IMPS (Immediate Payment Service) is a real-time interbank electronic fund transfer service provided by banks in India. It allows individuals to send and receive money instantly using their mobile phones or internet banking. IMPS facilitates real-time transactions, enabling users to transfer funds conveniently and securely. With IMPS, individuals can make payments, settle bills, send money to friends and family, and conduct various financial transactions swiftly and efficiently. Some key features of IMPS include:

• 24/7 Availability: IMPS is available 24/7, including on bank holidays, making it a convenient option for users.

• Instant Transfer: Funds can be transferred instantly between banks, irrespective of time and location, ensuring enhanced convenience and accessibility.

• Multiple Transfer Options: IMPS allows for person-to-person, person-to-account, and person-to-merchant transfers.

• Transfer Limits: Users can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly.

To use IMPS, individuals need to register for the mobile banking service of their bank and generate a Mobile Money Identifier (MMID) and MPIN from the bank. They can then log in to their net banking portal and select IMPS as the preferred mode of transfer. The transaction can be done using only the beneficiarys account number or mobile number. The charges for remitting money through IMPS vary depending on the bank and the amount being transferred.