{"id":679,"date":"2025-05-23T04:50:57","date_gmt":"2025-05-22T23:20:57","guid":{"rendered":"https:\/\/rzplearn.com\/?p=679"},"modified":"2025-05-26T09:43:25","modified_gmt":"2025-05-26T04:13:25","slug":"what-is-imps","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/what-is-imps\/","title":{"rendered":"What is IMPS? Full Form, Meaning, Timings, Charges and Limit"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">IMPS offers round-the-clock, real-time fund transfers, providing an ideal solution for those seeking instant and secure transactions. Introduced over a decade ago, IMPS in banking paved the way for modern digital payment systems like UPI, enhancing the efficiency and interoperability of banking services. This article delves into the meaning of IMPS, its working and its key benefits.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e226402305c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e226402305c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#What-is-IMPS\" >What is IMPS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#Types-of-IMPS-Transfers\" >Types of IMPS Transfers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#Key-Features-and-Benefits-of-IMPS-Payments\" >Key Features and Benefits of IMPS Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#IMPS-Limit-Per-Day\" >IMPS Limit Per Day<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#IMPS-Transaction-Charges\" >IMPS Transaction Charges<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#IMPS-Transfer-Time\" >IMPS Transfer Time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#How-to-Register-for-IMPS-in-2025\" >How to Register for IMPS in 2025?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#What-is-IMPS-P2A-Transfer\" >What is IMPS P2A Transfer?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#What-is-IMPS-P2P-Transfer\" >What is IMPS P2P Transfer?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#How-to-Transfer-Money-Via-IMPS\" >How to Transfer Money Via IMPS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#How-Does-IMPS-Work\" >How Does IMPS Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#Important-Factors-to-Consider-for-IMPS\" >Important Factors to Consider for IMPS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#IMPS-Participating-Banks\" >IMPS Participating Banks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#Transfer-Limit-and-Restrictions-IMPS-Vs-RTGS-Vs-NEFT\" >Transfer Limit and Restrictions: IMPS Vs. RTGS Vs. NEFT\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#IMPS-Compared-to-Other-Payment-Options\" >IMPS Compared to Other Payment Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/razorpay.com\/learn\/what-is-imps\/#Frequently-Asked-Questions-FAQs\" >Frequently Asked Questions (FAQs):<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What-is-IMPS\"><\/span><b>What is IMPS?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The full form of IMPS is Immediate Payment Service. It is an electronic funds transfer system in India, enabling instant, real-time bank transfers 24\/7, throughout the year. Managed by the <\/span><a href=\"https:\/\/razorpay.com\/learn\/national-payments-corporation-of-india-services\/\"><span style=\"font-weight: 400;\">National Payments Corporation of India<\/span><\/a><span style=\"font-weight: 400;\"> (NPCI), IMPS facilitates seamless transfers for a wide range of transactions, from person-to-person to merchant payments, through platforms such as mobile banking apps, internet banking, and <\/span><a href=\"https:\/\/razorpay.com\/learn\/what-is-atm\/\"><span style=\"font-weight: 400;\">ATMs<\/span><\/a><span style=\"font-weight: 400;\">. With secure linking to bank accounts via mobile numbers or Aadhaar, IMPS provides a convenient, accessible, and reliable payment solution for users across the country.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types-of-IMPS-Transfers\"><\/span><b>Types of IMPS Transfers<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">IMPS in banking can be classified into two primary categories:<\/span><\/p>\n<h3><b>IMPS via Mobile Number and MMID<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This method allows you to transfer money using the beneficiary&#8217;s mobile number and their <\/span><a href=\"https:\/\/razorpay.com\/learn\/what-is-mmid\/\"><span style=\"font-weight: 400;\">Mobile Money Identifier<\/span><\/a><span style=\"font-weight: 400;\"> (MMID), a seven-digit code associated with a specific mobile number. To complete the transfer, both you and the recipient must have registered your mobile numbers with your respective banks. You can request your bank to provide your MMID, while the beneficiary can obtain theirs from their bank and share it with you.