When a transaction is completed, both parties receive notifications that it has been debited and credited.
• Maximum IMPS transfer limit is Rs.5 lakh.
• You must have your bank's ATM/Debit Card.
• You should have SMS alerts set up with your bank.
• If you have a basic handset, you can only use this service via SMS and texting.
• Customers with cell phones that have GPRS (General Packet Radio Service) and JAVA enabled by their service provider can use it online for increased security and amount.
• Some banks have their own applications for smartphones.

Banks IMPS Charges