Immediate Payment Service (IMPS) - Benefits & Charges

Immediate Payment Service or popularly known as the IMPS, allows you to do interbank money transfers instantly without requiring the beneficiary's account number and IFSC code. In this blog, let's get to know the advantages of IMPS and the charges associated with it.

Banking plays a crucial role in every individual's life by helping them accumulate money, deposit funds, and letting people send/receive money. And, ever since the banking solutions are offered online, it has become easier than before to transfer funds online. You don't have to wait in long queues to request for remittance. You don't have to fill the applications, challans, or cheques. One of the online fund transfers that are highly popular these days is IMPS or Immediate Payment Service. IMPS allows customers to carry out the interbank transfer in real-time without requiring the recipient's details such as account number and IFSC code.

Benefits of IMPS:

1. Transactions Occur In Real-Time:

The IMPS has changed consumer behaviour with regard to payments and the transfer of money online. The advantage is not just in terms of shopping; any individual can use the IMPS facility to send money to friends or family immediately, whenever the need arises. The beneficiary receives the money in a few seconds.

2. The Process Is Simple:

The online fund's transfer method is widely accepted. The process is simple and straightforward. To initiate the payment towards any individual or merchant, you need to enter the beneficiary details such as name, IFSC code, account number to register the payee. Once the payee details are added, you can instantly transfer money up to Rs.10,000 using mobile number + MMID and up to Rs.2 lakhs using account number + IFSC through the iMobile Pay app or Internet Banking.

3. Accessible Anytime, Anywhere:

One of the advantages of IMPS is it is accessible 24*7 throughout the year, even on bank holidays. Unlike NEFT or RTGS that may not be available on bank holidays, you can instantly transfer funds without any hassle.

Charges Applicable On IMPS Transaction:

Below are the transaction charges that are applicable if you're transferring funds via IMPS

How to send money using Account Number & IFSC Code

• Login to ICICIBank.com

• Click on Payments and Transfer

• Select Transfer to Other ICICI Bank Account across India

• Select IMPS-IFSC and Payee from List of registered Payees

• Enter details like Transaction amount, Transaction remarks

• Click on Next

• Enter Your ATM/Debit Card Grid and One Time Password (OTP) to complete your transaction.

• Your transaction gets completed & your payment confirmation number will be displayed on the screen.

• You will also receive an SMS informing you about the relevant status.