Citibank is a subsidiary of Citigroup, a multinational financial services corporation. The multinational financial services corporation which is headquartered in New York and provides credit cards, mortgages, personal loans, commercial loans, and lines of credit was founded in 1812. The bank which was originally known as City Bank of New York and later as First National City Bank of New York has a total of 2,649 branches spread across 19 countries.
In India, the private sector bank is headquartered in the country’s financial capital i.e, Mumbai. The bank which started its operations in the country in 1902 is currently the largest foreign direct investor in financial services. It currently provides financial services in India through its 35 full-service Citibank branches in 19 cities and over 500 ATMs.
Here, we look at how an individual can make an online funds transfer using the bank’s IMPS facility.
Table of Contents
Which Channels are available to individuals by Citibank for initiating online funds transfer?
Citibank provides its customers four methods through they can be initiated. They are -
- Citibank Online
- Citi Mobile
- Citi ATMs
Online Funds Transfer using Citibank’s IMPS Facility
Prior to sending funds for the first time using the IMPS facility offered by Citibank through Citibank Online, the remitter needs to ensure that the beneficiary’s name and account number is registered. To do so, one needs to login to Citibank Online using the login ID and password. Thereafter, the beneficiary’s details like name, account number, IFSC code of the bank etc needs to be submitted. Once the details are approved by the bank, funds transfer can be initiated.
To transfer funds using the beneficiary’s mobile number, the beneficiary’s mobile number and the seven-digit Mobile Money Identifier (MMID) number is required to be provided. In doing so, the bank sends a six-digit OTP on the registered mobile number which is required to be provided to authorize payee registration.
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How to Add Beneficiary/ Payee on Citibank Online
To add a beneficiary for transferring funds, an individual needs to follow the steps mentioned below:
- Login to Citibank Online.
- Go to add a beneficiary/payee tab.
- Provide his/her account number and IFSC code or the beneficiary’s mobile number and MMID.
Note: Existing fund transfer payees whose banks participate in IMPS via account number and IFSC code are automatically eligible for IMPS transactions.
How to Transfer Money using Citibank IMPS facility
As mentioned earlier, there are four channels available to Citibank customers for initiating a funds transfer.
Mentioned below are the detailed process involved:
- Using Citibank Online: To transfer money using Citibank Online, the individual needs to first login to Citibank Online using the User ID and password. After logging in, he/she needs to click on ‘Make Fund Transfers’ and then proceed to Instant Fund Transfer (IMPS). Thereafter, the individual needs to select a beneficiary, enter an amount and confirm the transaction.
- Using Citi Mobile: To transfer funds using Citi Mobile, the individual needs to first select a payee or beneficiary. Next, the individual is required to choose ‘IMPS via Account Number and IFSC’ or ‘IMPS via Mobile Number and MMID’. Following that, enter the amount and confirm the transaction.
- IMPS via Mobile number and MMID: Sending funds to a beneficiary using Citibank’s IMPS facility can also be done by sending an SMS. All the individual is required to do is to type IMPS followed by the 10-digit payee mobile number, 7-digit payee MMID, amount and the last four digits of the debit card and send it to 52484.
- IMPS via Account number and IFSC code: To transfer funds using the account number and the IFSC code, the individual is required to send an SMS to 52484. The individual is required to type IMPS followed by the payee account number, IFSC code, amount and the last four digits of the debit card.
Benefits of Citibank IMPS
When it comes to using Citibank’s IMPS facility, there are certain benefits that individuals are liable to avail. They are mentioned below:
- IMPS service can be used 24*7, even on Sundays and bank holidays.
- Provides immediate confirmation of transaction.
- MMID can be generated immediately through Citibank online banking platform.
- The facility can be used on the smartphones using their registered mobile number.
- The daily transaction limit is Rs.2,00,000.
- No transaction service charges are needed to be paid.
FAQs on Citibank IMPS
1. What are timings for initiating and receiving IMPS remittances?
IMPS transactions can be sent and received at any time. There are no timing or holiday restrictions on IMPS remittances.
2. Can I withdraw or deposit money using IMPS?
No, you cannot withdraw or deposit money using Citibank IMPS facility.
3. Are there any subscription charges for availing the IMPS facility?
No, there is no subscription charges for availing IMPS facility.
4. What happens when the mobile number registered with the bank gets updated?
In that case, customers need to share the new mobile number and the existing MMID with remitters.
5. Is there any limit on the value of transactions in IMPS?
The combined daily limit of IMPS transactions carried out through the varied means is Rs.2,00,000 while the daily limit is Rs.1,000.
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