Does IMPS work on Sundays? What are the approx charges compared to NEFT?
IMPS works on all days including Sundays. It’s a 24/7 service. The difference between NEFT and IMPS is as below.
National Electronic Fund Transfer (NEFT) is the most common and widely used digital money transfer system. NEFT is not an instant transfer system and gets remitted usually in 2 – 4 hours. The money gets transferred in batches across various time slots.
The advantage of NEFT is, that it can be done either over the counter or, through net-banking or, through the mobile banking app. The beneficiary’s account number and IFSC are sufficient to initiate this type of transfer.
Banks generally charge a nominal fee ranging from Rs. 2.50 to Rs. 25 plus service taxes, depending on the value of the transfer. Some private banks, however, keep it free for their premium or privileged customers. NEFT can only be done during bank working days between 8 am to 7 pm. Any transfer request placed beyond the cut off timing or on a holiday will automatically be carried forward to the next working day. Though in general there’s no such upper limit for a NEFT, some banks have capped it at Rs. 10 lakhs per day.
Immediate Payment Service (IMPS) is an instant electronic fund transfer service that can be availed by any individual holding a bank account. This inter-bank transfer is instant and real-time and can be availed round the clock – be it on a holiday or late at night. Managed by National Payments Corporation of India (NPCI), this was initiated in 2010 as a mobile payment system within 4 member banks (SBI, BOI, UBI and ICICI) which was later expanded to ATM and net banking platform with an addition of few more banks.
IMPS transfer is capped at Rs. 2 lakhs per day through net banking and the charges vary from bank to bank. A nominal charge of Rs. 5 for transfer up to Rs. 1 lakh and Rs. 15 for transfer of Rs. 1 to 2 lakhs is generally levied.
IMPS would require IFSC for net transfer and MMID (Mobile Money Identifier) code for mobile banking. IMPS through mobile doesn’t need a registered beneficiary; also, if you have net-banking, then no separate registration is required for IMPS. It can be flawlessly initiated through the net banking platform.
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