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 the status of an IMPS transaction. 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 status of an IMPS transaction. 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 the significance of this unique 12-digit identifier.
- 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 reference numbers for payment confirmation and reconciliation purposes.
- Useful for Resolving Transaction Disputes
The IMPS reference number is highly useful when there are issues with the fund transfer. For example, you need the reference number to initiate a refund or transaction reversal if the money transfer process fails. Whenever there is a dispute with a particular IMPS transaction, the reference number can be helpful in resolving the issue seamlessly and transparently.
- Required for Monitoring Transactions
The IMPS reference number is useful for tracking transaction history and monitoring payment details. With the unique identifier, you can quickly check the status of the transaction and ensure that the right amount has been transferred. By establishing the authenticity of a transaction, the number helps determine whether a transaction is genuine or fraudulent. Additionally, you can also use IMPS reference numbers to track money movement, which can be useful to detect unauthorised activities in your account.
Where Can You Find the IMPS Reference Number?
The IMPS reference number is automatically generated by the bank when you initiate a fund transfer request via the immediate payment system. The number can be retrieved in multiple ways. Here are four of the most common sources.
- Transaction Confirmation Notification
Banks usually send a transaction confirmation message via SMS or email as soon as an IMPS fund transfer is complete. The message usually contains the IMPS reference number and a few other transaction details such as the amount, date, time and the beneficiary’s name.
- Bank Statements
Alternatively, you can also retrieve the IMPS reference number from your online or offline bank statements. The 12-digit unique identifier will usually be listed under the ‘Reference’ column of your bank account’s transaction history.
- Mobile Banking Applications
Most banks provide access to IMPS transaction details, including the reference number, within their mobile banking apps. You may have to navigate to the transaction history or account statement section of your bank’s mobile app to retrieve the IMPS reference number.
- Internet Banking Platforms
Internet banking platforms of banks also provide detailed information on all of the transactions, including IMPS fund transfers. You can find the IMPS reference number for a transaction by simply logging into your net banking portal and checking the transaction history.
Tracking an IMPS Transaction Using the Reference Number
Now that you know how to locate the reference number for an IMPS transfer, let us look at the different ways through which you can track the transaction.
- Via Internet Banking
You can find the status of an IMPS transaction by logging into your bank’s internet banking portal. Here is a quick overview of the steps you need to follow:
- Step 1: Log in to your bank’s internet banking platform.
- Step 2: Navigate to the transaction history or account statement section.
- Step 3: Search for the IMPS transaction using the reference number. Some banks allow you to check the payment status quickly by entering the reference number.
If the transaction is successful, you will find a debit or credit entry depending on whether you are the sender or the recipient.
- Via Mobile Banking Applications
You can also verify the status of an IMPS transaction through your bank’s mobile banking application by following the steps outlined below.
- Step 1: Download your bank’s mobile banking app on your smartphone.
- Step 2: Log into your account using your username and password.
- Step 3: Find the transaction history or account statement section. Some mobile banking apps have a dedicated payment status section, which you can use to check whether the IMPS transaction was successful or not.
- Step 4: Either locate the transaction manually or search using the reference number to know the status of your IMPS transaction.
- Via Customer Support
If the internet banking facility is not enabled or you prefer to track the status of your IMPS fund transfer offline, consider contacting your bank’s customer support. Here is what you need to do.
- Step 1: Contact your bank’s customer support through phone or email.
- Step 2: Once the identity verification process is complete, provide the IMPS reference number to the bank’s representative.
- Step 3: Request the representative to provide you with the status of the transaction.
Steps to Take in Case of a Failed IMPS Transaction
IMPS transactions may sometimes fail due to reasons beyond your control. Some of the most common reasons for fund transfer failure include technical or internet issues, incorrect details or banking network failures. Here is what you should do when an IMPS transaction fails.
Banks usually initiate a refund automatically if an IMPS fund transfer fails and the funds are debited from your account. It can take anywhere from 24 hours to up to 5 working days for transaction reversal. It is advisable to check your bank statement or transaction history periodically to ensure that the funds are reversed to your account.
If the funds are not credited back within the reversal period, contact your bank’s customer support immediately. You can either call your bank’s support helpline, send an email or visit a branch directly. Once you get in touch with a bank representative, provide the IMPS reference number along with other transaction details like amount, date, and beneficiary details. This will help them track the transaction easily. You may also lodge a formal complaint or request for transaction reversal if you are not satisfied with the bank’s response.
Conclusion
The immediate payment service is one of the best ways to transfer funds from one bank account to another. The IMPS system can also be used to make bill payments and credit card payments. Although it is highly reliable, you may sometimes encounter issues when transferring funds. In such cases, remember to use the IMPS reference number to track the status of your transactions.
