The immediate payment service (IMPS) was launched in 2010 as an alternative to the real-time gross settlement (RTGS) and national electronic fund transfer (NEFT) systems. The IMPS bank fund transfer system is unique as it combines the best characteristics of RTGS and NEFT.
One of the notable features of this system is the flexible IMPS fund transfer limits. Individuals and businesses can transfer funds from as low as ₹1 to ₹5 lakh. Another defining characteristic of this bank transfer system is the time taken for the money transfer process. IMPS fund transfer requests are processed individually, and as a result, the beneficiary receives funds instantly in their account.
Now, if you either send or receive funds through the immediate payment service frequently, knowing how to use the imps reference number is essential. It is a unique identifier that lets you track imps reference number online and also helps you check the imps transaction status in real time. Here is everything you need to know about this number.
What is an IMPS Reference Number?
The imps reference number is a unique 12-digit identifier that is generated when you make a transaction via the immediate payment service fund transfer system. The primary objective of this number is to enable the sender and the recipient to track and verify the imps transaction status. It also acts as proof of fund transfer and is essential for solving disputes.
Importance of the IMPS Reference Number
The imps reference number is a crucial component of the immediate payment service. Here is a quick overview of why this number matters.
- Serves as Proof of Transaction Completion
An imps reference number is generated when you initiate a fund transfer via the immediate payment service. It can be used as proof that the fund transfer has been successfully completed. Businesses that send and receive payments via IMPS routinely use the imps reference number for payment confirmation and reconciliation.Useful for Resolving Transaction Disputes
- Useful for Resolving Transaction Disputes
The imps reference number is highly useful when there are issues with the fund transfer. You need this number to check the imps transaction status or to request a reversal. Whenever there is a dispute with a particular IMPS transaction, the imps reference number helps the bank trace the payment quickly.
- Required for Monitoring Transactions
With your imps reference number, you can track imps reference number online, verify payment details, and confirm whether money reached the beneficiary. This is especially useful for detecting unauthorised transactions.
Where Can You Find the IMPS Reference Number?
The imps reference number is automatically generated by the bank when you initiate a fund transfer. You can find it in the following places.
- Transaction Confirmation SMS or Email
Banks send a confirmation message containing the imps reference number, amount, date, time, and beneficiary details.
- IMPS in Bank Statement
You can find the imps reference number in your imps in bank statement under the ‘Reference’ column of your transaction history.
- Mobile Banking Apps
Most banking apps allow you to search for the imps reference number and check the imps transaction status directly from the app.
- Internet Banking
By logging into net banking, you can view the imps reference number, check imps transaction status, and even track imps reference number online.
Tracking an IMPS Transaction Using the Reference Number
Via Internet Banking
- Log in to your bank’s net banking portal.
- Go to transaction history.
- Search using your imps reference number.
- View the imps transaction status instantly.
Via Mobile Banking App
- Open your banking app.
- Go to transactions.
- Search for the imps reference number.
- Check the imps transaction status.
Via Customer Support
Call your bank’s helpline and share your imps reference number. The agent will help you track imps reference number online from their system.
What to Do If IMPS Transaction Fails
If your transaction fails, banks usually auto-reverse the amount within 24 hours to 5 working days. You can monitor this through your imps in bank statement.
If the amount is not refunded, contact your bank with:
- imps reference number
- Transaction date
- Amount
- Beneficiary details
This will help the bank check your imps transaction status quickly.
Conclusion
The immediate payment service is one of the fastest ways to transfer money. Whenever there is a delay or failure, always rely on your imps reference number to track imps reference number online and check the imps transaction status.
FAQs
1. What is an IMPS reference number?
It is a unique 12-digit number used to track and verify IMPS transactions.
2. How can I track IMPS reference number online?
You can track it through your bank’s net banking, mobile app, or customer support.
3. Where can I find IMPS in bank statement?
Look under the ‘Reference’ column in your bank statement.
4. How long does IMPS take to reverse?
Usually 24 hours to 5 working days.
5. Can I check IMPS transaction status without reference number?
It is difficult. Banks usually need the reference number.
6. Is IMPS available 24/7?
Yes, IMPS works round the clock.
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