What is ‘IMPS’ on my bank statement?
An IMPS line on your statement means an instant interbank electronic fund transfer was made to or from your account. It works 24x7 across mobile banking, net banking, ATMs, and SMS for person-to-person or merchant payments.
How it can look (made-up examples)
MMT/IMPS/412345678901/RAHUL/BANKNAMEIMPS-412345678901-PAYMENTBY IMPS/P2A/412345678901
What it is
An instant, 24x7 interbank electronic fund transfer service that allows individuals and entities to transfer money across bank accounts through channels like mobile, net banking, ATMs, and SMS.
Who charged you
An individual or merchant receiving funds through person-to-person (P2P) transfers or person-to-merchant (P2M) payments, such as for online shopping, utilities, EMIs, insurance, or fees.
How to find out what it was
- Check SMS or email notifications sent by your bank upon successful completion of the transfer, or check debit and credit confirmations.
- Review remarks entered during the fund transfer request for future reference regarding the reason for the payment.
- Check the printed transaction receipt if the transfer was initiated at an ATM.
Is it recurring? How to stop it
- If a transfer fails and the funds are not automatically reversed within one working day, raise a complaint with your bank quoting the transaction reference number.
What it costs
Charges differ by bank and change over time. What the sources say:
- DBS Bank: Charges usually range from INR 2.50 to INR 25 per transaction plus GST depending on the transfer amount and policy, though many banks offer it free of cost for online channels.
- Bank of Baroda: Charges apply only to outward remittances and not inward transactions, determined by the amount transferred plus goods and services tax, and may be waived for specific customers.
Your own bank’s schedule of charges has the current figure.
Think this charge is fraud?
- Block it now in your bank app: freeze the card, or turn off the UPI ID or mandate that was used.
- Tell your bank straight away, through the app, net banking or its customer care, so the transaction is on record.
- Report the fraud: call the national cyber fraud helpline 1930, or file a complaint at cybercrime.gov.in.
Good to know
- There is no safety net for human error when entering recipient details during an IMPS transfer.
- NPCI sets a transaction limit of Rs. 5 lakh (except for SMS and IVR), but individual banks may set their own daily or per-transaction maximum limits.
- When adding a new beneficiary in net banking, there may be a cooling period of approximately 30 minutes before you can initiate a transfer.
Questions people ask
Why was my account debited for an IMPS transaction?
An IMPS debit happens when money is sent to an individual or a merchant for purchases, utility bills, EMIs, insurance, or fees. Check your bank SMS, email confirmations, or the remarks entered during the transfer to see who received the money.
What are the IMPS charges on my bank statement?
Some banks charge a fee plus GST for outward IMPS transfers, while inward transfers are free. For instance, DBS Bank charges between ₹2.50 and ₹25 plus GST based on the amount, though many banks waive online charges entirely.
Can I reverse an IMPS transfer if I entered the wrong details?
There is no safety net for human error once you enter an incorrect account number or details for an IMPS transfer. If the transaction was completed to an existing account, the money cannot be automatically pulled back.
What should I do if my IMPS transfer was debited but not credited?
Failed transfers are typically reversed automatically within one working day. If the funds do not return to your account after that period, raise a complaint with your bank quoting the transaction reference number.
Why is my IMPS transaction delayed or restricted?
NPCI sets a per-transaction limit of ₹5 lakh, but your bank may set lower daily or per-transfer caps. Additionally, when you add a new beneficiary in net banking, banks usually apply a cooling period of approximately 30 minutes before allowing transfers.
Last checked on against npci.org.in, bankofbaroda.bank.in, dbs.bank.in (official). Statement formats differ by bank; the examples above are made up to show the shape.