IMPS Full Form is Immediate Payment Service
There are three major types of payment transfer methods available in India. They are IMPS, RTGS, NEFT methods. When you need to transfer money as fast as possible then you need to select the IMPS method. IMPS is available 24×7 and even on bank holidays. Immediate Payment Service can be used when you need to transfer an amount less than 2 lakhs. For a greater amount, you need to choose the other payment options available.
The National Payments Corporation of India is responsible for IMPS transactions. They form rules and regulate all the IMPS transactions that are made within India. All the transactions made through PPIs such as digital wallets, Credit cards, and debit cards are all controlled by the NPCI.
To make an IMPS transfer to a third party you need to register them as beneficiaries in your online bank account. You need to enter the beneficiary name, account number, and IFSC code. Once the account details are verified you will get an email or an SMS that you are ready to transfer funds. Now you can transfer funds to the concerned person. Most banks allow you to send a maximum of 2 lakhs per transaction.
When you add a new beneficiary, some banks will have a cooling period. During the cooling period, you can only send a limited amount to the new beneficiary to prevent possible fraudulent transactions. After the cooling period, you can transfer up to 2 lakh per day using the IMPS. Also, the IMPS mode of transfer is not always free. Banks charge a nominal fee for every IMPS transaction you make.
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