<\/span><\/p>\n<h3><b>IMPS via Account Number and IFSC<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Alternatively, you can send money using the beneficiary\u2019s <a href=\"https:\/\/razorpay.com\/learn\/bank-account-number\/\">bank account number<\/a> along with the <\/span><a href=\"https:\/\/razorpay.com\/blog\/decoding-ifsc-codes-meaning-importance\/\"><span style=\"font-weight: 400;\">Indian Financial System Code<\/span><\/a><span style=\"font-weight: 400;\"> (IFSC). This approach is suitable if the beneficiary has not registered their mobile number with their bank. Ensure to have the correct bank name and branch details to facilitate a smooth transaction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This classification helps users choose the most convenient method for their IMPS transactions based on their and their beneficiary&#8217;s banking details.<\/span><\/p>\n<h2 data-start=\"384\" data-end=\"430\"><span class=\"ez-toc-section\" id=\"Key-Features-and-Benefits-of-IMPS-Payments\"><\/span>Key Features and Benefits of IMPS Payments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"432\" data-end=\"575\">IMPS (Immediate Payment Service) is one of the most reliable and efficient ways to transfer money digitally in India. Here\u2019s why it stands out:<\/p>\n<h3 data-start=\"579\" data-end=\"799\"><strong data-start=\"579\" data-end=\"609\">Instant Transfers, Anytime<\/strong><\/h3>\n<p data-start=\"579\" data-end=\"799\">IMPS lets you send money instantly, 24\/7\u2014including weekends and bank holidays. The amount is credited to the recipient\u2019s account in real-time, unlike NEFT or RTGS, which may have delays.<\/p>\n<h3 data-start=\"803\" data-end=\"986\"><strong data-start=\"803\" data-end=\"835\">Safe and Secure Transactions<\/strong><\/h3>\n<p data-start=\"803\" data-end=\"986\">Each IMPS transaction is protected through OTP verification and encrypted channels, ensuring your money reaches the right person without any risk.<\/p>\n<h3 data-start=\"990\" data-end=\"1147\"><strong data-start=\"990\" data-end=\"1020\">Available Across Platforms<\/strong><\/h3>\n<p data-start=\"990\" data-end=\"1147\">You can use IMPS through mobile apps, internet banking, or even ATMs, making it convenient and accessible wherever you are.<\/p>\n<h3 data-start=\"1151\" data-end=\"1325\"><strong data-start=\"1151\" data-end=\"1179\">Multiple Payment Options<\/strong><\/h3>\n<p data-start=\"1151\" data-end=\"1325\">IMPS supports transfers using mobile number &amp; MMID, Aadhaar number, or even account details\u2014so you don\u2019t always need to enter full bank info.<\/p>\n<h3 data-start=\"1329\" data-end=\"1475\"><strong data-start=\"1329\" data-end=\"1349\">Real-Time Alerts<\/strong><\/h3>\n<p data-start=\"1329\" data-end=\"1475\">Both sender and receiver get instant notifications when the transaction is successful, helping you track payments easily.<\/p>\n<p><em><strong>Related Read: <a href=\"https:\/\/razorpay.com\/blog\/difference-between-neft-rtgs-and-imps\/\">What is the Difference Between NEFT, RTGS, And IMPS<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IMPS-Limit-Per-Day\"><\/span><b>IMPS Limit Per Day<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The daily threshold for IMPS transactions in India stands at \u20b95 lakh. Individuals can transfer this amount using internet banking, mobile banking or via their account number. Adhering to this information is crucial for the business\u2019s steady financial process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Initially, the Reserve Bank of India restricted the <a href=\"https:\/\/razorpay.com\/learn\/imps-limit\/\">IMPS limit per day<\/a> to \u20b92 lakh. However, considering the increasing demand for this payment system, the RBI increased the daily limit for IMPS to \u20b95 lakh to meet the growing demand of users and businesses.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IMPS-Transaction-Charges\"><\/span><b>IMPS Transaction Charges<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The following are the charges applicable for <\/span><b>outward <\/b><span style=\"font-weight: 400;\">IMPS, excluding applicable <\/span><a href=\"https:\/\/razorpay.com\/learn\/gst-goods-and-services-tax-guide\/\"><span style=\"font-weight: 400;\">Goods and Service Tax<\/span><\/a><span style=\"font-weight: 400;\"> (GST):\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">For IMPS transactions ranging from \u20b90 to \u20b91,000, the charges are \u20b93.50 plus applicable GST.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">For IMPS transactions between \u20b91,001 and \u20b91,00,000, the fee is \u20b95 plus applicable GST.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">For IMPS transactions exceeding \u20b9100,000, the charges are \u20b915 plus applicable GST.