IMPS
IMPS – Immediate Payment Service
IMPS – Immediate Payment Service :
The features and benefits of IMPS which makes it a popular mode of fund transfer
are mentioned below:
1) Instant Fund Transfer
Staying true to its name, IMPS allows you to transfer funds in an instant. This is because IMPS transactions occur individually and not in batches. You can avail IMPS via online banking, mobile phone, ATM, or SMS.
2) 24x7 Availability
IMPS is available 24×7 throughout the year, even on bank holidays. You can use the service to transfer funds anytime and from anywhere.
4) Transaction Limit
3) Instant Notifications :
Both you and the beneficiary are notified when the amount is debited from one bank account and credited to the other. As a result, you do not need to worry about whether the transaction was successful or not.
4) Safe and Secure :
IMPS is carried out over encrypted servers, making the transfer of funds safe and secure. Payments occur electronically using multi-step verification.
5) Minimum Information Required:
It saves time and effort as it does not require you to fill up lengthy forms withconfidential information. All you need is the beneficiary’s name, mobile number, and MMID. Alternatively, you can transfer funds via IMPS using just the beneficiary account number and IFSC Code.
6) Cost Efficient:
Banks charge online a minimal amount for availing IMPS facility. In some cases, these minimal charges too are waived off for transactions. As a result, it is one of the most cost-efficient means of transferring funds.