With growing popularity of mobile banking and IMPS transfer, it has become easy and convenient for common man to transfer funds whenever they feel like. Even if you’re low on cash or do not have time to withdraw money from your bank at the need of an hour, you can transfer money from your cell phone using IMPS service and save some time!
IMPS or Immediate Payment services is electronic interbank instant mobile money transfer service which can be done using the user’s cell phone. It is the most simplified and trending money transfer facility in the today’s world. Let’s take a look the vast benefits of IMPS and mobile banking which we should definitely take advantage from:
• 24x7 Real time money transfer
While National Electronic Fund Transfer (NEFT) takes up to 3-4 hours to transfer money depending on bank to bank, IMPS is real time money transfer service which means using IMPS you can instantly transfer funds to other accounts. You can transfer fund using IMPS 24x7 even when the banks remain closed on national holidays or Sundays. This is probably the most crucial advantage of IMPS.
• Transaction limit
Although different banks hold different transaction limits depending on the customer profile, Real Time Gross Settlement (RTGS) allows you a minimum transfer of Rs.2 lakh and a maximum amount of Rs.10 lakh while transaction limit for IMPS is Re.1 to Rs.2 lakh.
• Available through multiple channels
IMPS provides you options of transferring funds through multiple channels like ATM, Net banking, SMS, USSD, Mobile application. You don’t need to step out and stand in long queues in the bank. Just one click and you’re done with paying your bills- be it utility bills, travel tickets, online shopping, movie tickets, grocery shopping etc. In fact e-commerce companies largely promote mobile apps and offer heavy discounts, for which IMPS can be used to make payment through mobile application.
• Mobile banking
In order to transfer funds via IMPS, a 7-digit MMID pin is required for which all you need to do is go to ‘mobile banking’ option on your phone, select your desired bank account, select IMPS and click on MMID. As soon as the details of your account are validated, the money will be debited from your account and a SMS alert showing the transfer status will be sent to your phone.
• NRI customers
IMPS allows NRI customers to transfer funds from their account to the account of those residing in India.
With these key features, IMPS has gained immense popularity over the years and has benefitted common man like never before. It is time-saving, user-friendly, and has brought the commercial banks at our doorstep.
IMPS or Immediate Payment services is electronic interbank instant mobile money transfer service which can be done using the user’s cell phone. It is the most simplified and trending money transfer facility in the today’s world. Let’s take a look the vast benefits of IMPS and mobile banking which we should definitely take advantage from:
• 24x7 Real time money transfer
While National Electronic Fund Transfer (NEFT) takes up to 3-4 hours to transfer money depending on bank to bank, IMPS is real time money transfer service which means using IMPS you can instantly transfer funds to other accounts. You can transfer fund using IMPS 24x7 even when the banks remain closed on national holidays or Sundays. This is probably the most crucial advantage of IMPS.
• Transaction limit
Although different banks hold different transaction limits depending on the customer profile, Real Time Gross Settlement (RTGS) allows you a minimum transfer of Rs.2 lakh and a maximum amount of Rs.10 lakh while transaction limit for IMPS is Re.1 to Rs.2 lakh.
• Available through multiple channels
IMPS provides you options of transferring funds through multiple channels like ATM, Net banking, SMS, USSD, Mobile application. You don’t need to step out and stand in long queues in the bank. Just one click and you’re done with paying your bills- be it utility bills, travel tickets, online shopping, movie tickets, grocery shopping etc. In fact e-commerce companies largely promote mobile apps and offer heavy discounts, for which IMPS can be used to make payment through mobile application.
• Mobile banking
In order to transfer funds via IMPS, a 7-digit MMID pin is required for which all you need to do is go to ‘mobile banking’ option on your phone, select your desired bank account, select IMPS and click on MMID. As soon as the details of your account are validated, the money will be debited from your account and a SMS alert showing the transfer status will be sent to your phone.
• NRI customers
IMPS allows NRI customers to transfer funds from their account to the account of those residing in India.
With these key features, IMPS has gained immense popularity over the years and has benefitted common man like never before. It is time-saving, user-friendly, and has brought the commercial banks at our doorstep.
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