People are always cautious about online money transfers. So here are some frequently asked questions about IMPS,
Q. Is there any monitoring authority for checking the per day transaction limit of every customer?
A. No, monitoring each and every customer’s per day transaction limit is an intensive task and it is not possible either through manual or automatic oversight. Such information is embedded in bank servers and in the mobile application of the respective banks. You will not be able to make any transaction as soon as you reach your daily limit.
Q. Is it compulsory to register for mobile banking to use IMPS?
A. No, it’s not. It is essential to register for mobile banking if you are using a mobile phone for fund transfer. Customers can access IMPS from their bank branch, ATM and internet banking.
Q. Is there any feature to stop payment on IMPS?
A. No, IMPS is an instant payment service that transfers funds as soon as you confirm the payment. It cannot be stopped once initiated.
Please read below to know the transaction fees, limit and other comprehensive features of IMPS:
- Transaction Fees: IMPS charges usually start from a minimum of Rupees 5 per transaction and can go up to Rupees 15 per transaction. Please note that these charges vary from bank to bank.
- Transaction Limit: The maximum transfer limit of funds through IMPS can go up to Rupees 2 lakh in a day while the minimum limit usually is Re. 1. Again the limit may vary from bank to bank.
- Other features:
- The Immediate Payment Service (IMPS) is built on the National Financial Switch network and is managed by the National Payments Corporation of India (NPCI). It is a 24 x 7 service.
- If you are sending money through IMPS then please note that IMPS transfers your money instantly into the beneficiary’s account. The beneficiary’s bank has around half an hour to credit the transferred money to him/her.
The banks which are offering IMPS services as of date are :
Andhra Bank, Allahabad Bank, Adarsh Co-Operative Bank Ltd., Axis Bank, Bandhan Bank Ltd., Bank of India, Bank of Baroda, Bassein Catholic Co-op Bank, Bank of Maharashtra, Canara Bank, BNP Paribas, Central Bank of India, Catholic Syrian Bank, City Union Bank, Citibank, Cosmos Co-operative Bank, Corporation Bank, Development Bank of Singapore, Dena Bank, Dhanalakshmi Bank, Development Credit Bank, Federal Bank, Dombivli Nagarik Sahakari Bank, HSBC, HDFC Bank, IDBI Bank, ICICI Bank, Indian Overseas Bank, Indian Bank, ING Vysya Bank, IndusInd Bank, Janata Sahakari Bank, Pune, Jammu & Kashmir Bank, Karur Vysya Bank, Karnataka Bank, Kerala Gramin Bank, Lakshmi Vilas Bank, Kotak Mahindra Bank, Nainital Bank, Mehsana Urban Co-operative Bank, NKGSB Co-operative Bank, Pragathi Krishna Gramin Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab and Maharashtra Co-op Bank, Rajkot Nagrik Sahkari Bank Ltd, Punjab National Bank, Saraswat Bank, RBL Bank, Standard Chartered Bank, South Indian Bank, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of India, State Bank of Travancore, State Bank of Patiala, Syndicate Bank, Thane Janata Sahakari Bank, Tamilnad Mercantile Bank, The A.P Mahesh Urban Co-op Bank, UCO Bank, The Greater Bombay Co-op Bank, Union Bank of India, Vijaya Bank, United Bank of India and Yes Bank.