IMPS allows users to transfer money instantly between banks, regardless of time and location. Yes, for this you have to pay nominal charges.
Very soon you will be able to transfer up to Rs 5 lakh online from one account to another. National Payments Corporation of India (NPCI) has simplified the Immediate Payment Service (IMPS) to make bank account transfers easy and error free. According to Livemint news, you can use the mobile number and name in the bank account of the recipient or beneficiary to send money. The special thing is that you neither have to add the beneficiary nor have to enter the IFSC code of the bank branch of the other person’s account.
Understand IMPS
IMPS of National Payments Corporation of India (NPCI) is a unique payment system that provides 24×7 instant domestic fund transfer facility and funds transfer through different channels like Internet Banking, Mobile Banking App, Bank Branches, ATM, SMS and IVRS. Is accessible through.
Features of IMPS
- IMPS allows users to transfer money instantly between banks, regardless of time and location.
- IMPS transactions are subject to a daily maximum limit of ₹5 lakh.
- When you do an IMPS transaction, the charges associated with it can vary between ₹5 to ₹15
- In addition to transaction charges, additional service tax may also be levied on IMPS transactions.
This is how to transfer money through IMPS
- First of all open your mobile banking app.
- Click on the option named ‘Fund Transfer’ on the home page.
- Select ‘IMPS’ as the method to transfer funds.
- Enter the beneficiary’s MMID (Mobile Money Identifier) and your mPIN (Mobile Personal Identification Number).
- Now enter the amount you want to transfer.
- After entering the details, click on ‘Confirm’ to proceed.
- You may receive an OTP (one-time password) on your registered mobile number to authenticate the transaction
- Now enter the OTP and complete the transaction successfully.
