Immediate Payment Service (IMPS)
Brief
- Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. UGB Customers can do IMPS transactions through our Mobile banking application – UGBmBanking
- It is an instant real-time inter-bank electronic funds transfer system in India. IMPS offer 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 transfer and receive funds via IMPS through Mobile Banking using their registered Mobile number and Mobile Money Identifier (MMID) or using their Account number and IFSC code.
Process & Advantages
- IMPS fund Transfer can be of two types: IMPS remittance from Person to Person and IMPS remittance from Person to Account
- Details required for IMPS remittance from Person to Person
- Beneficiary Name, Beneficiary MMID, Beneficiary Mobile Number
- Details required for IMPS remittance from Person to Account
- Beneficiary Name, Beneficiary Account Number, Beneficiary IFS Code
- For transferring funds using IMPS users can opt any of the above methods.
- IMPS services are 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
IMPS 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. 25000/- per day with per transaction limit of Rs.25000/-
Rates & Charges
- Click HERE for more details about interest rates& Service charges.
- For more quries please contact to your nearest branch.
