IMPS Full Form – What is the full form of IMPS?

IMPS Full Form: Immediate Payment Service, There is a real-time inter-bank electronic fund transfer service in India, where customers register their mobile number and mobile money identifier (MMID) or account number and Indian Financial System Code (IFSC)

  • Category: Banking 
  • IMPS Full Form in Hindi: तत्काल भुगतान सेवा
  • IMPS Full Form in English: Immediate Payment Service

what is the full form of IMPS ?

IMPS is a full form Immediate Payment Service. This is called an instant payment service in Hindi. Immediate Payment Service is a Banking Payment System Service, under which you can send money from one account to another in real-time. IMPS was first introduced in 2010, now it has been 8 years since it arrived. It is launched after NEFT and RTGS so it is more famous among the people. Using this, anyone can transfer money from one account to another in a minute.

National Payments Corporation of India first started IMPS. Through this service, you can transfer electronic funds to any bank through mobile phone, internet, ATM anytime in 24 hours. The service was first started as a Pilot Project in August 2010 and was started as a full service on 22 November 2010. But initially, it was launched by only a few banks such as State Bank of India, ICICI Bank, Bank of India. But later other private banks like Axis Bank and HDFC Bank also started this service. In today’s time, a full list of all banks providing

What is IMPS?

IMPS’ full name is IMMEDIATE PAYMENT SERVICE. IMPS is a very secure way of transferring money, which is operated by NPCI. Through IMPS, you can send money to anyone from your mobile at home, just you should know the mobile number and MMID of that person which is 7 digits, if you want, you can also through account number and IFSC code. Can send money

How was the IMPS service launched? (IMPS Full Form)

IMPS Bank Service was first started by the National Payments Corporation Of India.

And later this service was launched as a full service on 22 November 2010.

Initially, this service was not launched by all banks, there were only a few banks that launched this IMPS service such as the first state bank of India, ICICI Bank and Bank of India, and later Other private banks such as Axis bank, HDFC bank, Punjab national bank Central Bank of India, Bank of Baroda have also started this service.

What is IMPS Transfer Limit?

The limit for transferring money from IMPS service depends on TPT, but a customer can send money to an account only in the same transaction and only 2 lakh rupees.

If you want to send more than 2 lakh rupees at a time, then you will have to use the RTGS service, you can send more than 10 lakh rupees at a time.

IMPS Charge! What is the Charge for doing IMPS?

When we send money through IMPS service to a person, we have to pay some fees there too, but it is a very small amount.

  • But here, tell us that on sending 10000 paise, there is a charge of about 2 rupees 50 paise.
  • IMPS charge is about 5 to 10 rupees for transferring 50 thousand to 1 lakh amount.
  • IMPS charge of about 10 to 20 rupees has to be paid for transferring money within 1 lakh to 2 lakh.

Benefits of IMPS

  • Through IMPS, you can transfer money in 24 hours and also on bank holidays, whereas in NEFT and RTGS you cannot do so.
  • Bank account number and IFSC code, mobile number and mid, facility to send money through Aadhaar number
  • If you do not have an internet connection, you can still use it through ussd code or SMS.
  • The service of imps is powered by nice which is very fast and secure.

How to use IMPS?

To use IMPS, you have to activate mobile banking. Mobile banking You can also apply by visiting the ATM machine or by submitting the form to your branch. On applying for mobile banking, you will be provided with MMID and MPIN using which you can use IMPS.

After registering for mobile banking, you have to download your bank’s mobile banking app or you can also use it through USSD code.

How to transfer funds through IMPS? (IMPS Full Form)

  • By bank account number and IFSC code –

For this, you should know the beneficiary’s bank account number and ifsc code. Login in the mobile banking app, select the option with IMPS using account no and ifsc and enter the beneficiary ka account number and ifsc code and the amount and click submit. After that put your mind, you will see the message of successful fund transfer.

  • By mobile number and MMID –

Through this option, you can send money to the beneficiary through his mobile number and mid. For this, you have to choose the option with IMPS using mobile and MMID. Here you have to enter the beneficiary’s mobile number, mid and amount, and submit it. Then you have to put your mind and the money will be transferred.

Features of IMPS

IMPS has many and good features, due to which this service has become popular today. Let us know about all its features:

  • The first and best feature is that this service is always available (24 x 7). Whether the bank is on holiday or Sunday, this service continues to work.
  • By this, instant money transfer takes place, meaning that it does not take much time to transfer money from one bank account to another bank account. We can say in our language that this service transfers money from one account to another in minutes.
  • This is the fastest and most secure method of transferring money.
  • It provides the facility to transfer funds through multiple channels i.e. through multiple channels such as via SMS, through ATM, via Mobile Banking, via Internet Banking, etc.
  • To transfer money through this, there is no need to give an account number to the Beneficiary, meaning that in this platform, money can also be transferred by registered mobile number.
  • After the transfer of money by this service, both sender and receiver get a message of Debited or Credited.
  • If you are using any simple mobile, then you can use this service through SMS of your mobile phone, which means you can transfer money through SMS.

Relative Terms

CODEFull Form In EnglishFull Form In Hindi
IMPS Full Form Hindi in Census & StatisticsIntegrated Microcomputer Processing Systemइंटीग्रेटेड माइक्रो कंप्यूटर प्रोसेसिंग सिस्टम 
IMPS Full Form Hindi in Animal WelfareInternet Miniature Pinscher Serviceइंटरनेट लघु पिंसचर सेवा
IMPS Full Form Hindi in Specifications & StandardsInstant Messaging and Presence Serviceइंस्टैंट मैसेजिंग और प्रेजेंस सर्विस

FAQ’S About IMPS Full Form

Q. What is difference between imps and Neft?

Ans. IMPS is designed to be used for transferring small amounts. The service caps fund transfers at ₹2 lakh, but there is no lower limit on transaction amounts. By contrast, NEFT has no upper limit to the transaction amount. This means that you can now transfer large amounts round-the-clock through NEFT.

Q. What is the meaning of IMPS transaction?

Ans. Immediate Payment Service IMPS stands for Immediate Payment Service in Indian banking system terminologies. It is a money transfer mechanism made available by the apex bank of the country, the Reserve Bank of India and the National Payments Corporation of India (NPCI)

Q. Is IMPS transfer free?

Ans. IMPS charges for fund transfer go from a minimum of Rs. 2.50 to a maximum of Rs. 25. Though the charges for NEFT are similar it does not transfer funds in real-time, giving IMPS a definite advantage.

Q. Is IMPS transfer safe?

Ans. IMPS is safe, secure, and cost-effective. An IMPS has no minimum amount limit on transactions of funds. IMPS is available 24 hours a day and even on holidays. The customer can make intrabank as well as interbank payments.

Q. Can 1 crore transfer online?

Ans. Yes, you can able to deposit or transfer money (1 Crore) through the RTGS system. … The Real Time Gross Settlement, or RTGS, is for high-value transactions. The minimum amount is Rs 2 lakh. There is no cap.

List Of Full Form

AAIABGNEFT
ACADBUPI
ADCAAIUPSC
ALUAPMCCTC
ATMB.edTRP
B.TechMBAIMPS
MSMEWIFI
SSCRIP
NCBPDF

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