IMPS

IMPS (Immediate Payment Service) moves money between bank accounts instantly, any time, using an account number and IFSC or a mobile number.

IMPS: IMPS stands for Immediate Payment Service. It sends money between bank accounts within seconds, day or night, including holidays. You can use account number with IFSC, or a registered mobile number with a code. Once sent, it is very hard to reverse.

Before UPI became common, IMPS was the way to send money at midnight. Banks still use it for transfers through net banking and mobile banking. It has per-transaction limits set by banks and charges may apply. Many people use IMPS without noticing because their bank app picks it for them. It also works for sending money using only a mobile number and an account code, which many banks support.

Fraudsters like instant systems. Once a victim is tricked into an IMPS transfer, the money can move on to other accounts within minutes. That is why speed matters after a fraud. Call 1930 and tell your bank quickly, with the transaction reference number, so the receiving bank can try to hold the funds. Speed helps honest users, but it helps fraudsters just as much, so slow down on your side.

Tips

• Save the transaction ID of every transfer; you need it if you must report a problem.
• Check the beneficiary name and account number twice before confirming.
• After any fraud, report within minutes on 1930 rather than waiting for the next day.

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