IMPS (Immediate Payment Service) is an instant money transfer system operated by NPCI (National Payments Corporation of India). Unlike NEFT (which settles in batches) or RTGS (which has operating hours), IMPS works 24/7, 365 days a year — including weekends and holidays.
You can send money via IMPS using the recipient's account number + IFSC code, or mobile number + MMID. The transfer limit is typically Rs 5 lakh per transaction. Fees range from Rs 2.50 to Rs 25 depending on the amount.
IMPS launched in 2010 and was revolutionary — it was India's first real-time 24/7 payment system. While UPI has largely overtaken IMPS for person-to-person transfers (UPI is built on the IMPS infrastructure), IMPS remains widely used for direct bank-to-bank transfers and corporate payments.