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Immediate Payment Services (IMPS)
Enjoy instant fund transfer with Immediate Payment Service (IMPS) which is an interbank electronic fund transfer service available 24x7, throughout the year including Sundays and any bank holiday. Customer can transfer and receive funds via IMPS by registering a beneficiary on Internet Banking or Axis Mobile Banking app, open using their account number and IFSC code or mobile number and beneficiary bank name.
Advantages of IMPS
- The account of the receiver is credited instantly.
- The facility is available 24x7, throughout the year including Sundays and bank holidays.
- The limit and timing details are as follows:
| Limit | Timing |
|---|---|
| ₹5 Lakh per transaction | 24 x 7 (365 Days) |
Types of IMPS
- IMPS funds transfer using registered mobile number and MMID Banks live on IMPS funds transfer using mobile number & MMID (P2P): https://www.npci.org.in/what-we-do/imps/live-members
- IMPS funds transfer using Account Number and IFSC Banks live on IMPS funds transfer through using account number & IFSC Code (P2A): https://www.npci.org.in/what-we-do/imps/live-members
How It Works
IMPS funds transfer using account number and IFSC
- 01
To transfer funds using account number and IFSC you will require:
- Beneficiary's account number
- IFSC Code of the bank. The beneficiary bank should be enabled to accept payments through IMPS. Banks live on IMPS funds transfer using account number and IFSC are updated on https://www.npci.org.in/what-we-do/imps/live-members
Axis Bank customer can use IMPS to remit funds using open by Axis Bank, Internet Banking and SMS channel.
- 02
How to Send Money using Axis Mobile
- Login to Axis Mobile using MPIN
- Register the beneficiary
- Access Fund Transfer -> Add Payee -> Other Bank Payee
- Enter the account number and IFSC Code of the receiver's account number and click on Add
- Verify the details and click on’Confirm’
- Enter mPIN to authenticate
- Enter 8 digit activation code received as SMS on your mobile and
- Transfer funds
- Select Fund Transfer -> All Payees -> Select Other Bank Payee -> Beneficiary Name -> Enter the amount
- Select the option ‘Instant IMPS’
- Verify transaction details and click on ’Confirm’
- Enter mPIN to authenticate the transaction
- 03
How to Send Money through branches
- Request branch staff for "Application for NEFT/RTGS/IMPS"
- Fill remitter, beneficiary and fund transfer details alongwith signature and cheque (if fund transfer is against cheque)
- Submit the form and cheque (if applicable) to branch staff
- Branch staff will execute the transaction and provide acknowledgement to you
- 04
How to Send Money using Axis Internet Banking
- Login to Axis Bank Internet Banking using User ID and password
- Register the beneficiary
- Click on ‘Payments’ -> ‘Transfer Funds’ option
- Select the ‘Add New Payee’ option available under Transfer Funds -> Other Bank Accounts
- Enter the Beneficiary Name, Beneficiary Account Number and IFSC Code
- Agree to terms and conditions and click on “Submit”.
- Verify the beneficiary details and activate the beneficiary by entering the ‘NETSECURE Code’ received as an SMS on your mobile number
- Transfer funds
- Click on ‘Transfer Funds’ option
- Click on ‘Other Bank Accounts’
- Select beneficiary name from the list of payees available and click on ‘Begin Payment’
- Select the account to be debited, enter the amount and remarks
- To transfer funds using IMPS, select ‘IMPS’ and click on ‘Proceed’
- Verify transaction details and agree to terms and conditions by checking on the box
- Authenticate the transaction by entering NETSECURE Code received as an SMS on your mobile phone
- The fund transfer request will be processed when you click on ‘Confirm’
Frequently Asked Questions
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service available 24x7, throughout the year including Sundays and any bank holiday. Customers can transfer and receive funds via IMPS using their registered Mobile number and Mobile Money Identifier (MMID) or Account number and IFSC code.
Yes, the customer needs to have a bank account with the bank which has enabled this facility.
Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer/merchant who wants to receive the money) through IMPS using mobile number and MMID should have this for doing this interbank funds transfer.
Presently, the customers cannot withdraw and / or deposit money using IMPS.
IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.
| IMPS Funds Transfer | Charges |
|---|---|
| Inward | Nil |
| Outward |
|
The funds are credited to the beneficiary immediately.
Yes, the customer should have sufficient account balance to initiate a fund transfer.
The remitting bank sends a confirmation SMS to the remitting customer about the transaction initiated by him / her.
Yes. Customer needs to register for Mobile Banking for remitting funds through IMPS using Mobile Number and MMID.
The beneficiary should have his mobile number registered with the bank where he/she maintains the account and where he/she intends to receive the credit. The beneficiary should also have a valid MMID provided by the bank if he/she intends to receive funds through IMPS using Mobile number and MMID.
It depends on the bank's mobile banking interface requirements. This varies from bank to bank. Please click here to know more about Axis Bank's Mobile Banking app, open.
At the time of mobile banking registration, customer can set his/her MPIN (Mobile Personal Identification Number) for accessing the mobile banking facility. An IMPS remittance will not be possible without a MPIN.
The beneficiary details required for making a remittance through IMPS Simplified flow are mobile number and beneficiary bank name. Axis Mobile Banking app, open has a feature to verify the details of beneficiary during registration. If wrong details are provided, then the beneficiary will not be added.
Customers should take extreme care in providing the account number of the beneficiary. In the case of IMPS transactions, the credit will be given to the customer’s account solely based on account number provided.
Yes, the remitting customer can transfer funds to the beneficiary account in other banks.
The customer can remit and / or receive funds using the registered mobile number only. In case he / she needs to remit / receive funds using the other mobile number, he / she will have to approach the bank and complete the process of changing the registered mobile number for mobile banking.
The banks offering IMPS facility using Mobile Number and MMID is available on https://www.npci.org.in/what-we-do/imps/live-members
Banks live on IMPS funds transfer using Account Number and IFSC are updated on https://www.npci.org.in/what-we-do/imps/live-members
Transactions to non-IMPS enabled Banks will be rejected and the funds will not be debited from the customer's account.
If the status of the transaction is shown as not available/pending , as per NPCI guidelines request you to wait for 2 days for reversal of funds in your account or credit to beneficiary's account. In case of non-receipt of funds after 2 days, please call or write to us.
Yes, account will still be debited even if the customer enters the wrong IFSC code. Let us consider an example for IFSC code of incorrect branches. Imagine that you want to send money to the Sewri branch of Axis bank, but you accidentally use the IFSC code for Gokhale marg, Parel branch. In such situations, the money transfer is likely to proceed smoothly, provided that all the other information you have provided is correct. It's important to note that not all banks verify the beneficiary's name before processing the IMPS fund transfer, so as long as the account number is correct, the transaction will be executed.
Yes, NRI customers can transfer funds from their NRI account to a resident account using IMPS.
You can raise a fraud chargeback request within 45 days from the date of the transaction. The total turnaround time (TAT) is 25 days, with an additional 2 days for processing the service request (SR) in the system.
General chargeback requests must be raised within 45 days of the transaction. The overall TAT is 15 days, plus 2 additional days for SR processing.
You can raise a wrong credit chargeback request within 45 days of the transaction. The total TAT for resolution is 25 days, with 2 extra days for SR system processing.
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