Friends, if you have also ordered online payment at some point of time, then in such a situation, your payment is made by the bank from the IMPS payment system or if you have ever seen the option of IMPS payment on your bank passbook, then you must have also thought that what is this IMPS payment system – IMPS payment system is the payment transfer method used in the banking sector.
Although now with the advent of UPI, the use of IMPS payment system has been greatly reduced, even now imps payment system is used in big companies to make salary and many payments at the same time. Now the online payment system has gone a long way.
So even in such times you need to know about IMPS payment system Let’s know what is IMPS full form in Hindi, IMPS meaning in Hindi, let’s know in detail what is IMPS?
What is IMPS?
Nowadays, payment transfer method is used to send money from one account to another and it is used in online internet banking. IMPS is a real-time banking payment system which we use to send money from one account to another. Using this, we can send an amount from Rs 500 to Rs 50000 in a few minutes from one account to another account.
IMPS full form
IMPS full form: Immediate Payment Service
IMPS meaning immediate payment service, we call it immediate payment service.
It is used in fast money transfer banks. We call it the immediate payment service in Hindi, which means in the ordinary sense, we use it to transact instant money. The service was launched on November 22, 2010, today most of the banks in India are providing the benefit of this service to their customers. These include Axis Bank, Bank of India, Canara Bank, Central Bank of India, etc., it is an excellent medium to send or receive money immediately.
How to transfer payments from IMPS
If you have to do this experiment, then first of all 2 important tasks will have to be done, both of these are required to transfer the bank account and IFSC code, now first of all, we need an internet connection, net banking or mobile-banking data, whichever of these is, it does not matter.
- First of all, login to your net banking account.
- After that, we will add the beneficiary money to whom we have to send the money.
- After the end is done, the complete information has to be filled in the name of bank account number etc.
- You can mention the amount you want to send, in addition to this, you can also write some important content comments.
- After this, you need to verify the details, then once again verify all the details once in the last time, finally confirm it.
- By doing this, the money will be debited from your account immediately after you do so.
- Which you get is bank’s reference number so that your process is completed
- An amount of Rs.2 up to Rs.10000 is charged.
- Rs 5 on an amount of more than Rs 10000 but up to Rs 1 lakh
- An amount of Rs 15 is charged on an amount of more than Rs 1 lakh but up to Rs 2 lakh, the amount of IMPS transfer to the person is taxed by the bank.
- Its minimum limit is from Rs 1 to Rs 2 lakh per day.
- Imps fees are subject to the bank’s policies and they vary accordingly.
Use of IMPS through ATM
To do IMPS through ATM, it is very important to have the debit card number of whoever you want to pay money.
- To do IMPS, first swipe your debit card into the ATM, then enter the PIN of your ATM. After entering the PIN
- Select the option of fund transfer and go to the option of IMPS.
- After going to the MPS option, the mobile numbers that you registered will appear.
- After selecting the mobile number
- You will have to enter the mobile number and MMID number of any person to whom you want to transfer the money.
- Now how much amount do you want to transfer, fill it up and confirm it and send it “Send”
IMPS Things To Be Noted
The fund transfers are not on a real-time basis but the transfer of money is fixed in a batch of half-an-hour with 23 settlements occurring between 8 am and 7:30 pm on the third and fifth Saturdays of the IMPS week. There is no 24/7 hour facility, but on the second and fourth Saturdays of the month, it is not on Sundays or on public holidays.
Benefits of IMPS
In the process of IMPS, you will have to enter the information of the person or beneficiary for the first time after which the list of all will be made. You can choose the beneficiary from the list, enter the amount and send.
- Take a look at some of the benefits of IMPS transactions that can simplify your transaction
- There is no need to go to the bank of any party to make a transaction IMPS is a very simple and simple process.
- This can be transacted within a short period of time. And it doesn’t require any major formalities.
- In the IMPS process, confirmation of many transactions can be easily obtained and viewed through email and SMS.
- Internet banking can be started and operated from any place. This means that a person does not have to be present at a particular place to perform an IMPS transaction.
Friends, thanks for reading this article from beginning to end So far you have known what is IMPS, IMPS full form, hope you liked this article and it must have given you some important information or the other.