The full form of IMPS is “Immediate Payment Service.” It is an electronic fund transfer service provided by the National Payments Corporation of India (NPCI) that allows you to transfer money instantly from one bank account to another, 24×7.
IMPS can be accessed through various channels, such as mobile banking, internet banking, and ATMs. It is a convenient and secure way to transfer money, and the transaction is completed in real-time, which means that the recipient can receive the money within a few seconds of the transfer being initiated.
IMPS is especially useful in situations where you need to transfer money urgently, such as in case of an emergency or to pay bills. It is also a good option for making small value transactions, as it does not have any minimum or maximum limit.