How much time it takes for IMPS transfer?

Even when the bank is closed, account holders can transfer the money instantaneously using IMPS. One of the main benefits of using IMPS is that consumers can start and finish transactions on the weekends, on other bank holidays, and beyond bank business hours. The IMPS transfer time taken is approximately a few seconds.

How long does IMPS transfer take?

NPCI (National Payment Corporation of India) provides the IMPS service, which allows for instant money transfers. Immediate Payment Service, or IMPS in its full name, is a real-time savings account transfer and receipt of money service. 

Through mobile banking and internet banking, the service makes interbank transfers possible. If you are wondering IMPS takes how much time, I’d like to say that the primary justification for using IMPS is that it is readily available around the clock, every day of the year, and takes only a few seconds making it incredibly adaptable and reliable.

Hope this helps:)

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Hi,

I have transferred funds through IMPS (Immediate Payment Service) several times, so I can answer your query on how much time IMPS takes. First, let me tell you a little about IMPS.

IMPS is a service that banks offer to ensure real-time interbank funds transfer. Using this service, you can transfer funds on any day of the week including weekends and holidays, unlike NEFT.

The aim of IMPS is to make electronic funds transfer convenient and easy for people and to support the Reserve Bank of India’s goal of electronification of retail payments.

Typically, IMPS can be carried out 24x7. Some banks impose a time restriction on adding beneficiaries for transferring funds through IMPS and some have time restrictions when it comes to adding a new beneficiary for making a new funds transfer.

For instance, the State Bank of India only lets you add a new beneficiary from 6:00 AM to 8:00 PM. If you add a new beneficiary after 8:00 PM, it’ll be available for IMPS money transfer only after 6:00 AM the next day. That’s why I suggest you check with your bank about the timings for the IMPS transfer.

Now you know how much time it will take for IMPS transfer.

What Happens if an IMPS Transaction Fails?

If your IMPS transaction fails or times out, then first check if the money has been debited from the account. If the money isn’t debited from your account, wait for a couple of minutes and try again. In case the money is debited, check your account after 2 business days. The debited money would’ve been credited to your account. Otherwise, reach out to the beneficiary to know if they have received the money. If not, reach out to the customer support team of your bank for assistance.

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I hope I cleared all your doubts regarding how much time IMPS takes.