Canara Bank IMPS Transfer – Process, Charges & Limits
Canara Bank has been catering to the banking needs of people from over a century. With a pan-India network and more than 6,204 branches, including outside India, the bank has an ever-increasing customer base. The bank also offers various electronic fund transfer services, including the Immediate Payment System (IMPS).
Canara Bank IMPS is used to transfer funds on a real-time basis from one bank account to another on a 24/7 basis. IMPS can be used even on bank holidays and weekends. Let us understand more about the various aspects of the IMPS services offered by Canara Bank.
How to Register for Canara Bank IMPS
- Canara Bank customers need not separately register for IMPS services because those with an active internet banking account will be able to use the service through net banking.
- The same applies for mobile banking and other channels. The registered mobile number should be activated for mobile banking.
- It is however necessary to activate and register for internet banking before trying to transfer funds using IMPS.
Details Required for IMPS Transfers
- Name of payee
- Account number of payee
- IFSC code of payee
- Bank branch
How to Transfer Money Using Canara Bank IMPS with IFSC Code
- Login to https://www.canarabank.com/
- Go to 'Payments' and under 'Transfers' choose 'IMPS -IFSC Code'
- Fill in payment details such as the source account, transfer amount, beneficiary account number and IFSC code, remitter mobile number and submit
- Enter the payee/ beneficiary bank name and select the same
- Verify all above details and click 'Confirm'
- The next step is to enter the transaction password and OTP, post which you have to click submit
- Once the transaction is successful, a confirmation message will be displayed on the screen and an SMS will be sent to the registered mobile number of the customer
How to Add Beneficiary/Payee
- Once you are Logged in to https://www.canarabank.com/, go to 'Payments'
- Choose 'Beneficiary Maintenance' option and choose the transaction type
- Proceed to enter all the beneficiary details such as account number, name, IFSC code, etc
- Verify and confirm details and click 'add'
- Key in the transaction password and OTP to authenticate the transaction
- A confirmation message will be displayed after successful beneficiary creation
Canara Bank IMPS Benefits
- This is an instant, real-time fund transfer system
- Transactions can be made through multiple channels
- IMPS transfer can be made from anywhere at anytime round the clock
- The service can be used to send and receive money on bank holidays or other holidays
- Safe and reliable
- Cost-effective
How to Transfer Funds through IMPS using ATM
- Go to an ATM and enter 4-digit PIN
- Go to the 'Main Menu' and choose 'Other Services'
- Now choose 'IMPS Fund Transfer'
- Key in mobile number of payee, enter MMID of the payee/ beneficiary, transaction amount, verify details and confirm
Canara Bank IMPS Charges
Transaction amount | IMPS Charges |
Up to Rs.5,000 | No fee |
More than Rs.5,000 to Rs.25,000 | Rs.5 |
More than Rs.25,000to Rs.50,000 | Rs.10 |
Canara Bank IMPS Transaction Limit
Through CanMobile | Daily limit of Rs.50,000 | For transfers through Java/GPRS mobile phones |
Through USSD/SMS on CanMobile | Rs.5.000 per day | For transactions through non-java/non-GPRS mobile phones |
Channels for Canara Bank IMPS
There are various modes through which funds can be sent through IMPS. Given below are the different channels:
- Net Banking
- Mobile Banking
- ATM
- Mobile Money Identifier (MMID)
- Bank branch
FAQs on Canara Bank IMPS
- What is IMPS?
Immediate Payment System, commonly abbreviated as IMPS, is a type of electronic fund transfer mechanism that can be used to both send and receive money through various channels on a real-time basis.
- Can you use more than one account on the same mobile number for IMPS?
Yes.
- If a payment has been made and you want to stop or reverse the same, can it be done?
Unfortunately, this will not be possible once the transaction has been processed.
- If a customer changes his/her mobile number, is it necessary to register for IMPS?
The customer will have to update the new mobile number with the bank to be able to use it for any service.
- What is CanMobile?
CanMobile is Canara Bank's official mobile-based application through which a number of banking services can be availed through the smartphone.
- Can those who do not have net banking use mobile banking?
Mobile banking can be used even if the customer is not using internet banking.
- What is MMID?
Known as Mobile Money Identification Number, MMID is a code that uniquely identifies a particular bank branch.
- If the transaction is successful and the beneficiary account has not been credited, what should the remitter do?
In such cases, the money will be re-credited to the customers bank account within 24 hours. If this does not happen, its is better to contact the customer care.
- Can you transfer money to all banks using this method?
Only banks that are IMPS-enabled will be able to accept funds through this method.
- Is it possible to receive money through MMID on a number that is not registered for mobile banking?
Unfortunately, this will not be possible.
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