What is the full form of IMPS ?

Imps Description:
The full form or meaning of IMPS is an Immediate Payment Service.
This is such an advanced technique of transferring money from one bank account to another, Using which people can easily send money to a bank account using their mobile or laptop sitting at home.
It was launched in 2010 by the Indian Government and is facilitated by NPCI (National Payment Corporation of India).
As the name suggests, it completes transactions immediately.
IMPS is an instant real-time inter-bank electronic funds transfer system, through which one can transfer money instantly across India, through mobile, internet and ATMs.


IMPS is not only safe but also economical both in financial and non-financial perspectives.
The services of IMPS are available 24*7 and even on holidays.
Drawbacks of IMPS
Any transaction carried out over internet depends upon the security and robustness of the network; IMPS is generally safe but with no guarantee for human errors- if you remit to an account whose number has been wrongly stated, then recovering the money from that account holder will be difficult or impossible.


IMPS charges for fund transfer goes from a minimum of Rs.2.50 to a maximum of Rs.25.
Here is a list of IMPS charges.

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