IMPS stands for Immediate Payment Service, which is an instant interbank electronic fund transfer service through mobile phones and other channels such as ATM, internet banking, etc. . It is a real-time electronic money transfer mechanism that immediately credits money to the payee or beneficiary account. IMPS facilitates real-time transactions, enabling users to transfer funds conveniently and securely. Some key features of IMPS are:

• 24/7 Inter-bank Transfer: IMPS provides a robust and real-time fund transfer option that operates round the clock. It allows users to transfer funds instantly between banks, irrespective of time and location, ensuring enhanced convenience and accessibility.

• Safe and Economical: IMPS offers a secure platform for transferring funds within banks across the country. The system employs robust security measures, such as encryption and authentication protocols, to ensure the safety of transactions. Moreover, IMPS transactions are often considered economical, providing a cost-effective solution for users.

• Transfer Limits: The daily IMPS limit for transactions is ₹5 lakhs. During the first 4 days after activation, you can transfer a total sum of Rs.1,00,000/- to a new beneficiary if activated by the system.

IMPS transactions are available 24X7, and there are no holiday restrictions on IMPS inward and outward transactions. If the IMPS transaction is not completed for any reason - technical or business, the reversal of the remitters funds will happen immediately. If such a transaction becomes a subject matter of reconciliation wherein the fate of the transaction is not determined immediately, the reversal of funds will happen in seven days. The charges for remitting money through IMPS using SBI Anywhere Personal vary depending on the amount transferred.