In this video we will learn about What is IMPS or Immediate Payment System?
IMPS is extremely useful when you’d like to transfer money to yourself or someone else very urgently. IMPS is facilitated by National Payments Corporation of India (NPCI) on 24/7 basis. Some features of IMPS are as follows:
1. National Payments Corporation of India (NPCI) facilitates 24×7 Settlement on an order by order basis for all member banks of IMPS.
2. IMPS allows you to transfer funds to beneficiary’s bank account through IFSC ( Indian Financial System Code).
3. Both sender and receiver of money gets instant confirmation/notification regarding money has been debited/credited to their account.
4. For IMPS, the Minimum amount that can be transferred is Rs 1 and Maximum transfer limit is Rs 2,00,000 per transaction, subject to a maximum limit of Rs 20,00,000.
5. The facility to send money by means of IMPS should be available in both internet banking and mobile banking app of your bank.
6. You need to pay a small fee for IMPS transfer. Make sure that you carefully check the transfer fee before initiating money transfer.
7. If a particular bank is not a member of NPCI, then you won’t be able to send money to that particular bank using IMPS.