Do you know what is IMPS? Many people among us might have used this feature to transfer money. But do you know in detail?. In this article, we will discuss IMPS in Banking, how it is used, its features, and its benefits. Let’s start…
IMPS full form is Immediate Payment Service. In simple terms, we can say “instant money transfer”.It is a quick transfer money mechanism launched by RBI(Reserve Bank of India) and NPCI(National Payment Corporation of India).
This service was started in August 2010 as a Pilot Project with 4 major Banks. Now it has grown to 150+ banks. We can see the list of IMPS service provider banks registered on the NPCI website.
How to Transfer Funds Using IMPS?
IMPS can transfer your funds through Internet Banking and Mobile Banking Platforms. the process is explained below.
IMPS Through Bank Account and IFSC Code
Transferring of funds through Bank account and IFSC code is very common. Follow the steps below:-
- Log in to your Internet banking account.
- Add an IMPS Beneficiary Account details like Account number, Account type, IFSC Code, Name, and contact details.
- After this you will get a OTP to confirm the added Beneficiary.
- Once the Beneficiary is added, go to fund transfer and then select the beneficiary whom you want to transfer funds.
- Once you do that beneficiary account details will appear, Enter Amount and Remarks(optional).
- Click on confirm and you are done. Always make sure the details you filled in are correct before hitting the confirm button.
- You can check your account after this process and you will see the amount has been debited, Moreover, you will get an SMS with your current transactional details. For any future issues regarding payment, you can show the transactional details/ID to the bank.
IMPS and MMID
Before jumping into the process of transferring money through Mobile Money Identifier (MMID) and Mobile, let’s understand first what is this?
In Order to do IMPS, you should have a bank account that is linked to your Mobile number banking services for the respective bank.
If your mobile number is not registered with your bank make sure you do it either through internet banking or by visiting the branch. Once you register your mobile number to the bank, they will provide an MMID number for instant transfer IMPS.
MMID number is a combination of your registered Mobile number and Bank Account number which is unique.
Generally, Bank will generate MMID automatically when you register your number with them, In some cases, you can request the bank to generate it through your net banking account.
Read Also What is Universal Account Number
Transfer of fund through MMID
Now that you have an idea of what is MMID as discussed above, we can discuss the transfer of the fund process through it. follow the steps as mentioned –
- Log into your mobile Banking app
- Click on send money/Fund transfer and select IMPS
- Enter beneficiary Mobile Number, Amount and MMID and initiate your transfer.
- Provide M-PIN(Mobile Pin) in order to authenticate the transfer.
- Once you verify your PIN your money will be transferred and you will get a confirmation message from the bank mentioning the transaction number. keep this as a reference for any future issues regarding this transaction.
Moreover, if you want to receive the money just provide your mobile number and MMID to the payer and he will able to send money to your account.
IMPS Banking Through ATMs
In order to transfer through ATMs follow the steps mentioned below :-
- Visit your Bank ATM.
- Select language and enter Pin number.
- Select the fund transfer option from the main menu
- Further select IMPS Fund Transfer
- Enter Beneficiary account mobile number and account MMID.
- Enter the amount for fund transfer.
- Confirm the IMPS fund transfer details.
- After confirmation the amount will transfer to the beneficiary account.
- you will get a confirmation SMS from the bank regarding this transaction.
IMPS Through SMS
In order to initiate fund transfer through SMS, check the steps mentioned below.
- You need to register for Mobile banking. this can be done once you link your mobile number with your Bank account.
- Send a message to SMS banking number given by your bank.
- Follow the SMS format Provided by your Bank. For Example -Type IMPS followed by the account number of the payee/IFSC code and the transaction amount.
- Enter the Mobile PIN after getting confirmation from your Bank.
- The Customer will receive verification message through SMS.
Features of IMPS Banking
After the launch of the IMPS service, the online transfer of money became very fast and smooth. mentioned below are some features of IMPS.
- IMPS money transfers are safe and secure.
- It is the fastest and most reliable way to transfer money.
- It works in both net banking and mobile platforms and services are available across 24 hours even on public and bank holidays.
- All the processes are completely digital, no need to visit the bank therefore saves our time and crowd in the bank. Moreover, there is no Paperwork.
- If you are transacting through a mobile bank, the account number is not necessarily required. transfer notification is sent to both payee and payer.
- Money can be sent by knowing payee mobile number and MMID.
- The Current IMPS fund transfer limit is 2 lakhs Per day.
Benefits of IMPS Banking
IMPS fund transfer has changed the definition of online transactions due to its uniqueness. Mentioned below are a few benefits of IMPS.
The transaction done through IMPS is completely safe and secure. the bank uses multiple checklists to confirm the authorized person like Mobile Pin, Account number, OTP, etc.