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"IMPS-Transfer-Time\"><\/span><b>IMPS Transfer Time<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">IMPS (Immediate Payment Service) operates 24\/7, throughout the year, allowing account holders of any bank to make transactions at any time. Once the sender\u2019s bank approves the transaction, funds are transferred instantly to the beneficiary&#8217;s account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, in rare cases where a transaction may fail, become void, or time out, the resolution process can take up to 5 working days. This ensures that any issues are addressed and funds are appropriately handled. Overall, IMPS provides a reliable and efficient method for instant money transfers.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-to-Register-for-IMPS-in-2025\"><\/span><b>How to Register for IMPS in 2025?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>To register for IMPS, follow these steps:\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Register using the mobile banking service provided by the bank.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure having the bank&#8217;s Mobile Money Identifier (MMID) and mobile banking personal identification number (MPIN). For a successful transaction, ensure that the recipient and the beneficiary have them.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Download a banking mobile application from the bank to utilise the SMS facility if the bank has an SMS IMPS facility.<\/span><\/li>\n<\/ul>\n<h2 data-start=\"143\" data-end=\"175\"><span class=\"ez-toc-section\" id=\"What-is-IMPS-P2A-Transfer\"><\/span>What is IMPS P2A Transfer?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"176\" data-end=\"422\">IMPS P2A (Person-to-Account) transfer lets you send money instantly to a recipient\u2019s bank account using their account number and IFSC code. It\u2019s a secure, real-time method that works 24\/7, making it suitable for urgent and routine payments alike.<\/p>\n<h2 data-start=\"429\" data-end=\"461\"><span class=\"ez-toc-section\" id=\"What-is-IMPS-P2P-Transfer\"><\/span>What is IMPS P2P Transfer?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"462\" data-end=\"727\">IMPS P2P (Person-to-Person) transfer allows real-time fund transfer using the beneficiary\u2019s mobile number and MMID (Mobile Money Identifier). It\u2019s ideal when you don\u2019t have their account details. Just like P2A, P2P is instant, secure, and available round the clock.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-to-Transfer-Money-Via-IMPS\"><\/span><strong>How to Transfer Money Via IMPS?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">IMPS (Immediate Payment Service) offers multiple methods for transferring money quickly and conveniently. Here\u2019s how you can use IMPS through various platforms:<\/span><\/p>\n<h3><strong>1. IMPS Via Mobile Banking or Net Banking<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Log In<\/b><span style=\"font-weight: 400;\">: Access your bank\u2019s mobile banking app or website.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Navigate to Fund Transfer<\/b><span style=\"font-weight: 400;\">: Find the \u201cFund Transfer\u201d section or a similar option.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Select Transfer Method<\/b><span style=\"font-weight: 400;\">: Choose the type of IMPS transfer you wish to make, either to a beneficiary&#8217;s MMID or bank account number.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enter Beneficiary Details<\/b><span style=\"font-weight: 400;\">: Input the beneficiary\u2019s MMID or account number.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Specify Amount<\/b><span style=\"font-weight: 400;\">: Enter the amount you want to transfer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Authenticate the Transaction<\/b><span style=\"font-weight: 400;\">: Use your MPIN or transaction password to confirm the transfer.<\/span><\/li>\n<\/ul>\n<h3><strong>2. Via ATMs<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Visit an ATM<\/b><span style=\"font-weight: 400;\">: Go to your bank\u2019s ATM and select the IMPS fund transfer option displayed on the screen.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Input Beneficiary Information<\/b><span style=\"font-weight: 400;\">: Enter the beneficiary\u2019s mobile number and MMID, along with the amount to be transferred.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Complete Authentication<\/b><span style=\"font-weight: 400;\">: Confirm the transaction using your debit card and ATM PIN.<\/span><\/li>\n<\/ul>\n<h3><strong>3. Via SMS<\/strong><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Send Money via Text<\/b><span style=\"font-weight: 400;\">: Some banks allow you to transfer money via SMS. Write a text message following the specific format provided by your bank.