Banking awareness : Immediate Payment Service ( IMPS )

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Banking awareness : Immediate Payment Service ( IMPS )

IMPS stands for Immediate Payment Service in Indian banking system terminologies. It is a money transfer mechanism made available by the apex bank of the country, the Reserve Bank of India and the National Payments Corporation of India (NPCI). Initiated in 2010 by the NPCI with the help of a pilot project with 4 major banks, IMPS has now grown to 150+ banks.

Banking awareness : Immediate Payment Service ( IMPS )

1.Instant
2.Available 24 x7 (functional even on holidays)
3.Safe and secure, easily accessible and cost effective
4.Channel Independent can be initiated from Mobile/ Internet / ATM channels
5.Debit & Credit Confirmation by SMS

Services available under IMPS

Funds Transfer and Remittances
1. Sending Money
2. Receiving Money

Query Service on Aadhaar Mapper (QSAM)
QSAM (Query Service on Aadhaar Mapper) – This service helps user in knowing their Aadhaar Seeding status with their bank account.
1.This service can be availed by dialling *99*99#
2.User will know whether his/her AADHAAR number is seeded/linked to any bank account number or not
3.If yes, then with which bank and when it was last updated

What is MMID ?
Mobile Money Identifier is a 7 digit number, issued by banks. MMID is one of the input which when clubbed with mobile number facilitates fund transfer. Combination of Mobile no. & MMID is uniquely linked with an Account number and helps in identifying the beneficiary details. Different MMID’s can be linked to same Mobile Number.

 

Is there any limit on the value of transactions in IMPS? 
Ramu a user of internet banking with transaction rights, wishes to transfer money to Shyamu using IMPS.

Date Activity Amount Limitation
Sep 1 Ramu added and activated Shyamu as IMPS beneficiary Rs.1,00,000 can be transferred to Shyamu on the day of activation of the beneficiary.
Sep 2 – 4 Shyamu in cooling period A total sum of Rs.1,00,000 can be transferred to Shyamu during the period from Sep 1 to Sep 4.
Sep 6 Shyamu out of cooling period Every day of Rs.2,00,000/- can be transferred to Shaymu, provided the total amount transferred on any given day by Ramu through IMPS does not exceed Rs.2,00,000/-

 

Charges for the customer sending and receiving remittances using IMPS
Amount Slab Commission Amount debited from customer + GST
Rs. 0 – 1,000 No Charges
Rs. 1,001 – 10,000 No Charges
Rs. 10,001 – 25,000 No Charges
Rs. 25,001 – 1,00,000 No Charges
Rs. 1,00,001 – 2,00,000 No Charges