IMPS transfer timings

If you want to send money instantly, Immediate Payment Service (IMPS) is a popular choice. IMPS provides a 24/7 bank-to-bank transfer facility. It allows you to send and receive money seamlessly across India. Unlike traditional banking methods, which are restricted to working hours, IMPS ensures transactions are processed within seconds, making it an ideal choice for urgent payments.

What is IMPS transfer time?

IMPS is an online fund transfer facility offered by banks, wherein you can instantly transfer funds to intended beneficiaries. The IMPS transfer time means the time taken for the IMPS to be processed and completed. Usually, IMPS does not require a very long transfer time. Once initiated, the funds are transferred almost instantly.

While other traditional modes of fund transfers might be available only during your bank's working hours, there are no strict IMPS timings. IMPS allows 24/7 fund transfers. Thus, there is no restriction on the IMPS transfer time, and you can send funds at any time of the day.

The instant transfer and 24/7 fund transfer facilities make IMPS a chosen mode of sending money in emergencies. You can use the fund transfer facility to send money for personal or commercial reasons.

However, while there’s no restriction on the IMPS transaction time, there might be limits on the maximum amount of funds that you can transfer in a day. Plus, there might be additional charges involved in such transfers. So, connect with your bank to know the maximum IMPS transfer you can do in a day and the charges associated with the same.

Features of IMPS transfer time

1. Instant transfer

• IMPS transactions are processed in real-time, usually within a few seconds.

2. 24x7 availability

• IMPS is available 24/7, including weekends and bank holidays.

3. No downtime

• Unlike NEFT, which operates in batches, IMPS processes transactions instantly without waiting periods.

4. Maximum processing time

• In rare cases of technical delays, IMPS transaction time might go up to 30 minutes to reflect in the beneficiary’s account.

5. Transaction status

• If a transaction fails but the amount is debited, it is usually refunded within 24 hours.

Limits on IMPS transaction time

1. Transaction limits:

• Per transaction limit: Up to ₹5 lakhs per transaction.
• Daily transaction limit: Up to ₹5 lakh per day.

2. Charges for outward IMPS transactions:

• Up to ₹1,000: ₹2.50 per transaction.
• ₹1,001 to ₹1 lakh: ₹5 per transaction.
• ₹1 lakh to ₹5 lakh: ₹10 per transaction.

3. Inward IMPS transactions:

• No charges are levied for receiving funds via IMPS.

4. Availability:

• IMPS is available 24x7, including weekends and bank holidays, ensuring instant fund transfers at any time.

5. Mode of transactions:

• IMPS transfers can be initiated through Axis Bank's Internet Banking, Mobile Banking, or ATMs.

How to track IMPS transactions?

1. Bank’s website or app

• Log in to Axis Bank Internet Banking or Mobile Banking App.
• Go to the ‘Fund Transfer’ or ‘IMPS’ section.
• Check the ‘Transaction History’ for the IMPS reference number and status.

2. Use IMPS reference number

• Every IMPS transaction generates a Unique Transaction Reference (UTR) number.
• This can be used to track the status via Internet Banking, Mobile Banking, or by contacting the customer support.

3. SMS alerts

• Once an IMPS transfer is initiated, the sender and receiver usually get SMS notifications confirming the status.

4. Contact customer support

• If the transaction status is unclear, call Axis Bank’s customer care or visit a branch.
• Provide the IMPS UTR number for faster assistance.

5. Check mini statement/passbook

• IMPS transactions are reflected in mini statements and updated in the passbook at the bank.
• You can check these for confirmation.

Conclusion

IMPS offers you the convenience of transferring money instantly, anytime, and anywhere. By understanding how IMPS works, the transaction limits, IMPS payment time, and how to track your transfers, you can manage your finances with ease. Just remember to stay within the bank's transfer limits, and you will enjoy a secure and efficient way to send money instantly without any specific IMPS timing.

With the round-the-clock service and simplicity of IMPS, Axis Bank makes it easier for you to handle your urgent transactions without the hassle of waiting for business hours. Enjoy fast and secure IMPS transactions using the Axis Mobile App or Internet Banking and transfer funds instantly with real-time tracking and secure authentication.

Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.