Andhra Bank had launched Immediate Payment Service (IMPS) in association with the National Payment Corporation of India (NPCI) to cater to the needs of instant fund remittance for its customers.
IMPS is a multi-channel and multi-dimensional platform that makes the payments possible within a fraction of seconds with all the standards and integrity maintained for security.
All branches of Andhra Bank are now IMPS-enabled and will provide interbank electronic fund transfer service, which will be capable of processing person to account remittances. The facility will be available round-the-clock unlike NEFT system which is only for limited hours.
Maximum cap of transaction is Rs 2 lakh with charges of Rs 5 per transaction, according to a release issued here on Tuesday.