IMPS transfer time is the quickest, enabling instant, real-time transfers
Short for Immediate Payment Service, IMPS is a real-time payment service offered by the National Payments Corporation of India. With this facility, the NPCI empowers customers to transfer money instantly from one bank to another. It is a key player in the digitalisation push of the government. This easy and convenient method of electronic funds transfer has been helping India become a cashless economy via a whole range of mobile banking services. The feature that makes it so unique is the IMPS transfer time. It is instant, safe, secure, and easily accessible 24 x7 via various channels, including mobile and internet banking and ATMs.
With IMPS, you can send and receive money 24X7 (round the clock), including on Sundays, government and bank holidays in India. As is apparent from the word 'Immediate' in IMPS, the IMPS time taken to transfer funds is instant as the funds reach your beneficiary immediately. As such, this facility is ideal in case one needs funds in an emergency.
Sending and receiving money through IMPS can be especially useful for retail businesses. Due to the impressive IMPS time and ease of access, it also acts as the foundation of a whole range of mobile-based Banking services.
As mentioned earlier, you can make IMPS transfers through various channels. For instance, funds may be transferred using the mobile phone number and MMID of the beneficiaries, their account number and IFSC code, or their Aadhaar numbers. Irrespective of the channels you use to transfer funds using IMPS, the IMPS transfer time remains the same, i.e. money is transferred instantly within seconds of initiating the transaction. The entire traction process is flawlessly convenient without any payment delays. Other benefits of using IMPS include – paperless transactions, secure transfers via robust firewalls, and customisable Management Information System or MIS Reports.
Since IMPS is a facility provided by the Banking sector in India, and not by banks per se, most of the banks in India facilitate 24×7 IMPS irrespective of the day, time, and location. That said, some banks may have their own IMPS timings as well, of which account holders are appraised in advance. Essentially, the IMPS time of transaction is immediate in almost all the banks.
IMPS is a revolutionary mobile payment system because of its quick accessibility and even quicker transaction timings. No matter which part of the country your beneficiaries are in, they can receive funds into their accounts instantly. As a result of the quick service, the sender has to pay a nominal transaction fee which ranges from INR 2.50 to INR 25 + GST. IMPS is the ideal tool that can help India truly achieve its goals of digitalisation.
With the digibank by DBS app, you can open a new savings account in a few minutes and complete IMPS transations within seconds. Download the app to get started.
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.