IMPS transfer time is instantaneous. That said, there can be delays. In this article, we’ll share the situations where a delay can happen and answer common questions on the topic of IMPS transfers.
This is part of our free series on banking in India, covering topics like opening an NRI bank account and the basics of banking in the country.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- IMPS Transfer Time
- Can an IMPS Transaction Get Delayed?
- How to Transfer Funds By Using IMPS
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
IMPS Transfer Time
IMPS transfer time is instantaneous. In other words, funds are immediately deposited and available in the recipient’s bank account. However, Immediate Payment Service (IMPS) transfers can face delays due to technical issues.
Can an IMPS Transaction Get Delayed?
Yes, an IMPS transaction can get delayed. While IMPS refers to instant transactions, it is possible for the receiving bank to have technical issues that need to be resolved before the deposit is made. That said, the vast majority of transactions are deposited instantly without an issue.
How to Transfer Funds By Using IMPS
To transfer funds by using IMPS, you will need to access your online banking platform, either through your mobile device or computer. Then, you will navigate to the “funds transfer” section of your account and select IMPS (Immediate Payment Service) as the transfer option you want to use. You will then need to add in the recipient’s account information followed by the amount you wish to transfer.
When inserting the recipient’s account information, you have two options. First, you can use their mobile phone number and their Mobile Money Identifier (MMID). Second, you can instead choose to use their bank account number and their Indian Financial System Code (IFSC) number.
Here’s a closer look at the specific steps to transfer funds by using IMPS:
How to Transfer Funds By Using IMPS:
- Access your online or mobile banking
- Navigate to “Funds Transfer”
- Select “IMPS” as your desired method
- Insert recipient’s information (Phone + MMID or Account + IFSC)
- Insert the transfer amount
- Confirm the transaction
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into IMPS transfer time. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Is IMPS Transfer Quick?
Yes, IMPS transfers are quick. In fact, the Immediate Payment Service (IMPS) is an electronic fund transfer option that allows payments to be made through mobile phones, resulting in funds being instantly transferred to the recipient.
Can IMPS Get Delayed?
Yes, IMPS can get delayed. Delays in IMPS transactions are usually due to technical issues with the receiving bank. When this happens, the IMPS transaction will appear as pending. However, in most cases, an IMPS transaction will be completed instantly.
Which Is Faster NEFT or IMPS?
IMPS is faster than NEFT. In fact, IMPS is the fastest transaction method available in India. This is because IMPS is a real time electronic transfer that is available 24/7, outside of regular banking hours and even on bank holidays.
Can I Track My IMPS?
Yes, you can track your IMPS transaction. To do so, you will need to log into your online bank account, enter the transaction reference number (IMPS Reference) and then proceed to confirm the status of the transaction.
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