Can you tell me in detail about the Immediate Payment Service (IMPS) facility offered by UBI or Union Bank of India?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service available through mobile phones/ATM/ branch/ internet banking

This service has been launched as a pilot with seven banks viz. State Bank of India, Bank of India, Union Bank of India, ICICI Bank Ltd, HDFC Bank Ltd, Axis Bank Ltd and Yes bank, offering IMPS.

One needs to have a bank account with the bank which has enabled this facility.

To avail the facility of IMPS, register mobile number with the Bank for mobile banking

Transfer of Funds using IMPS:

One can transfer fund to other bank account through IMPS by:

P2A (Person to Account number)
One can send money to any bank account by just entering account number and IFSC code of the beneficiary

P2P (Person to person)
One can send money to any bank account using mobile number and MMID of the beneficiary.

For IMPS remittance, the beneficiary details required are Beneficiary's Account Number and Beneficiary's Bank IFSC Code

One can transact on IMPS subject to a daily cap of Rs. 2 lacs. Transactions up to Rs. 5000/- can be facilitated by banks through SMS based mobile banking

One use SMS tags for doing IMPS Transactions and is available on 24x7 basis.