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Send to the Designated Number<\/b><span style=\"font-weight: 400;\">: Include the beneficiary\u2019s MMID in the message and send it to the designated number specified by your bank.<\/span><\/li>\n<\/ul>\n<p><em><strong>Read More About: <a href=\"https:\/\/razorpay.com\/learn\/transfer-money-imps\/\">How to Transfer Money Using IMPS?<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-Does-IMPS-Work\"><\/span><b>How Does IMPS Work?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">IMPS (Immediate Payment Service) in banking facilitates real-time interbank electronic transfers in India.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s an overview of its functioning:<\/span><\/p>\n<h3>1. Infrastructure<\/h3>\n<ul>\n<li><b>NPCI<\/b><span style=\"font-weight: 400;\">: The National Payments Corporation of India (NPCI) serves as the central hub for IMPS transactions, ensuring smooth operations through a robust infrastructure.<\/span><\/li>\n<li><b>IMPS Switch<\/b><span style=\"font-weight: 400;\">: A secure channel that enables banks to connect and transfer funds and transaction data quickly.<\/span><\/li>\n<li><b>Message Broker<\/b><span style=\"font-weight: 400;\">: A routing system that directs information among various participants in the IMPS ecosystem.<\/span><\/li>\n<li><b>Directory Services<\/b><span style=\"font-weight: 400;\">: A centralized database that records all participating banks and their technical configurations.<\/span><\/li>\n<\/ul>\n<h3><strong>2. Communication Protocol<\/strong><\/h3>\n<ul>\n<li><b>FIBOS<\/b><span style=\"font-weight: 400;\">: The Financial Industry Business Messaging Scheme (FIBOS) is the standardized messaging format ensuring secure communication between banks and NPCI, including sender information, beneficiary data, transaction amount, and authentication details.<\/span><\/li>\n<\/ul>\n<h3><strong>3. Transfer Process<\/strong><\/h3>\n<ul>\n<li><b>Initiation<\/b><span style=\"font-weight: 400;\">: The sender initiates the transfer via their bank\u2019s mobile app, portal, or ATM, confirming credentials through <a href=\"https:\/\/razorpay.com\/learn\/generate-upi-mpin-pin\/\">MPIN<\/a>\/OTP.<\/span><\/li>\n<li><b>Message Transmission<\/b><span style=\"font-weight: 400;\">: The IMPS Switch securely sends transfer information to the NPCI.<\/span><\/li>\n<li><b>Routing and Validation<\/b><span style=\"font-weight: 400;\">: NPCI uses directory services to route the message to the beneficiary&#8217;s bank while validating account details and balances.<\/span><\/li>\n<li><b>Authorization<\/b><span style=\"font-weight: 400;\">: Upon successful routing, NPCI sends an authorization message to the sender\u2019s bank to proceed with the transfer.<\/span><\/li>\n<li><b>Funds Debit<\/b><span style=\"font-weight: 400;\">: The sender\u2019s account is debited, and the bank updates its records.<\/span><\/li>\n<li><b>Clearing and Settlement<\/b><span style=\"font-weight: 400;\">: NPCI facilitates the clearing and settlement process, debiting the sender&#8217;s account with the RBI and crediting the recipient&#8217;s bank.<\/span><\/li>\n<li><b>Crediting Beneficiary<\/b><span style=\"font-weight: 400;\">: The beneficiary bank receives a credit message and promptly credits the recipient\u2019s account.<\/span><\/li>\n<li><b>Confirmation<\/b><span style=\"font-weight: 400;\">: Both the sender and the beneficiary receive confirmation messages of the successful transfer.<\/span><\/li>\n<\/ul>\n<h3><strong>4. Security Measures<\/strong><\/h3>\n<ul>\n<li><b>Encryption<\/b><span style=\"font-weight: 400;\">: IMPS employs secure protocols like SSL and TLS to ensure confidentiality and integrity during data transmission.<\/span><\/li>\n<li><b>Two-Factor Authentication<\/b><span style=\"font-weight: 400;\">: Additional credentials, such as MPIN or OTP, are required for transactions, enhancing account security.<\/span><\/li>\n<li><b style=\"font-size: 19px;\">Message Authentication<\/b><span style=\"font-weight: 400;\">: Digital signatures or Message Authentication Codes ensure message integrity and prevent tampering.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Important-Factors-to-Consider-for-IMPS\"><\/span><b>Important Factors to Consider for IMPS<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Users must properly understand the IMPS meaning in banking before initiating a payment. Along with meaning, also consider these factors while making IMPS transactions:<\/span><\/p>\n<h3><b>1. Mobile Banking Access<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">To use IMPS from mobile banking, users must have mobile banking access. IMPS can be conducted using mobile banking, which allows one to make transactions quickly and conveniently.