The full form of IMPS is (Immediate Payment Service) which is a real-time interbank electronic fund transfer service. It allows customers to instantly transfer funds from their bank account to any other bank account 24 hours a day, seven days a week, including weekends and holidays. Mobile banking, internet banking, ATMs, and bank branches can all be used to initiate IMPS transactions. To facilitate fund transfers, IMPS employs a unique identifier known as the Mobile Money Identifier (MMID) or Account Number and Indian Financial System Code (IFSC).
Features of IMPS
Instant transfer of funds (24 hours a day, seven days a week, including weekends and holidays).
Transactions can be initiated through a variety of channels.
Uses a unique identifier called Mobile Money Identifier (MMID) or Account Number and Indian Financial System Code (IFSC)
IMPS is convenient and user-friendly
IMPS Charges and Timings
Immediate Payment Service can be used anytime there’s no set time limit. However, the IMPS charges vary depending on different banks. Here are a few banks listed out for you with their IMPS charges.
There are multiple advantages of using IMPS facility, here are few:
Secure and reliable mode of money transfer
No need to share bank account details
Can be used for multiple purposes like bill payments, online shopping, etc.
IMPS is an inexpensive mode of transferring money
Disadvantages of IMPS
Here are a few disadvantages to look out for:
Some banks may charge transaction fees for using IMPS
Requires internet or mobile network connectivity
Not all banks may support IMPS transfers
Possibility of entering incorrect recipient details, leading to transfer of funds to wrong accounts
Limited to transfers within India only
Now that you know the IMPS full form, you should also know that the payment service has transformed India’s payment system for the better. With its lightning-fast transfers, availability 24×7, and easy accessibility, it has made money transfers more convenient than ever. IMPS has empowered people with the freedom to transact anytime and anywhere, making life easier and hassle-free.
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