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 |
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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 |
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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 |