IMPS

Full form: Immediate Payment Service

Banking

IMPS is India's 24x7 real-time interbank fund transfer service available even on holidays. Transfers up to Rs 5 lakh per transaction. Charges: Rs 2.5-25 depending on bank (many banks now offer free IMPS). The predecessor to UPI.

In detail

Transfer modes: via MMID + mobile number, or IFSC + account number. Available through mobile banking, internet banking, and ATMs.nnComparison:nIMPS: 24x7, up to Rs 5L, small chargesnNEFT: 24x7 (since December 2019), up to Rs 10L, free at most banksnRTGS: only Rs 2L+, same-day settlement, freenUPI: 24x7, up to Rs 1-5L, free, simplest

Real-life example

🇮🇳 India example

Anand urgently transfers Rs 2.5L to his brother on a Sunday at 11 PM for a medical emergency. He uses IMPS -- money reaches in 30 seconds. NEFT would also work now (24x7), but IMPS is the traditional choice for instant guaranteed transfer.

Frequently asked questions

IMPS vs UPI vs NEFT -- which to use when? ▼

UPI: for amounts up to Rs 1L, daily needs, simplest. IMPS: Rs 1L-5L, when you need account number and IFSC transfer (not UPI VPA). NEFT: Rs 5L-10L, scheduled transfers. RTGS: Rs 2L+ same-day large corporate transfers.