IMPS stands for Immediate Payment Service, which is an instant interbank electronic fund transfer service through mobile phones, internet banking, and other channels such as ATM. It is a real-time interbank money transfer service provided by banks, and funds can be transferred 24x7. IMPS facilitates real-time transactions, enabling users to transfer funds conveniently and securely. Some key features of IMPS include:

• 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.

• Fast, Safe, and Reliable: IMPS provides a fast and reliable method of transferring money. Transactions are processed in real-time, ensuring immediate transfer of funds between accounts. Additionally, IMPS employs robust security measures to safeguard transactions, providing users with a safe and secure platform for their financial transfers.

• Easy to Use: As compared to other modes of funds transfer, IMPS is quite easy to use. You would only require the mobile number (linked to the bank account) and the unique MMID of the receiver to transfer the money.

IMPS is offered by the National Payments Corporation of India (NPCI), and it allows customers to transfer funds through both banks and Prepaid Payment Instrument (PPI) issuers. The charges for remitting money through IMPS using SBI Anywhere Personal vary depending on the amount transferred. IMPS is one of the easiest and fastest modes of money transfer, but a slight mistake can lead to the loss of funds.