Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service. This also used by BCs for integration with Axis Bank for payment transfer. Another use-case is penny drop and retrieve beneficiary name.
| Functionality | Description |
|---|
| Time taken for transfer | Immediate |
| Working hours for transactions | 24x7, including holidays and weekends |
| Minimum Amount | No minimum amount |
| Maximum Amount | Rs 2 lakhs |
There are 2 major types of IMPS payments available.
| IMPS Payment Type | Description |
|---|
| P2P- Person to Person Fund Transfer | Customer can initiate a fund transfer request to payee using Mobile Number + MMID |
| P2A - Person to Account | Customer can initiate a fund transfer request to payee using the beneficiary account number and IFSC |