Immediate Payment Service

OVERVIEW

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays. Customers can receive funds via IMPS using their Account number and IFSC code.

Features & Benefits

IMPS services is available 24/7 throughout the year including bank holidays.

The funds will be credited into the beneficiary account immediately.

The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.

On receiving the amount, the beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.

TRANSACTION LIMIT AND TIMING

Inward and Outward IMPS transactions are available 24X7.

There are no holiday restrictions on IMPS outward and inward transactions.

Outward IMPS transactions are allowed upto an amount of Rs.50,000/- per day with per transaction limit of Rs.50,000/-.

Monthly limit of IMPS is 5 Lakhs.

CHARGES

Currently ELGB does not charge its customers for IMPS transactions.

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