IMPS (Immediate Payment Service) is the best fund transfer system out there. It takes only seconds to transfer money through IMPS and you can do fund transfers at any time you like, even on days that are declared bank holidays. Additionally, there is a need for you to give the bank details of the beneficiary for fund transfers. You just need to login through your net banking portal or the bank’s mobile banking app, provide the amount, the registered mobile no. as well as the 7-digit MMID (Mobile Money Identifier) of the beneficiary and that’s it – your transaction is complete.
However, IMPS fund transfer has certain charges associated with it. The reason for this is that for IMPS, systems and servers need to be setup and maintained which cost the government as well as the banks. Thus, some negligible charges are put on these transactions towards recovering those costs. For instance, Rs. 5 is charged on IMPS fund transfers of up to INR 1 Lakh. It is important to know about these before you do a fund transfer because of the following reason
• Knowing what the charges are for IMPS fund transfer helps you in situations where you want to go for a low-cost fund transfer option. Usually fund transfer systems have different charges for different ranges of amounts. Knowing the IMPS charges will help you compare IMPS with other fund transfer systems to help you find the one that is apt at that point for that particular transaction.
• Sometimes, in rare cases, additional amounts get deducted as charges from your accounts due to unforeseen technical issues like server failure/restart at time of transaction, etc. If you know the IMPS charge rates, then you can identify such deductions and notify the bank, who will then refund the additional amount into your account.
The benefits of IMPS fund transfer far outweigh the modest charges it incurs. Apart from being a cashless transaction method, it can be used anywhere on the go through your smartphone, laptop, etc. While other transaction methods such as RTGS and NEFT can be conducted only designated business hours on working days, all IMPS transactions can be conducted round the clock and on public holidays as well.
With two-factor authentication mechanism that asks for a pin as well as a transaction OTP, it is also the most secure form of electronic transfer as well. You need to be aware of the IMPS charges and why you are being charged so that you can do your transaction without any difficulties.
However, IMPS fund transfer has certain charges associated with it. The reason for this is that for IMPS, systems and servers need to be setup and maintained which cost the government as well as the banks. Thus, some negligible charges are put on these transactions towards recovering those costs. For instance, Rs. 5 is charged on IMPS fund transfers of up to INR 1 Lakh. It is important to know about these before you do a fund transfer because of the following reason
• Knowing what the charges are for IMPS fund transfer helps you in situations where you want to go for a low-cost fund transfer option. Usually fund transfer systems have different charges for different ranges of amounts. Knowing the IMPS charges will help you compare IMPS with other fund transfer systems to help you find the one that is apt at that point for that particular transaction.
• Sometimes, in rare cases, additional amounts get deducted as charges from your accounts due to unforeseen technical issues like server failure/restart at time of transaction, etc. If you know the IMPS charge rates, then you can identify such deductions and notify the bank, who will then refund the additional amount into your account.
The benefits of IMPS fund transfer far outweigh the modest charges it incurs. Apart from being a cashless transaction method, it can be used anywhere on the go through your smartphone, laptop, etc. While other transaction methods such as RTGS and NEFT can be conducted only designated business hours on working days, all IMPS transactions can be conducted round the clock and on public holidays as well.
With two-factor authentication mechanism that asks for a pin as well as a transaction OTP, it is also the most secure form of electronic transfer as well. You need to be aware of the IMPS charges and why you are being charged so that you can do your transaction without any difficulties.
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