IMPS
Business & Finance abbreviation · Banking
| Stands for | Immediate Payment Service |
|---|---|
| Categories | Business & Finance |
IMPS stands for Immediate Payment Service, a banking abbreviation.
Indian instant interbank transfer service, operated by the National Payments Corporation of India since 2010 and available 24 hours a day through mobile apps, internet banking, ATMs and branches. Transfers arrive within seconds.
Example: He sent the deposit by IMPS late on Sunday night, and the landlord received it immediately.
Usage notes
IMPS transfers can be addressed by account number and IFSC or by mobile number. The per-transaction limit was raised to ₹5 lakh in 2021. Unlike most UPI payments, IMPS transfers may carry small bank charges.
Related abbreviations
More banking abbreviations
- FD – Fixed deposit
- FI – Financial institution
- FPS – Faster Payments Service
- G-SIB – Global systemically important bank
- IBAN – International Bank Account Number
- IFSC – Indian Financial System Code
- KYC – Know your customer
- LCR – Liquidity coverage ratio
- LDR – Loan-to-deposit ratio
- LLP – Loan loss provision
- LOC – Line of credit
- MT103 – SWIFT MT103 message (single customer credit transfer)