<\/span><\/p>\n<h3><b>2. Irreversible Errors<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The IMPS does not allow to reverse a successful transaction. So, it is essential to double-check all the information provided to prevent losses and ensure accuracy in the transaction.<\/span><\/p>\n<h3><b>3. Reliable Internet Connection<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A\u00a0 fast and stable internet connection is required to complete the <a href=\"https:\/\/razorpay.com\/blog\/online-money-transfer\/\">online money transfer<\/a> with IMPS, preventing any disruptions during the transaction process.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IMPS-Participating-Banks\"><\/span><b>IMPS Participating Banks<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here&#8217;s a comprehensive list of the 56 banks currently participating in the IMPS network (as of April 29, 2024)<\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\">\n<h3><b>Sr. No.<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>Bank Name<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>Using Mobile No. &amp; MMID (P2P)<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>Using Account No. &amp; IFS Code (P2A)<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>Internet<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>Branch<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>Mobile<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>ATM<\/b><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">1<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Airtel Payments Bank Ltd.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Axis Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bandhan Bank limited<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bank of America<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bank of Bahrain and Kuwait B.S.C<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">6<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bank of Baroda<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">7<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bank of India<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Bank of Maharashtra<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">9<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Barclays Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">10<\/span><\/td>\n<td><span style=\"font-weight: 400;\">BNP Paribas<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">11<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Canara Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">12<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Catholic Syrian Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">13<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Central Bank of India<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">14<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Citi Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">15<\/span><\/td>\n<td><span style=\"font-weight: 400;\">City Union Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">16<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Credit Agricole Corporate &amp; Investment Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">17<\/span><\/td>\n<td><span style=\"font-weight: 400;\">DCB Bank Ltd.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">18<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Development Bank of Singapore<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">19<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Dhanalakshmi Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">20<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Emirates NBD Bank (P J S C)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">21<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Federal Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">22<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Fino Payments Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">23<\/span><\/td>\n<td><span style=\"font-weight: 400;\">HDFC Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">24<\/span><\/td>\n<td><span style=\"font-weight: 400;\">HSBC Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">25<\/span><\/td>\n<td><span style=\"font-weight: 400;\">ICICI Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">26<\/span><\/td>\n<td><span style=\"font-weight: 400;\">IDBI Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">27<\/span><\/td>\n<td><span style=\"font-weight: 400;\">IDFC bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">28<\/span><\/td>\n<td><span style=\"font-weight: 