When you initiate an IMPS transfer, the money is immediately debited from your account and credited to the beneficiary. Some banks may allow you to transfer up to Rs. 2 lakh by availing IMPS at any time of the day while others will have a lower limit for IMPS transactions carried after the working hours.

What happens if IMPS amount is not credited to the beneficiary?

As per the circular, in case of failure of an IMPS transaction where customer account is debited but the beneficiary account is not credited, auto-reversal must be done in T+1 day, where T refers to the transaction date. ... If not done, then penalty of Rs 100 per day beyond T+1 is levied.

Can I check IMPS transaction status?

You can log into your mobile banking account or net banking account to check the status of your IMPS transaction. IMPS Reference Number Tracking can be easily done by using the unique IMPS reference number which is provided by the bank after every successful IMPS transaction.