IMPS Limit Per Day, Charges, Transfer Timings & Wallet Number

Transferring money quickly and securely is more important than ever, especially for small businesses where even a slight delay can severely disrupt cash flow. While there are many options available, their limit per day and restrictions make it necessary to choose the right payment transfer option. IMPS is one such option that is popular because of its real-time nature and availability.

IMPS is India’s ground-breaking interbank electronic money transfer system that enables safe and quick money transfers via ATMs, online banking, and mobile banking. It is a well-liked option for speedy and effective financial transactions. Know the IMPS limit per day, charges, timings and transfer limit.

What is IMPS?

Immediate Payment Service (IMPS) is a fast payment service introduced by National Payments Corporation of India (NPCI) in 2010. It provides a 24/7 instant domestic funds transfer facility. India was the fourth country to introduce the IMPS payment system, after South Korea, South Africa, and the United Kingdom.

The National Payments Corporation of India, or NPCI, provides the facility of IMPS transactions. This helps to operate all the retail payments and settlement systems in India. The system also provides real-time transfer of funds between the remitter and the beneficiary with a deferred net settlement between the banks.

You can transfer funds via IMPS using various channels like Internet banking, mobile banking apps, Bank branches, and ATMS. Using IMPS, you can transfer money using minimal information, like your mobile number or the recipient’s bank account number and IFSC code.

IMPS Transfer Limit Per Day

The Reserve Bank of India (RBI) sets the daily limit of all IMPS transactions. However, your bank or payment service provider sets the maximum amount you can transfer daily. Banks or payment service providers put a daily limit to manage risk and fraud.

• There is no minimum limit in an IMPS transaction. You can send as low as ₹1.
• In a day, the maximum amount you can transfer using IMPS is as high as ₹5 lakh.
• However, it can range between ₹ 2 – ₹5 lakhs depending on the bank or payment service provider.

If you’re a new beneficiary, some banks place a limit for the first 24 hours. Depending upon your bank, the limit can range from ₹30,000 to ₹50,000.

IMPS Charges & Fees by Banks

Your bank or payment service provider determines the IMPS charges. The charges can range from ₹ 0 to ₹ 25 per transaction. Here are the typical IMPS charges based on the amount of money being transferred:

Transaction Amount	Charges (excluding GST)
Up to ₹1,000	₹0 – ₹5
₹1,001 to ₹10,000	₹2 – ₹10
₹10,001 to ₹1,00,000	₹5 – ₹15
₹10,001 to ₹1,00,000	₹5 – ₹15

IMPS Fee of Different Banks

You must know about the IMPS fees that you have to pay each time you send money. You can examine the IMPS fees that are typically assessed when transferring money between 20 different banks down below:

Name of the Bank	Minimum IMPS Charges	Maximum IMPS Charges
State Bank of India (SBI)	NIL	NIL
HDFC Bank	₹3.50 + Applicable GST	₹15 + Applicable GST
ICICI Bank	₹2.5 + Applicable GST	₹15 + Applicable GST
Axis Bank	₹2.5 + Taxes	₹10 + Taxes
RBL Bank	₹5 + GST	₹15 + GST
Canara Bank	NIL	₹20 + Taxes
IndusInd Bank	₹2.5 + GST	₹15 + GST
Union Bank of India	₹2.25 + Taxes	₹24.75 + Taxes
Bank of Baroda	₹1 + Applicable GST	₹5.50 + Applicable GST
Central Bank of India	₹3 + GST	₹15 + GST
Punjab and National Bank	NIL	₹10 + GST
Indian Overseas Bank	₹2.50 + GST	₹15 + Taxes
Bandhan Bank	₹5 + Applicable Taxes	₹15 + Applicable Taxes
IDFC First Bank	NIL	NIL
IDBI Bank	NIL	₹15 + GST
Kotak Mahindra Bank	NIL	NIL
Yes Bank	NIL	₹5 + Taxes
South Indian Bank	NIL	₹17 + GST
Federal Bank	₹2.50 + GST	₹15 + Tax
Bank of India	NIL	₹5 + Tax

Some banks offer IMPS transfers free of cost to promote digital adoption. Charges are also lower or waived when users initiate transactions via mobile or internet banking. Additionally, 18% GST is applicable to all transaction charges.

IMPS Timings

The round-the-clock availability of the IMPS system is its biggest advantage. Unlike RTGS (which works only during banking hours) and NEFT (which follows batch-wise settlement), IMPS operates 24/7, 365 days a year, including Sundays and national holidays.

Transfer Time

• Speed: IMPS systems take a few seconds to a few minutes to complete a transaction.
• Service Downtime: During system maintenance by the banks or NPCI, IMPS transactions may face a server downtime.

