New Delhi: As the government is focusing on ‘Digital India’, online transactions in India have gained popularity. Now, people can quickly transfer the amount from one bank to another. Earlier, they had to face long lines to do the same.
There are lots of money transfer channels in the country. IMPS is one of them. Continue reading to know about it.
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What Is IMPS?
The National Payment Corporation of India (NPCI) facilitates an immediate money transfer service known as IMPS. IMPS stands for Immediate Payment Service.
It is a payment channel that allows customers to send and receive payments from savings accounts in real-time. Through mobile banking and internet banking, the service facilitates inter-bank transactions.
IMPS: Accessibility
It is accessible 24 hours a day, 365 days a year.
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IMPS: Is It Off During Bank Holidays?
In contrast to bank branches, which are closed on public and gazetted holidays, IMPS is always open. This ensures that even during bank holidays, the monies you send will arrive at their destination.
IMPS: Transfer Charges
The IMPS charges are depending on the amount of money you are transferring using this technique. The amount varies from Rs 2.5 to Rs 25. These charges are applied in the amount ranging from Rs 10,000 to Rs 5 lakh.
IMPS: Eligibility Criteria
If you want to benefit from this facility, you must have a savings account with active mobile banking.
