New IMPS Money Transfer Rule: With the government’s emphasis on “Digital India,” the prevalence of online transactions has increased in India. Individuals can now transfer the funds from one bank to another in a timely manner. In the past, they were required to wait in lengthy queues to accomplish the same.
In the country, there are numerous money transmission channels. IMPS is among these. Continue reading to gain more information.
What Is IMPS?
As part of its operations, the National Payment Corporation of India (NPCI) enables the IMPS instant money transmission service. The acronym IMPS denotes Immediate Payment Service.
It is a payment channel that enables real-time sending and receiving of funds from savings accounts. By means of internet banking and mobile banking, the service enables interbank transactions.
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Accessibility: IMPS
It is available around the clock, throughout the entire year.
Is the IMPS deactivated on bank holidays?
IMPS remains operational throughout the year, in contrast to bank branches that close on public and gazetted holidays. This ensures that the funds you transmit will reach their intended location, even in the midst of bank holidays.
Transfer Charges (IMPS)
The IMPS fees are proportional to the sum of money being transferred via this method. The quantity differs between Rs 2.5 and Rs 25. The fees levied for these services vary in value from Rs 10,000 to Rs 5 lakh.
IMPS: Eligibility Criteria
To qualify for this service, you are required to have a savings account that is engaged in mobile banking.