400;\">India Post Payments bank Limited<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">29<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Indian Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Indian Overseas Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">31<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Indusind Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">32<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Jammu And Kashmir Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">33<\/span><\/td>\n<td><span style=\"font-weight: 400;\">JIO Payments Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">34<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Karnataka Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">35<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Karur Vysya Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">36<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Khardah Cooperative Bank Ltd<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">37<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Kotak Mahindra Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">38<\/span><\/td>\n<td><span style=\"font-weight: 400;\">NSDL PAYMENTS BANK LTD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">39<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Paytm Payments Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">40<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Punjab and Sind Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">41<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Punjab National Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">42<\/span><\/td>\n<td><span style=\"font-weight: 400;\">RAMRAJYA SAHAKARI BANK LTD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">43<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Ratnakar Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">44<\/span><\/td>\n<td><span style=\"font-weight: 400;\">SBM BANK (INDIA) LIMITED<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">45<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Shinhan Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">46<\/span><\/td>\n<td><span style=\"font-weight: 400;\">South Indian Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">47<\/span><\/td>\n<td><span style=\"font-weight: 400;\">SRI SATYA SAI NAGRIK SAHAKARI BANK, MYDT<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">48<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Standard Chartered Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">49<\/span><\/td>\n<td><span style=\"font-weight: 400;\">State Bank of India<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Tamilnaad Mercantile Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">51<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The Goa Urban Co-Operative Bank Ltd.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">52<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The Rayat Sevak Co-Operative Bank Limited<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">53<\/span><\/td>\n<td><span style=\"font-weight: 400;\">TIRUMALA CO-OPERATIVE URBAN BANK LTD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">54<\/span><\/td>\n<td><span style=\"font-weight: 400;\">UCO Bank<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">55<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Union Bank Of India<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">56<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes Bank Ltd<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Yes<\/span><\/td>\n<td><span style=\"font-weight: 400;\">&#8211;<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">These banks facilitate IMPS transactions, providing users with a convenient and immediate means of transferring funds securely through mobile devices.<\/span><\/p>\n<p><b>Related Read: <\/b><a href=\"\u201chttps:\/\/razorpay.com\/learn\/what-is-payment-bank\/\u201d\"><b>What are Payment Banks? Features &amp; List of Payments Banks<\/b><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Transfer-Limit-and-Restrictions-IMPS-Vs-RTGS-Vs-NEFT\"><\/span><b>Transfer Limit and Restrictions: IMPS Vs. RTGS Vs. NEFT\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Compared to <a href=\"https:\/\/razorpay.com\/learn\/rtgs\/\">RTGS<\/a> and<a href=\"https:\/\/razorpay.com\/learn\/neft\/\"> NEFT<\/a>, IMPS offers restrictions considering the needs of an average consumer looking to make generic payments. <\/span><\/p>\n<p><strong>Have a look at the table below to compare the differences between the three:<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<h3 style=\"text-align: center;\"><b> Particulars<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>RTGS<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>NEFT<\/b><\/h3>\n<\/td>\n<td>\n<h3 