IMPS Full Form: Details, Benefits

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The full form of IMPS is Immediate Payment Service. It refers to a real-time payment service, facilitated by the NPCI or National Payments Corporation of India. Users can make use of the IMPS to transfer funds up to Rs 2 Lakhs whenever they want, including bank holidays and national holidays. However, this amount can vary from bank to bank. In today’s world, almost all major banks offer this service 24×7. 

Also Read: What is the Full Form of MMID?

Details Required for IMPS

Transferring money through IMPS requires mobile banking details or MMID of both parties involved. 

For net banking, IMPS requires:

  • Bank details 
  • IFSC code
  • Mobile number
  • Name
  • MMID 

To transfer funds using IFSC, you need:

  • Full name of the account holder
  • Bank account number
  • IFSC of the bank branch

To transfer funds using MMID, here is what you need:

  • Phone number of the beneficiary
  • MMID of the beneficiary

Also Read: What is the Full Form of UTR?

What are the Benefits of IMPS?

Here is a list of IMPS benefits that make it popular to transfer funds.

  • Instant Fund Transfer: As the name suggests, IMPS offers an instant fund transfer facility, making it easier to make huge amounts of payments in an instant. 
  • Availability: IMPS is available round the clock seven days a week. You can transfer funds whenever and wherever you want. 
  • Versatile: Transferring money through the Immediate Payment Service or IMPS akes the entire process versatile. You can make the transfer either using the bank account details or through the IFSC of the beneficiary. 
  • Safety and security: Apart from being versatile, IMPS is also a secure option to transfer funds. Since the process involves encrypted servers, it becomes difficult for a third party to penetrate the system.
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We hope this blog has helped you understand the IMPS full form and everything related to it. If you want to know more, find the 300+ full forms list on our blog. Moreover, in the world of short forms, you can rely on the Leverage edu page to know about more full forms like this! Connect with us study abroad experts to achieve your international dream today!

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