How to Do IMPS Through Net Banking in India

How to Do IMPS Through Net Banking in India: If you are willing to send the money to your family members or to any of your friends as well with the help of an easy manner in which you don’t need to visit the bank or don’t need to use the cash to send them.

IMPS which is also known as one of the Immediate Payment Service is one of the reliable and fast methods to transfer the money from one bank account to another anytime and anywhere as per your wish.

You can be able to use net banking service to do IMPS transactions by simply sitting at your home or office without facing any issues.

How to Do Imps through Net Banking?

Here we are going to share a step by step guide which helps you to know the process of how to do IMPS through net banking in India.

Step 1: Register for Net Banking

Before you use the IMPS by net banking, you are required to simply register for the net banking with the help of your bank. You can be able to do this by simply making a visit to the official website of the bank, clicking on the register button and then following the given-instructions When you get registered with it then you will get the net banking login credentials by email or SMS.

Step 2: Link Your Mobile Number

You are required to simply link your mobile number with the bank in order to use the IMPS. You can be able to do this by simply making a visit to the official website of the bank where you have to enter your mobile number into the profile section.

Step 3: Add a Beneficiary Whom You Want To Send Money Via IMPS

If you want to transfer the money by using the IMPS, you have to simply add the beneficiary account details into your net banking account.

To do this, you only need to make a login into your net banking account and then simply go to the add beneficiary section. Here, you have to enter your beneficiary name, account number and IFSC code as well. You can also be able to add a nickname of the beneficiary for the future references so that you can understand whom you are sending the payment quickly.

Step 4: Initiate the IMPS Transaction

When you have added the beneficiary in a successful manner then you can simply initiate the IMPS transaction by following the steps which we are going to share below.

  • You have to make a visit to the transfer section on your net banking account and then select the IMPS option.
  • Now, you have to select the beneficiary from the given list and then enter the amount which you are willing to transfer.
  • Then, you need to double check the details of the beneficiary and also the transaction amount as well.
  • After this, make a click on the submit or send button.

Step 5: Authenticate the Transaction

After submitting the transaction, you will get an OTP on your registered mobile number. You have to enter the OTP on the website to simply authenticate the transaction. When the authentication gets completed then the money will get transferred into the beneficiary account in an instant manner.

What Will Be The IMPS Transaction Charges?

The IMPS transactions which get done by using the net banking are mainly free of cost but some of the banks may charge a nominal fee for this service. To get the exact chagres, you can visit your bank.

Limitations and Risks of IMPS Transactions

There are some of the limitations and also some of the risks associated with the IMPS transaction like there is a daily transaction limit which is Rs. 2 lakhs for the net banking transaction.

Also, there is the risk of fraud as well like phishing or unauthorized access as well.

In terms to avoid such risks, you need to verify the beneficiary details and then amount of transactions before you initiate the transaction. Alsom make sure to not to share your net banking login details or OTP with anyone else.

About IMPS

IMPS is one of the popular electronic fund transfer systems in India which offer fast and secure money transfer between bank accounts.

The system mainly gets launched in the year 2010 by the National Payments Corporation of India which is also known as NPCI to simply address the need for the real-time payment system into the country

Brief History of IMPS In India

Before the IMPS, there were mainly two other electrician fund transfer systems available in India which were NEFT (National Electronic Funds Transfer) and RTGS (Real-Time Gross Settlement).

Both of these systems are having some of the limitations like the linger processing times and the fixed windows of transactions. TH ENPCI is mainly recognized as the fast and flexible payment system which you can operate 24*7.

IMPS was launched in November 2020 as one of the pilot projects in four major banks  – State bank of India, Bank of India, ICICI bank and HDFC bank as well. The service is mainly available by the mobile banking and later gets expanded to include the net banking.

The IPMS system is mainly sign to enable to instant money transfer between the bank account 24*7 and 365 days in a year. Presently, all the banks in India support the IMPS transactions by net banking, mobile banking and ATM cards.

The NPCI also extended the IMPS system to simply include the other payment services like bill payment, merchant payment and person to person payment as well.

IMPS is one of the revolutionized methods to transfer the money in India and the system also made it easy, fast and convenient for the people to send and receive the money in the country. Presently, the IMPS is mainly used for lots of purposes like paying bills, sending money to family or friends and making online purchases.

The NPCI also continues to enhance the system capabilities and security features to simply ensure that it will remain the reliable and trusted payment system in India.

Final Verdict

IMPS is one of the fast, safe and easy methods to transfer the money in India. By simply following the tapes which we have shared above, you can simply be able to do the IMPS transaction from your ease by sitting at your home or office.

If you are having any questions of query and want to get some more assistance then you can contact the customer support of the bank.

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