style=\"text-align: center;\"><b>IMPS<\/b><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td><b>Minimum Transaction Amount<\/b><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92 lakh<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Maximum Transaction Amount<\/b><\/td>\n<td>\n<ul>\n<li><strong>RTGS transaction through the Branch<\/strong> &#8211; No upper ceiling<\/li>\n<li><strong>RTGS transaction through NetBanking<\/strong> &#8211; the maximum amount of funds that can be transferred per day is as per customer&#8217;s TPT limit (Maximum upto Rs. 50 Lakh)<\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li><strong>7 AM to 7 PM (RBI Working Days)<\/strong>: Transfer up to your Transaction Per Day (TPT) limit, max \u20b950 lakhs.<\/li>\n<li><strong>7 PM to 7 AM &amp; Holidays<\/strong>: Transfers limited to \u20b92 lakhs per transaction, with multiples allowed up to \u20b950 lakhs.<\/li>\n<li><strong>New Beneficiary Transfers<\/strong>: Limit of \u20b950,000 to newly added beneficiaries within the first 24 hours.<\/li>\n<\/ul>\n<\/td>\n<td>\n<ul>\n<li>IMPS transaction limit is <b style=\"font-size: 17px;\">Rs.<\/b><span style=\"font-size: 17px;\">\u00a0<\/span><b style=\"font-size: 17px;\">5 Lakh for individuals. <\/b>(Depending on the bank, it can range from \u20b9 2 lakhs to \u20b9 5 lakhs.)<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">As you can see, while RTGS and NEFT may have higher upper limits, IMPS will most likely serve consumers looking to meet their daily transaction needs. The low minimum transaction amount means users can use this system to pay bills at local Kirana (if the vendor allows), shop through apps on mobile phones, or send money to the family.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, NEFT and RTGS may be the way to go for sending exorbitant amounts of money. The downside will be the time constraints one must operate within.<\/span><\/p>\n<p><span data-sheets-root=\"1\" data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Related Read: What is the Difference Between IMPS and NEFT Fund Transfer?&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:332543,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:14277081},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;9&quot;:0,&quot;10&quot;:1,&quot;12&quot;:0,&quot;15&quot;:&quot;Calibri&quot;,&quot;19&quot;:0,&quot;21&quot;:0}\"><strong>Related Reads:<\/strong> <\/span><em><strong><a href=\"https:\/\/razorpay.com\/blog\/difference-between-imps-vs-neft\/\">What is the Difference Between IMPS and NEFT Fund Transfer?<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IMPS-Compared-to-Other-Payment-Options\"><\/span><b>IMPS Compared to Other Payment Options<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here&#8217;s a quick look at how IMPS stacks up against other common digital payment systems in India:<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<h3 style=\"text-align: center;\"><b>Feature<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>IMPS<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>NEFT<\/b><\/h3>\n<\/td>\n<td style=\"text-align: center;\">\n<h3><b>RTGS<\/b><\/h3>\n<\/td>\n<td>\n<h3 style=\"text-align: center;\"><b>UPI<\/b><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td>Transfer Speed<\/td>\n<td>Instant<\/td>\n<td>Within 2 hours (approx)<\/td>\n<td>Real-time for high-value transfers<\/td>\n<td>Instant<\/td>\n<\/tr>\n<tr>\n<td>Availability<\/td>\n<td>24\/7, all days<\/td>\n<td>Only during banking hours<\/td>\n<td>Limited to banking hours<\/td>\n<td>24\/7, all days<\/td>\n<\/tr>\n<tr>\n<td>Transaction Limit<\/td>\n<td>Up to \u20b95 lakh per transfer<\/td>\n<td>Up to \u20b910 lakh (bank-based)<\/td>\n<td>\u20b92 lakh minimum, up to \u20b910 lakh<\/td>\n<td>Bank-specific<\/td>\n<\/tr>\n<tr>\n<td>Transfer Charges<\/td>\n<td>Nominal fees (\u20b95\u2013\u20b915)<\/td>\n<td>Generally low<\/td>\n<td>Generally low<\/td>\n<td>Mostly free or minimal<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b style=\"color: #111111; font-family: Roboto, Arial, sans-serif; font-size: 1.6315em;\">Conclusion<\/b><\/p>\n<p><span style=\"font-weight: 400;\">We hope this article has helped in understanding what IMPS is in bank. IMPS has changed consumer behaviour and expectations and paved the way for newer forms of instant payment systems to operate in India. The fact that consumers can use this system without needing a smartphone adds to its financial inclusivity, making it a great payment option for the masses!<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently-Asked-Questions-FAQs\"><\/span><b>Frequently Asked Questions (FAQs):<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3>1. What is the IMPS full form in banking?