However if you did any mistakes and money is sent to wrong account, call bank immediately.
The IMPS service is available all the time irrespective of Sunday, Public holiday or Bank holiday.
The online transfer process is very smooth and easy to understand. Adding a beneficiary account is very simple. Once you add a beneficiary account, you can transfer anytime to them.
Instant Funds transfer
The transfer of money is very fast. you confirm here the transaction and the payee will receive the amount within seconds.
Once you transfer the money you will get an instant update about the transactions you have done with all the necessary details to your Phone and email.
List of major banks offering IMPS Money transfer in India
1 Allahabad Bank
2 Andhra Bank
3 Axis Bank
4 Bank of Baroda
5 Bank of India
6 Bank of Maharashtra
7 BNP Paribas
8 Canara Bank
9 Catholic Syrian Bank
10 Central Bank of India
11 Citi Bank
12 Corporation Bank
13 Dena Bank
14 Development Bank of Singapore
15 DCB Bank Ltd.
16 Dhanalakshmi Bank
17 Federal Bank
18 HDFC Bank
19 HSBC Bank
20 ICICI Bank
21 IDBI Bank
22 Indian Bank
23 Indian Overseas Bank
24 Indusind Bank
25 Jammu And Kashmir Bank
26 Karnataka Bank
27 Karur Vysya Bank
28 Kotak Mahindra Bank
29 Lakshmi Vilas Bank
30 Oriental Bank Of Commerce
31 Punjab National Bank
32 South Indian Bank
33 Standard Chartered Bank
34 State Bank of India
35 Syndicate Bank
36 Tamilnaad Mercantile Bank
37 UCO Bank
38 Union Bank Of India
39 United Bank Of India
40 Vijaya Bank
41 Yes Bank Ltd
42 Dombivli Nagarik Sahakari Bank
43 Janata Sahakari Bank Ltd
44 Mehsana Urban Co-Operative Bank
45 The Nainital Bank Ltd
46 NKGSB Co-operative Bank
47 Punjab and Maharashtra Co-operative Bank
48 Saraswat Co-Operative Bank
49 TJSB Sahakari Bank Ltd.
50 The A.P. Mahesh Co-operative Urban Bank Ltd
51 The Greater Bombay Co-operative Bank
52 Pandharpur Merchant Co-operative Bank
53 Janaseva Sahakari Bank Ltd., Pune
54 Gopinath Patil Parsik Janata Sahakari Bank Ltd
55 The Surat District Co-op Bank Ltd.
56 SUCO Souharda Sahakari Bank
57 The National Co-Operative Bank Ltd
58 The Pochampally Co-operative Urban bank Ltd
59 The Kalupur Commercial Co-Op Bank Ltd
60 Shri Arihant Co-operative Bank Ltd
61 Apna Sahakari Bank Ltd
62 Pune Peoples Co-operative Bank Ltd.
63 Shivalik Mercantile Co-op. Bank Ltd.
64 Parshwanath Co-operative Bank Ltd.
65 Thrissur District Co-operative Bank
66 The Varachha Co-op Bank Ltd
67 Jalore Nagrik Sahakari Bank Ltd.
68 Janata Co-operative Bank Ltd., Malegaon
69 Shri Basaveshwar Sahakari Bank Niyamit, Bagalkot
70 The Shirpur Peoples Co-Op. Bank Ltd
1-What is the full form of IMPS in Banking?
IMPS stands for Immediate Payment Service which help users to transfer funds electronically.
2-Do IMPS charge differ from bank to bank?
Yes, varies from bank to bank. Kindly double check with your bank before proceeding.
3-When can the beneficiary use the received funds through IMPS?
They can use the fund as soon as the amount is credited to their account.
4-What is MMID?
The mobile money identification(MMID) number is 7 digit number of which the first four digits are the unique identification number of the bank providing IMPS banking services.
5-if the transaction is not completer will the customer get his/her money back?
Yes, In case if the transaction is not completed due to any technical or business the customer will get his/her money back immediately or within 24 hours. However, you can call your respective bank if you did not receive the money-back in 24 hours.
6-What is IMPS transfer Limit?
The maximum amount you can transfer through IMPS is 2 lakhs.
7-Can We do IMPS on Sunday?
IMPS is available all day of the week including weekend and holidays.
8-What is needed for IMPS transfer?
In order to do IMPS transfer details required are, beneficiary account number, branch name, and IFSC code. you can also send or receive money through IMPS using MMID and mobile number.
9-Is IMPS transfer safe?
yes, Absolutely its safe and secure.
10-Can I check IMPS transaction status?
yes, you can check it through an internet banking login. Also, you can call customer care to get an update on your status.