Indian Government is focusing on online transactions in India as it have gain huge popularity. People can quickly transfer the amount from one bank to another. As before they had to face long lines to do this.
There are many money transfer channels in India and IMPS is one of them.
What Is IMPS?
The National Payment Corporation of India (NPCI) gives a feature of immediate money transfer service known as IMPS.
Full form of IMPS is Immediate Payment Service.
It is a payment channel that allows customers to send and receive payments from savings accounts in real-time.
Via mobile banking and internet banking, the service facilitates inter-bank transactions.
It is accessible 24 hours a day, 365 days a year.
As bank branches, which are close on public and gazetted holidays, IMPS is always open.
This service ensures that even during bank holidays, the money you send will arrive at their destination.
The IMPS charges are depending on the amount of money you are transferring using this service.
The amount varies from Rs 2.5 to Rs 25.
These charges are applied in the amount ranging from Rs 10,000 to Rs 5 lakh.
If you want to benefit from this facility, you must have a savings account with active mobile banking.
