IMPS stands for Immediate payment service, which is provided by Indian banks to their customers to help them carry out the interbank transfer in real-time. Customers do not need to wait for the bank to open to transfer money and are free to transfer funds on weekends, holidays, or weekdays. The maximum amount that the customers can transfer using IMPS is Rs. 2 Lakh. So here the article gives the advantages and disadvantages of IMPS to better understand this topic.
Pros or Advantages of IMPS:
- The fund transfer can be done using MMID, aadhaar number, and mobile number.
- IMPS is safe, secure, and cost-effective.
- In IMPS it is not compulsory to know about the beneficiary’s account number and IFSC.
- IMPS can be used on a mobile phone, internet banking, and even ATMs.
- IMPS is available 24 hours a day and even on holiday.
- Using IMPS the money will be credited to the beneficiary account within a few seconds.
- IMPS serves you with debit card and credit card confirmation by SMS immediately.
- The customers can make intrabank as well as interbank payments.
- They are allowed to transfer up to Rs. 2 lac through IMPS.
- IMPS has no minimum amount limit on the transaction of funds.
- Some banks only charge 5 rs + ST for IMPS transactions. Some banks like city banks don’t charge for IMPS transfers.
- You can transfer the fund through various channels like ATM, Net banking, SMS, USSD, and mobile application.
- IMPS money transfer is available for NRI customers to transfer funds from an NRI account to the account of a resident of Indian.
- They can make merchant payments or send money at any time of the day.
Cons or Disadvantages of IMPS:
- Transaction limit may vary from bank to bank.
Thank you for reading this article. If you have any queries regarding our article on the advantages and disadvantages of IMPS then do comment in the comment section below.
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