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What is IMPS?

Immediate Payment Service (IMPS) is an instant, interbank (similar to NEFT) electronic fund transfer service that can be initiated only through mobile phones or online banking or SMS

All domestic bank account holders who have registered mobile numbers can send and receive money using IMPS. Money can be sent via SMS channels or Mobile or Online

Beneficiary details required are:
a. Beneficiary’s mobile number as registered with his/her bank
b. Beneficiary’s Mobile Money Identifier (MMID)
or
a. Beneficiary’s Account number
b. Beneficiary’s IFSC code

What is MMID or Mobile Money Identifier?

Mobile Money Identifier (MMID) is a random seven digit number issued by banks to their customers. If you wish to send money using IMPS, you should have the mobile number and MMID of the beneficiary (person whom you wish to send money to). If you wish to receive funds using IMPS, you should generate an MMID for your account and share this with the remitter (person whom you wish to receive money from). You can generate only one MMID per account. 

All IMPS transactions executed through Mobile or Online or SMS using Mobile number and MMID or Account number and IFSC code have a combined daily limit of Rs.50,000/-. One-time fund transfers through IMPS via SMS or Mobile have a daily limit of Rs.1000/-.

While sending money using IMPS, how do I come to know that my account is debited and funds have been credited in the beneficiary’s account? 

You will get a confirmation SMS on your registered mobile number which informs you of the debit in your account.

While receiving money using IMPS, how do I come to know that funds have been credited to my account and the remitter’s account has been debited?

You will get a confirmation SMS on your registered mobile number which informs you of the credit in your account.

What happens in case a wrong beneficiary mobile or beneficiary account number is input during a transaction?

Immediate Payment Service (IMPS) is an instant, interbank (similar to NEFT) electronic Fund transfer service that can be initiated through mobile phones or online or SMS. The beneficiary details required for sending money are mobile number and MMID or Account number and IFSC code. The transaction will get declined in case any one of these two numbers is erroneous and the transaction will get reversed instantly. 

What are the timings for initiating and receiving IMPS remittances?

IMPS is a 24x7 service. IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.

If the transaction is not completed successfully when will the money be returned?

The funds will be returned immediately for unsuccessful transactions. There might be cases where status of the transaction cannot be determined immediately. In such a scenario, the reversal of funds will happen on the next working day.

When can I use the funds received through IMPS?
The funds received through IMPS can be used immediately upon credit.

Can I withdraw and / or deposit money using IMPS?
No. Deposit and withdrawal of money cannot be done using IMPS.

What are the charges for sending and receiving funds using IMPS?
There are no charges for sending or receiving funds using IMPS.

Are there any subscription charges to avail of the IMPS facility?
There are no subscription charges. IMPS can be availed free of charge. SMS and GPRS charges for using the service via the mobile phone apply. 

How can customers get MMIDs for their accounts?
Customers can do this way:-
SMS: Customers need to send MMID XXXX to 52484 to generate MMIDs for their accounts. XXXX denotes the last 4 digits of your Debit Card Number.
 

If MMID is already generated then this will retrieve the existing MMID.

How can customer delete the MMID for their accounts?
Modified - Customer can do this way:-
SMS:
Send MMIDCANCEL <7-digit mmid=""> to 52484 to delete the MMID

If mobile number gets updated what needs to be done to receive funds?
Customers need to share the new mobile number and the existing MMID with remitters in order to receive funds. Customers can also alternately use the account number and IFSC code combination of the beneficiary to transfer funds using IMPS.

For more information, please refer to below links
http://www.npci.org.in/aboutimps.aspx 
http://en.wikipedia.org/wiki/Immediate_Payment_Service