IMPS and UPI are almost similar and hence both of them require registration before using them. However, the registration process of HDFC UPI is faster and instant as compared to HDFC IMPS. IMPS is an instant interbank electronic funds transfer service that allows users to access their bank accounts and transfer funds on an immediate basis. On the other hand, UPI is a payment mechanism where customers can pay directly from a bank account to different merchants both online and offline without any IFSC, passwords, or card details.
Despite some similarities, there are many differences as well between HDFC Bank IMPS and HDFC Bank UPI which are as mentioned below:
| Basis of Difference | IMPS (Immediate Payment Service) | UPI (Unified Payment Interface) |
|---|---|---|
| Definition | IMPS is an instant real-time inter-bank electronic funds transfer in India | UPI means instant fund transfer between two bank accounts on the mobile platform |
| Fund Transfer Limit (INR) | 2 Lakh per day | 1 Lakh per day |
| Required Device | Internet, Website & Application | Internet & Smartphone |
| Information Required | Account Number & IFS Code/ MMID | VPA of recipient & MPIN |
| Fund Transfer Time | Instant | Instant |
| Fund Transfer to abroad | Yes | No |
| Beneficiary Registration Required |
Yes/ No, if using Mobile Number & MMID | No |
| 24 X 7 Money Transfer | No | Yes |
| Cost of Fund Transfer | INR 5 to INR 15 plus taxes | Free |
| Alert sent after money collection |
No | Yes |
| Payment gateway involvement |
Yes | No |
| Banks offering payment method |
Almost all banks in India | 21 Banks |
| E-Commerce transactions | Yes, possible | Not possible |
How to Register for HDFC UPI?
Mentioned below are the different ways to register for HDFC UPI:
- Via Mobile Banking App:
Step 1: Download HDFC App.
Step 2: Login using your Customer ID and password.
Step 3: Click on ‘Menu>Pay>UPI Payment from the registered mobile number.
Step 4: Enter the desired UPI ID.
Step 5: Enter the bank details to continue with UPI payments.
- Via Google Pay:
Step 1: Download the “Google Pay” app on the smartphone.
Step 2: Enter the mobile number and click on “Next”.
Step 3: After receiving OTP, set the App PIN.
Step 4: Click on “New Payment” and select HDFC.
Step 5: Enter the bank account details.
Step 6: Enter the last 6 digits of the debit card number along with PIN and OTP.
Step 7: Now set the 4-digit UPI PIN.
- Via WhatsApp:
Step 1: Open WhatsApp on your smartphone.
Step 2: Click on “Options”, and then select “Payments”.
Step 3: Add Payment method.
Step 4: Accept Terms and Conditions.
Step 5: Select HDFC Bank.
Step 6: Verify via SMS and phone number.
Step 7: Set up completion process.
- Via Bhim:
Step 1: Download BHIM App.
Step 2: Select the preferred language.
Step 3: Verify the phone number.
Step 4: Set up PIN.
Step 5: Select HDFC Account and get started.
Features of HDFC UPI
Mentioned below are the features of HDFC UPI:
- No addition of beneficiary is required.
- No other bank detail is required as the transaction can be done using the beneficiary’s UPI ID only.
- It can be easily accessed on the mobile.
- Also, non-HDFC customers can use it with the help of the non-login section of the mobile banking app.
- All transactions are authorized with a unique UPI PIN set for the account.
- It is available 24*7 and 365 days round the year.
HDFC UPI Limit
National Payments Corporation of India (NPCI) has set the limit to transact through UPI which is as mentioned below:
- The HDFC Bank UPI Limit per day is INR 100000.
- For every UPI transaction, the transaction limit is also INR 100000.
- The transaction limit is INR 5000 for first-time users for registration for the service.
- The per transaction limit is INR 200000 for a few categories like Capital Markets, Collections, Insurance, and Foreign Inward Remittance.
- The limit per transaction is 500000 in the case of IPO and retail Direct Scheme.
| UPI Transactions | Maximum Limit |
| P2P (Person to Person) and P2M (Person to Merchant) | INR 1 Lakh or 20 Transactions (Calculated on 24 Hours basis) |
Capital markets and Merchant collect (Example- AMC, Broking, Mutual Funds, Credit card payments, Loan repayments, EMI, etc.) |
INR 2 Lakhs per transaction |
IPO Application using UPI |
INR 5 Lakhs per transaction |
As discussed above, the UPI is free of cost but the HDFC IMPS Charges are as specified below:
| Applicable charges w.e.f 1st Oct’2020 | |
| Transaction Amount (In Rupees) |
Charges |
|
INR 3.50 + applicable GST |
|
INR 5 + applicable GST |
| >100000 | INR 15 + applicable GST |
How to Send Money Using HDFC Mobile Banking App?
Mentioned below are the steps on how to send the money via HDFC App:
Step 1: Launch the HDFC on your mobile phone and click on “BHIM UPI Payment”.
Step 2: Click on “Send Money” and choose from the options provided to send the money.
Step 3: One can either pay via the UPI ID of the beneficiary, Account No. & IFSC or Mobile No & MMID.
Step 4: Enter the amount to be transferred.
Step 5: Enter the 4-digit UPI PIN and click on “Proceed”.
How to Receive Money Using HDFC Mobile Banking App?
Mentioned below are the steps on how to receive the money via HDFC App:
Step 1: Log in to the HDFC Mobile App.
Step 2: Click on the “BHIM UPI Payment” option.
Step 3: Click on the “Request Money” option.
Step 4: Enter the details of the payer like UPI ID, amount, and description.
Step 5: Add the expiry duration of the transaction that is initiated.
Step 6: Initiate the request.
How to get a QR Code?
Mentioned below are the various methods to get a QR Code on different platforms:
- HDFC Mobile Banking App:
Step 1: Log in to the HDFC Mobile Banking App.
Step 2: Click on Scan & Pay.
Step 3: Click on Receive.
Step 4: Click on “Generate QR Code” after entering the amount and Remarks.
- Google Pay:
Step 1: Log in to Google Pay.
Step 2: Click on the Profile Icon in the right top corner.
Step 3: Click on your Profile.
Step 4: Swipe left to get your QR Code.
- WhatsApp:
Step 1: Click on Options> Payments.
Step 2: Click on your profile to get the QR code.
- BHIM:
Step 1: Log in to BHIM.
Step 2: Click on your profile to get your QR Code.