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Does IMPS transfer work on Sundays?

Date: 25 Apr 2016    Group: Finance & Banking    Category: Banking   

I would like to know if IMPS transfer works on Sundays. Does IMPS also work on public holidays? Do let me know.

Does IMPS transfer work on Sundays? Ask our experts to know.

Author: Narien Kondam    25 Apr 2016      Member Level: Bronze     Points : 2  (Rs 2)    Voting Score: 0

Immediate Payment Service is an interbank electronic instant mobile money transfer service through mobile phones. Our IMPS service helps you access your Bank Account and transfer funds instantly. The beneficiary account is credited immediately when a Fund Transfer request is made through your Mobile phone / Internet Banking. This service is available 24x7, throughout the year including Sundays and any bank holidays.

Author: Timmappa Kamat    25 Apr 2016      Member Level: Platinum     Points : 2  (Rs 2)    Voting Score: 0

Yes, the IMPS mode of transactions works even on Sundays. It is comparable to Internet banking and mobile banking channels. The beneficiary will be able to get the amount transferred to his/her account almost instantly unlike the NEFT mode wherein the transactions are cleared in hourly batches.

The IMPS service does work on public holidays as well. In fact, it does work 24x7 throughout the year.

Author: Mahesh    26 Apr 2016      Member Level: Diamond     Points : 4  (Rs 4)    Voting Score: 0

IMPS request being limited with the money limit can be sent on any day. It can be sent on sunday or any other working and non-working day. This service being electronic, does not restricts itself on business days. There are also no national holiday limitations for this service.

Each bank has different policies for IMPS and restriction. You're however restricted to 50,000 per day under IMPS. Do note that depending on your account type the request could be limited even for lower amount. For example some banks have restricted IMPS upto 25,000/- for accounts with zero balance. If you're restricted for IMPS service then it could be due to bank policies and not because of IMPS service itself.

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