What is IMPS money transfer?

What is IMPS money transfer?

IMPS stands for the immediate payment service. It is the process of money transfer safely and securely. As the people are looking for the things that are safe for the money transfer. As we know that the safety is the most important thing in the work of the money transfer. Most of the banks and companies provide the imps money transfer system. In this article, we will see what is imps money transfer and all the things about the imps. The imps are providing us a good money transfer system. After knowing the features of the money transfer and also what is imps money transfer by the imps then it will be easy to use.

what is imps

It provides an instant money transfer mechanism. We can transfer the money quickly. it is very good in use when we have any kind of emergency. The imps money transfer limit is 2 lakh per day. And the main advantage of the imps is that it is available on the mobile also so that it is easier to use now for all the people. The national money transfer and RTGS transfer is available only on their business days. But the imps is for other days also. The imps can transfer through net banking and the mobile platform so here we will also see the process for both.

1. Through net banking
2. Through mobile platform

Through net banking:

You have to log in to your net banking portal and after going there you have to insert or provide the details of your accounts like name, bank account ifsc code for the bank, account number. And also the contact details and then select the beneficiary. And then select to whom you want to transfer the money. And then also select the money or amount to transfer. So in this way you can transfer the money quickly by using net banking.

Through the mobile:

Go to the application of the money transfer then add the beneficiary and then tap on the money send option. then go to the imps option .enter the beneficiary details like the number, MMID then the app is asking for the pin then enter that confirmation pin. Once you verify the pin then the money will be transferred to the bank account.
So we see what is imps money transfer and now we will see the features of imps money transfer.

*** READ MORE ***

1) What is UPI Money Transfer

2) What is NEFT transfer

3) What is MMID in banking

What is the features of the IMPS:

What is features of imps

1. The imps fund transfer is easy, safe, secure.
2. It is a fast and very reliable app.
3. The UPI platform is also made on this platform.
4. The imps fund transfer very fast, safe and secure to get and to transfer the money.
5. It works on both net banking and mobile platforms.
6. It is also in the work in non-business days.
7. The minimum value through the imps is 1 rs per day also. Now after seeing what is imps money transfer and also the features of imps money transfer and now we will go to the steps to conduct the transaction

What are the steps to conduct the transaction:

• You have to register to the net banking or mobile app.
• If you are using the mobile for imps then you need MMID and MPID also.
• If you are using net banking then you need the all details about the bank details of the person to whom you want to send the money. There are other platforms also that can be used as instant money transfer.

What is NEFT:
It stands for the national electronic fund transfer. Fund transfer is by the electronic msg it is not real-time basis it is one to one basis.

What is RTGS:
It stands for real-time gross settlement. It transfers the funds on a real-time basis and the gross basis. But these app has some disadvantages like these are not working on non-business days.

Which is the list of the banks that support the IMPS fund transfer:

o Andhra Bank,
o Allahabad Bank,
o Adarsh Co-Operative Bank Ltd.,
o Axis Bank,
o Bandhan Bank Ltd.,
o Bank of India,
o Bank of Baroda,
o Bassein Catholic Co-op Bank,
o Bank of Maharashtra,
o Canara Bank,
o BNP Paribas,
o Central Bank of India,
o Catholic Syrian Bank,
o City Union Bank,
o Citibank,
o Cosmos Co-operative Bank,
o Corporation Bank,
o Development Bank of Singapore,
o Dena Bank,
o Dhanalakshmi Bank,
o Development Credit Bank,
o Federal Bank,
o Dombivli Nagarik Sahakari Bank,
o HSBC,
o HDFC Bank,
o IDBI Bank,
o ICICI Bank,
o Indian Overseas Bank,
o Indian Bank,
o ING Vysya Bank,
o IndusInd Bank,
o Janata Sahakari Bank, Pune,
o Jammu & Kashmir Bank,
o Karur Vysya Bank,
o Karnataka Bank,
o Kerala Gramin Bank,
o Lakshmi Vilas Bank,
o Kotak Mahindra Bank,
o Nainital Bank,
o Mehsana Urban Co-operative Bank,
o NKGSB Co-operative Bank,
o Pragathi Krishna Gramin Bank,
o Oriental Bank of Commerce,
o Punjab and Sind Bank,
o Punjab and Maharashtra Co-op Bank,
o Rajkot Nagrik Sahkari Bank Ltd,

Conclusion:

• What is IMPS money transfer?
• Features of the imps money transfer
• List of the banks who support the imps

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