The full form of IMPS is IMMEDIATE PAYMENT SERVICE
What is IMPS?
Immediate Payment service is a domestic method of transferring money and is available all the time even during holidays.
IMPS is operable on mobile, internet and is also available in ATMs across all banks.
What are the benefits of IMPS?
Transaction occurs instantly
Fast, safe and secure method to transfer funds
Bank account number not needed,
Mobile number and Mobile Money Identifier of the receiver is also enough to send the money
Works on both net-banking and mobile platforms
Available 24*7, 365 days a year
The minimum transaction amount is 1 Rupee
Is Internet Banking and IMPS the same?
Internet Banking is one of the ways used by IMPS to transfer money. You can use a mobile or desktop with an internet connection to transfer money using IMPS provided you have the required details of the receiver.
How can I transfer money to a person using IMPS?
There are three ways in which you can transfer money using IMPS provided both sender and receiver have a valid account in number:
Using the Aadhaar Number of the receiver
Using the Account Number and IFSC code of the receiver
Using the mobile number and Mobile Money Identifier
You can use mobile platforms, ATMs or internet banking to transfer money using IMPS.
Which one is best to transfer money NEFT or IMPS?
IMPS allows instant transfer of fund and is available throughout the year any time of the day unlike NEFT, hence IMPS is better than NEFT.