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What is IMPS (Immediate Payment Service)?
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IMPS is an instant electronic fund transfer system operated in India, commonly used via mobile and internet banking and integrated with other payment channels.
Key features of IMPS
- Instant fund transfers, often 24x7 including holidays (subject to bank).
- Multiple channels — mobile banking, internet banking, ATMs, branches (where offered).
- Beneficiary details — account number and IFSC, or mobile number and MMID where supported.
- Limits vary by bank and channel.
Why use IMPS?
- Fast domestic transfers when you need immediate credit.
- Widely available on bank apps and digital channels.
Note: For large or time-critical legal transfers, confirm details with your bank. Compare with NEFT and RTGS.
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Quick facts
IFSC is 11 characters; MICR is 9 digits. Use NEFT/RTGS/IMPS with the correct IFSC; verify large transfers on the bank’s official site.
What is IFSC? · NEFT · RTGS · IMPS
