{"id":5304,"date":"2025-04-17T16:37:32","date_gmt":"2025-04-17T11:07:32","guid":{"rendered":"https:\/\/www.torusdigital.com\/toruscope\/?p=5304"},"modified":"2025-08-19T12:03:38","modified_gmt":"2025-08-19T06:33:38","slug":"what-is-imps","status":"publish","type":"post","link":"https:\/\/www.torusdigital.com\/toruscope\/banking\/what-is-imps\/","title":{"rendered":"What is IMPS \u2013 Features, IMPS Full Form, Transaction Limits and Charges"},"content":{"rendered":"

Transferring money from one bank account to another has never been easier. There was a time when this process required a lot of hassle. However, with evolving technology and the rise of digital platforms, you can conveniently transfer funds to a bank account anywhere in India with just a few clicks.<\/span><\/p>\n

Among the various modes available for fund transfers, this blog focuses on the Immediate Payment Service (IMPS). When you choose this option to send money, the beneficiary receives the funds almost instantly.<\/span><\/p>\n

Read on to explore all the essential details about IMPS, such as <\/span>IMPS’ full form<\/b>, meaning, key features, transaction limits and transfer procedure.<\/span><\/p>\n

<\/span>What Does IMPS Mean?<\/b><\/span><\/h2>\n

The <\/span>IMPS meaning<\/b> is a payment procedure through which you can transfer and receive money instantly. You can do interbank transactions using digital banking services. Backed by the National Payment Corporation of India (NPCI), the IMPS service is available 24×7 in a year. Hence, it is a highly flexible fund transfer service available through channels such as SMS, ATMs, mobile banking, and internet banking.<\/span><\/p>\n

<\/span>Working of Immediate Payment Service<\/b><\/span><\/h2>\n

For <\/span>IMPS transfer<\/b>, ensure you have the bank account number and IFSC code<\/a><\/strong>. Additionally, provide the unique Mobile Money Identifier (MMID)<\/a><\/strong>, Aadhaar number, recipient details and the sender’s mobile number.\u00a0<\/span><\/p>\n

Another way to make transfers is through online banking. Log in to your internet banking or mobile app using your ID and password. Once logged in, select the beneficiary for a transfer or opt for a one-time transfer. You can complete IMPS transactions using either the 7-digit code or the bank account details along with the IFSC details.<\/span><\/p>\n

<\/span>What are the Features of IMPS?\u00a0<\/b><\/span><\/h2>\n

The following are the various benefits of<\/span> the IMPS payment <\/b>service:<\/span><\/p>\n