Disadvantages Of IMPS
Immediate Payment Service (IMPS): Introduction
IMPS is a service provided by Indian banks to their customers to help them carry out interbank funds transfers in real-time. Customers do not need to wait for the bank to open to transfer money and are free to transfer funds on weekends, holidays or weekdays. The terms of service may be slightly different from one bank to another. The maximum amount that the customers can transfer using IMPS is Rs. 2 lakh.
Here are a few ways people can use IMPS:
• Transfer funds
• Receive payments
• Carry out mobile banking transactions
• Make merchant payments
• Search Aadhaar Seeding status with the bank account
IMPS Transaction Charges
Banks levy fees on each IMPS transaction. The rate may vary slightly
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10,000 – Rs. 1 lakh
Rs. 5
Rs. 1 lakh – Rs. 2 lakh
Rs. 15
Above Rs. 2 lakh
Rs. 25
The current GST charge on IMPS transactions is 18%.
The customers need to have sufficient funds, including the transaction charges, in their account for an IMPS funds transfer transaction. In the case of insufficient balance, the transaction fails.
Here are the main advantages of IMPS Funds Transfer:
• Customers can pay their utility, mobile, or other bills online easily
• They can make merchant payments or send money at any time of the day
• People do not have to visit the bank for any online payments or even wait for the bank to open since the IMPS transactions can be carried out before or after working hours too
• They are allowed to transfer up to Rs. 2 lakh through IMPS.
• Since the funds are transferred instantly, the customers can use IMPS Funds transfer to make purchases
IMPS Participating Banks
IMPS was first launched with only 4 participating banks but now 53 public and private sector banks, 6 payment banks and 33 Regional Rural Banks (RRBs) offer IMPS. The list is given here:
Public and Private Sector Banks - 53
Allahabad Bank
Andhra Bank
Axis Bank
Barclays Bank
Bandhan Bank
Bank of Baroda
Bank of India (BOI)
Bank of
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