IMPS provide robust & real-time fund transfer which offers an instant, 24 $times$ 7, interbank electronic fund transfer service that could be accessed on multiple channels. What is the full form of IMPS?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

IMPS provide robust & real-time fund transfer which offers an instant, 24

A	Immediate Payment System
B	Immediate Payment Service
C	Immediate Payment Solution
D	Indian Payment Service

Explanation:

Detailed explanation-1: -IMPS offer an instant, 24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile, internet and atms.

Detailed explanation-2: -Can I transfer any amount after adding the beneficiary? For transfer using Account & IFSC, a maximum of Rs. 1, 00, 000 (in full or parts) can be transferred by IMPS to a newly added beneficiary, in the first 24 hours.

Detailed explanation-3: -Short for Immediate Payment Service, IMPS is an instant inter-bank electronic fund transfer service. You can send money in real-time using IMPS. IMPS is available 24x7 throughout the year, including on Sundays and bank holidays.

Detailed explanation-4: -IMPS (Immediate Payment Service) IMPS is another real-time payment service, but the distinguishing factor is that IMPS is available 24⁄7 and you can avail the service even on bank holidays. Using IMPS, you can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly.

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