Full form of IMPS- “Immediate Payment Service”
What is IMPS and how does it work?
However, the full form of IMPS is ” Immediate Payment Service ” and IMPS means ” Immediate Payment Service “. It is a service of NPCI (National Payment Corporation of India) from which you can get NEFT (National Electronic Funds Transfer) and RTGS. (Real Time Gross Settlement).
IMPS is better than other money transfer services like NEFT or RTGS.
You can directly fund in another bank by debiting your bank fund directly from Aadhaar card number or mobile number linked bank account or MMID (Mobile Money Identification Number).
This is a real-time bank to bank money transfer.
How to transfer money from IMPS?
- It is a unique 7 digit unique number for using IMPS service, which is used to transfer funds using IMPS. You can use the internet banking facility of your bank to get a new MMID. The instructions for this are shown below.
- First, you have to log in to your “Mobile Banking App”.
- After this, go to the section of “Fund Transfer” and select “IMPS”.
- After selecting IMPS, pay by adding “Account Number”, “Mobile Number” and “MMID Code” to whichever money you want to send.
- You can “Verify” this transaction through OTP or MIPN.
- In this, money is debited from your account and credited to the recipient’s account.
- After payment, you will get a message that will have all the details of the transaction, save the screenshot because this number can be used anytime.
Some Important things about IMPS-
- Instant payment service is a real-time money transfer banking service.
- Also considered safe from NEFT or RTGS it is Secure for Fund Transfer
- This is an online service, so you can do it both through the Internet over the phone or computer.
- It can be passed without the recipient’s bank account.
- IMPS 27×7 is available, making the service available for 2 hours and available days.
- Currently, the money transfer limit is Rs 50,000 and will be further upgraded.
IMPS is the fastest money transfer banking service that you have as much work as you know, it is very easy with the result that it is running every day and night and also takes care of your security.