What is an IMPS Wallet Number?

IMPS wallet number, also known as a Mobile Money Identifier (MMID), is a unique 7-digit code assigned by banks to each mobile banking account. MMID is required when adding beneficiaries for IMPS transactions. This allows immediate fund transfers even on bank and public holidays. MMID is used to make error-free transfers. If you enter the wrong MMID, the funds won’t transfer.

There are multiple ways to find your MMID. You can sign in to your mobile banking app and select the Know your MMID option. Alternatively, you can receive your MMID via SMS by sending a message to the number provided by your bank.

Peer-to-peer (P2P) transfers allow users to send and receive money directly to and from mobile wallets like Paytm, PhonePe, Mobikwik, and others. Two essential elements were needed for transfers to mobile wallets in previous iterations of IMPS: the recipient’s Mobile Money Identifier (MMID) and cellphone number.

IMPS to Wallet Transfer

New-age digital wallet companies like Paytm, PhonePe, and MobiKwik allow IMPS transfers. These companies provide a wallet feature to facilitate direct transfers from your bank account using your account number and IFSC code. For example:

• Paytm Bank Account Number: Usually your mobile number with a prefix/suffix.
• IFSC Code: Assigned by your wallet provider (e.g., PYTM0123456).

You can transfer money from your bank account to a wallet using your account number and IFSC code via IMPS. This feature ensures fast and secure wallet recharges.

Use Case of Wallet Number:

• You can quickly pay merchants.
• You can add funds to your wallet for UPI transactions.

How to Do an IMPS Transfer (Step-by-Step)?

Transferring money via IMPS is a quick and easy process. You can transfer money in real-time via various channels like a mobile banking app, net banking, and an ATM.

1. Mobile Banking App

• Open the mobile application of your bank.
• Find and select the ‘IMPS’ option.
• You can choose an existing contact or manually add the recipient.
• Enter the amount and proceed.
• Confirm your transaction.

2. Net Banking

• Log in to your internet banking account.
• Add the account number and IFSC code of the beneficiary.
• Wait for the beneficiary activation.
• Go to IMPS Transfer.
• Enter the amount and provide OTP authentication to approve the money transfer.

3. ATM

• Visit your bank ATM. Select language, enter pin and proceed.
• Select services like fund transfer and click on IMPS.
• Enter the mobile number of the beneficiary.
• Enter the MMID and transaction amount.
• Verify details and confirm your transaction.

Benefits of IMPS

• Instant Money Transfer: IMPS provides instant money transfer in real-time.
• 24/7 Availability: IMPS is available 24/7, including Sunday and bank holidays.
• Safe & Secure: The Reserve Bank of India regulates all the IMPS transactions.
• High Upper Limit: You have a daily upper limit of up to ₹ 5 lakhs.

Platforms like Flexiloans provide flexible loan options for small businesses to help them manage their business operations.

Tips to Follow for Seamless IMPS Payment Transfer

• Crosscheck Details: A minor error in account number or IFSC code can misdirect funds.
• Beware of Phishing Links: Always use the official banking website or apps.
• Transfer limits & charges: You need to understand the specific transfer limits and charges of your bank.
• Secure Your Passwords: You should never share your OTPS or banking passwords with anyone.

IMPS vs NEFT vs RTGS – Which One Should You Use?

You have multiple options like IMPS, NEFT, and RTGS to transfer money in India. You need to select the best method depending on your needs.

Features	NEFT	RTGS	IMPS
Process	Payments are transferred in 48 half-hourly intervals between 12:30 am and 12:00 am.	Payments are credited in real time and on a gross basis to the beneficiary’s bank branch.	Payments are carried out in real-time.
Minimum Transfer Limit	₹1	₹2 lakhs	₹1
Maximum Transfer Limit	No limit	No limit	₹5 lakhs
Transaction Charges	No charges	No charges	₹0 to ₹25 (Varies with bank)
Transfer Speed	30 mins to 2 hours	Real-time	Instant

You can refer to the detailed guide on IMPS vs NEFT vs RTGS for a detailed comparison to understand the unique features, advantages, and when to use each effectively.

Conclusion

IMPS is a powerful, secure, and reliable way to send money in India. It can process transactions in real-time and 24/7. IMPS also offers an easy and secure method to send money to a friend or make a business payment. Whether you live in a metro city or a small town, IMPS provides fast and secure money transfers, anytime, anywhere.

India is moving towards a digital future. Services like IMPS ensure no one is left behind. If your business needs easy access to loans, Flexiloans provide quick solutions. For a smooth and reliable experience, you can use IMPS the next time you need to transfer money.

FAQs about IMPS Limit Per Day and Charges