An instant interbank electronic fund transfer service in India available 24/7, enabling real-time money transfers up to ₹5 lakh through mobile, internet banking, or ATMs.
IMPS was launched by NPCI (National Payments Corporation of India) in 2010 as India's first real-time payment system. Unlike NEFT (batch processing, specific hours) and RTGS (minimum ₹2 lakh), IMPS provides instant transfers 24/7/365 including bank holidays. Transfers can be initiated using account number + IFSC, mobile number + MMID, or Aadhaar number. The maximum limit is ₹5 lakh per transaction. IMPS has largely been complemented by UPI for retail payments but remains important for inter-bank transfers through traditional banking channels.
A business owner transfers ₹2,50,000 to a supplier at 10 PM on Sunday via IMPS. The money arrives in the supplier's account within seconds, even though banks are closed. Transaction fee: ₹5-15 depending on the bank.
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IMPS: instant, ₹5L limit, 24/7, small fees. NEFT: batch processing (half-hourly), no limit, 24/7. RTGS: real-time, minimum ₹2L, 24/7, for large amounts. UPI: instant, ₹1L-5L limit, 24/7, free, most popular for retail.
Charges vary by bank: typically ₹2.50-5 for up to ₹1L, ₹5-15 for ₹1L-2L, ₹15-25 for above ₹2L. Some banks offer free IMPS for premium account holders. UPI transfers are generally free, which is why UPI has become more popular.
An electronic fund transfer system in India that enables bank-to-bank transfers in batches, available 24/7 with near-instant settlement.
An instant real-time payment system developed by NPCI that enables peer-to-peer and merchant payments through a single mobile interface across all Indian banks.
The process of comparing and matching a company's accounting records with its bank statement to identify and resolve any differences.
A periodic document issued by a bank summarizing all transactions (deposits, withdrawals, fees, interest) in an account over a specific period.
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