IMPS Kya Hai? – How to transfer money from IMPS, know the difference between IMPS and NEFT!
In this post, you will know the full details of IMPS Full Form and what is IMPS. In today’s time, many people use online payment options to send money, the most popular of which are Bhim UPI, Paytm, PhonePay, Google Pay, IMPS, etc. You must have heard about Phone Pay, Google Pay, etc. But do you know about IMPS like what is IMPS etc? Many people also transfer money with its help, but very few people will be fully aware of it. So let’s know about IMPS…
In this era of technology, most of our work today is done online by sitting at home. Today we can easily do our banking-related tasks through online platforms, opening an account in a bank, paying for anything, or sending money to any person, today all the tasks are easily completed through online mediums. is. Today we will tell you through this post that, [IMPS Full-Form] just stay connected with us till the end of this post, in which you will get complete information about what IMPS is.
IMPS Kya Hai? What is IMPS?
The service was launched on 22 November 2010, today most banks in India are providing the benefit of this service to their consumers. These include Axis Bank, Bank Of India, Canara Bank, Central Bank Of India, etc. It is a great medium for sending or receiving money instantly.
IMPS ka Full Form- Full Form of IMPS
IMPS Ka Full Form – “Immediate Payment Service”
IMPS Full Form In Hindi – “तत्काल भुगतान सेवा”
IMPS Se Paise Bhejne Ka Tarika- How to transfer money from IMPS?
The above post will be your full form of IMPS, next we will tell you how IMPS will also provide complete information about how it works. You can do IMPS Fund Transfer through the methods mentioned below:
By MMID (Mobile Money Identification Number)
It is a unique 7 digit number for using IMPS service, which is used to transfer funds using IMPS. You can use the internet banking facility of your bank to get a new MMID. Instructions for this are shown below:
- First of all login to your “Mobile Banking App”.
- After this, go to the section of “Fund Transfer” and select “IMPS”.
- After selecting IMPS, make payment by adding “Account Number”, “Mobile Number” and “MMID Code” to whichever money you want to send.
- You can “Verify” this transaction through OTP or MIPN.
- In this, money is debited from your account and credited to the recipient’s account.
- After payment, you will get a message which will contain all the details of the transaction, save the screenshot because this number can be used anytime.
Fund Transfer by Mobile
To transfer funds from mobile, first of all, you have to activate the mobile banking service in your bank account, after that, you can transfer funds to anyone using NPCI (National Payment Corporation Service) USSD service * 99 #. To use this service, you have to dial * 99 # from your registered mobile number, in which the option of fund transfer will come, and you can transfer funds to any person by entering his mobile number and bank account information.
In order to do IMPS from ATM, it is very important to have the debit card number of whomever you want to pay. The following points can be taken to use this feature:
- To do IMPS, first swipe your debit card in the ATM, then enter the PIN of your ATM.
- After entering a PIN, select the option of fund transfer and go to the option of IMPS.
- After going to MPS Option, the mobile numbers you had registered will appear.
- After selecting the mobile number, you will have to enter the mobile number and MMID number of the person to whom you want to transfer money.
- Now how much amount you want to transfer, fill it and “Confirm” and send it to “Send”.
- After completing the method mentioned above, money will be debited from your account and credited to the recipient’s account.
- After payment of money, you will get a message in which all the information related to the payment will be written.
IMPS Limit ranges from 1 rupee to 2 lakh rupees. Its minimum limit per day is Rs. 1 and maximum Rs. It costs up to 2 lakh rupees.
Its charges are up to Rs 10,000 – Rs 2 for 50 paise, more than Rs 10,000 but up to Rs 1 lakh – Rs 5 and above Rs 1 lakh but up to Rs 2 lakh – Rs 15. The service tax is levied by the bank on any IMPS transfer that we make to any person.
IMPS Vs NEFT
Now we will talk about what is IMPS Vs NEFT Charges. The following points can be taken to explain the difference between these two:
The IMPS is built on the National Financial Switch Network and is managed by the National Payments Corporation of India (NPCI). Whereas, NEFT is managed by the Reserve Bank of India. IMPS has been launched in 2010 while NEFT has been launched in 2005. The full form of IMPS is Immediate Payment Service and NEFT Full Form, National Electronic Fund Transfer, and NEFT Full Form (National Electronic Fund Transfer).
IMPS can be used 24 x 7 while NEFT is only available during its business hours. The NEFT payment system typically produces 23 Settlements a day, between the hours of the morning and 06.30 to 08.00 in the evening. Morning and 6.30 PM in the evening. NEFT is not a 24 x 7 fund transfer service and it is not available at all on Sundays, bank off-days, and bank holidays.
Transactional charges for NEFT and IMPS also vary. NEFT and IMPS charges are decided by the bank. The NEFT fee starts at a minimum of Rs 1 per transaction and goes up to a maximum of Rs 25 per transaction. Whereas IMPS charges usually start from a minimum of Rs 5 per transaction to a maximum of Rs 15 per transaction.
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Generally, the minimum transaction value of NEFT and IMPS is Rs 1. The maximum limit of NEFT varies from bank to bank, generally, it can go up to Rs 10 lakh per transaction. On the other hand, through IMPS, the maximum IMPS Transfer Limit can go up to only 2 lakh rupees in a day.
Online payment is the best means of payment in today’s time. With this help, we can make the largest payment in minutes. We have to pay 5 rupees at the paan shop or 5 lakh in the showroom of a car, today we can pay in minutes with the help of online payment and there is no fear of theft of our money. IMPS is also an online payment instrument. If you have provided complete information about what IMPS is and how to do IMPS, do not forget to share, Thanks!