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Immediate Payment Service (IMPS)

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Immediate Payment Service (IMPS)

IMPS stands for “Immediate Payment Service.” It is an electronic funds transfer system that enables real-time interbank transactions within India. IMPS allows individuals, businesses, and institutions to send and receive money instantly, 24/7, throughout the year. This service was introduced by the National Payments Corporation of India (NPCI) to facilitate secure and quick electronic fund transfers.

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  • For transferring funds through IMPS, the sender needs to register the Beneficiary details comprising of Beneficiary Name, Account number and IFSC Code.
  • The details provided by sender namely Account Number and Indian Financial System Code (IFSC Code) are used to initiate Fund transfer into the beneficiary account.
  • Continued use of property
  • Quick approval of loan.
  • No prepayment/foreclosure charges
  • Individuals who have the title deed registered in his/her name.
  • Individuals (other than NRIs) from the age of 21 to 65 years whose maximum age on due date is not to be more than 75 years.
  • The prospective borrower/s should be a customer of our bank.
  • The prospective borrower/s should have the repayment capacity.
  • The income of Co-applicant/s shall also be taken into consideration for arriving the repayment capacity of the prospective borrower.
  • Minimum CIBIL Score is 650.
  • Minimum extent of property should be 50 sq.yards.
  • Term loan: ₹30.00 lakh
  • Tenure of the loan upto 120 months
  • Processing charges: Term loan: 1% of the Total outlay of the Project. Working capital loan: 0.25% of the loan amount.
  • Working capital loan: ₹10.00 lakh.
  • Repayment:7 years (Term Loan), 1 year(working capital)
  • Rate of Interest:11%p.a

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    FAQ's

    What is IMPS?

    Immediate Payment Service (IMPS) is an interbank electronic funds transfer system in India that enables instant, real-time fund transfers between bank accounts using various channels.

    How does IMPS differ from traditional fund transfers?

    Unlike traditional fund transfers that might take hours or even days to complete, IMPS allows for instant and real-time transfer of funds, available 24/7.

    Can I use IMPS to transfer money internationally?

    IMPS is primarily designed for domestic transactions within India. It is not typically used for international transfers.