<\/h3>\n<p>The full form of IMPS in banking is Immediate Payment Service.<\/p>\n<h3>2. <strong>What does IMPS P2P mean?<\/strong><\/h3>\n<p>IMPS P2P stands for Immediate Payment Service Person-to-Person. It refers to a method of transferring money directly between individuals using the IMPS platform. This allows users to send funds instantly to another person&#8217;s bank account using their mobile number, MMID, or account details, facilitating quick and convenient transactions without the need for cash or checks.<\/p>\n<h3><b>3. Is a bank account required for a client to use IMPS?\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, the customer needs to have a bank account with a bank that has enabled the IMPS facility.<\/span><\/p>\n<h3><b>4. Does IMPS offer the facility to stop payments on IMPS?\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No, it does not let you stop a payment after initiating the <a href=\"https:\/\/razorpay.com\/blog\/what-is-a-payment-request\/\">payment request<\/a> since IMPS is an immediate fund transfer service.<\/span><\/p>\n<h3><b>5. Where can I file IMPS-related complaints?\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You can file complaints for IMPS transactions with the NPCI using their <a href=\"https:\/\/www.npci.org.in\/register-a-complaint\" target=\"_blank\" rel=\"noopener\">website<\/a>.\u00a0<\/span><\/p>\n<h3><b>6. What will happen if I send money to the wrong bank account?\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In the case of an intra-bank transaction, the bank will directly contact the incorrect recipient and request a reversal. However, if the transfer was made to a different bank, your bank will assist you by providing the necessary information about the incorrect recipient\u2019s bank and branch.<\/span><\/p>\n<h3><b>7. What happens if an IMPS transaction runs out or fails?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If an IMPS transaction fails and the customer\u2019s account is debited but the beneficiary\u2019s account is not credited, an automatic reversal should be initiated within one day after the transaction date.<\/span><\/p>\n<h3><b>8. <\/b><b>Is IMPS transfer free?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">IMPS transfers are not entirely cost-free. A few banks, such as SBI, do not charge any costs for such transfers. However, the fee for IMPS transfers varies depending on the amount transferred.\u00a0<\/span><\/p>\n<h3><b>9. Which bank is best for IMPS?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Top banks like ICICI Bank, HDFC Bank, and SBI are reliable choices for IMPS due to their comprehensive coverage and user-friendly services.<\/span><\/p>\n<h3><b>10. What information do I need to provide to send money via IMPS?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You&#8217;ll need the recipient&#8217;s mobile number and MMID to make a successful IMPS payment. Alternatively, you can also transfer money using a bank account and IFSC <\/span><span style=\"font-weight: 400;\">code.<\/span><\/p>\n<h3><b>11. Can I use IMPS to transfer funds internationally?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No, IMPS is strictly for domestic transfers within India. Consider <a href=\"https:\/\/razorpay.com\/learn\/what-is-swift\/\">SWIFT transfers<\/a> for overseas transactions.<\/span><\/p>\n<h3><b>12. How can I check the status of an IMPS transaction?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Use your bank&#8217;s online portal or mobile app to track real-time IMPS transactions.<\/span><\/p>\n<h3><b>13. Can I set up recurring payments using IMPS?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Yes, you can easily set up regular payments for bills or subscriptions through IMPS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consumers can use IMPS without needing a smartphone, which adds to its financial inclusivity, making it a great payment option for the masses.<\/p>\n","protected":false},"author":151156453,"featured_media":16988,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1387],"tags":[3817,1518],"class_list":{"0":"post-679","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payments","8":"tag-immediate-payment-service","9":"tag-imps"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/679","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156453"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=679"}],"version-history":[{"count":42,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/679\/revisions"}],"predecessor-version":[{"id":17574,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/679\/revisions\/17574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/16988"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}