Immediate Payment Service (IMPS) is a real-time fund transfer service that is available on a 24/7 basis on all 365 days a year. IMPS services can be availed even on bank holidays. The funds sent through this method of money transfer is credited immediately to the payee/beneficiary account. There are many channels of sending money through IMPS including using account number and IFSC, through ATMs, SMS banking, and through Mobile Money Identifier (MMID) and mobile number.
Customers will have to pay a transaction fee to send funds through this method. However, in the recent times, many banks are waiving off this fee. This trend is especially been seen after the launch of the Unified Payments Interface (UPI).
Funds can be transferred to a payee/beneficiary based on:
- Bank account number and IFSC code
- Mobile number and MMID
IMPS Transfer Using Bank Account & IFSC
- Log into internet banking by providing username and password
- Go to the home page and click on the funds transfer option.
- Choose IMPS transfer using bank account & IFSC
- Fill in payee/beneficiary details such as account number, IFSC code, bank branch, transaction amount and other relevant details
- Verify details and confirm payment
- A confirmation message will be sent through SMS
IMPS Transfer Using ATMs
- Visit your bank ATM
- Select your language and enter your pin
- Go to the main menu, select other services like fund transfer and click on IMPS fund transfer
- Key in the mobile number of the payee/beneficiary
- Proceed to enter the MMID and transaction amount
- Verify transaction and choose account from which money should be debited
- Verify details and confirm transaction
IMPS Transfer Through SMS Banking
- The first step is to register for mobile banking. This can be done after the mobile number is linked with your savings bank account
- Send a message to the SMS banking number given by your bank using the keywords
- Type IMPS followed by the account number of the payee/IFSC code and the transaction amount. Follow the SMS format given by your bank
- Enter the MPIN, also known as mobile pin, after you receive a message from your bank
- The customer will receive SMS-based verification
IMPS Transfer Using Mobile no & MMID
- Log in to the respective bank’s mobile banking app on your smartphone
- Go to the homescreen and click on the funds transfer option
- Choose the IMPS option
- Enter beneficiary details such as mobile number, MMID, and amount to be transferred
- Add any remarks if any, verify details and confirm
- A confirmation message will be sent to the customer
Transfer of Funds Using IMPS
Funds can be transferred using this method through two options:
- Person to Account Number or P2A: In this type of fund transfer you can send money to the bank account of the payee by keying in the account number and IFSC code.
- Person to Person or P2P: This method of money transfer can be carried out by using the mobile number and MMID of the beneficiary or payee
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