ICICI Bank Immediate Payment Services

ICICI Bank IMPS

ICICI Bank customers can use Immediate Payment Services (IMPS) at anytime of the day or night and on all 365 days of the year. IMPS is an instant money transfer system through which money can be both sent and received. One of the main advantages of this type of money transfer is that there is no need to wait for money to be transferred in batches unlike other types of fund transfer methods.

IMPS is quick, easy and convenient. ICICI customers can avail IMPS services through various channels such as internet banking or mobile banking through the bank’s iMobile platform. The IMPS system is managed by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NCPI). Hence it is a very secure type of money transfer method.

How to Register for ICICI Bank IMPS

All ICICI Bank account holders are eligible to use IMPS services through net banking and mobile banking. To use the iMobile banking app to send funds through IMPS

Transfer Money Using ICICI Bank IMPS through NetBanking With IFSC

  • Step 1: Login to the ICICI Bank web portal by keying in your password and username
  • Step 2: Once you are logged in, go to the home screen. On the left side on the menu bar, click on the ‘Funds Transfer’ option
  • Step 3: Tap the non-ICICI Bank Account option and select transfer using ‘NEFT/RTGS/IMPS-IFSC’
  • Step 4: Tap the ‘IMPS 24/7’ option and click ‘Continue’
  • Step 5: Choose a registered payee and payment option
  • Step 6: Tap the account from which funds have to be transferred if you have multiple accounts
  • Step 7: Fill in details such as transaction remarks, amount, IFSC code and bank account number of the payee
  • Step 8: Confirm details and enter transaction password. Key in debit card grid details
  • Step 9: A confirmation message will be sent after the transaction has been successfully processed

How to Transfer Money Using ICICI Bank IMPS with MMID through NetBanking

  • Step 1: Login to ICICI bank web portal
  • Step 2: Go to ‘Funds Transfer’ and select ‘IMPS Fund Transfer’ using ‘Mobile Number and MMID’
  • Step 3: Tap the account from which funds have to be transferred if you have multiple accounts
  • Step 4: Key in the beneficiary/payee mobile number and MMID
  • Step 5: Enter transaction amount, confirm details, enter transaction password and debit card grid
  • Step 6: A confirmation message will be sent after the transaction has been successfully processed. A confirmation SMS will also be sent.

How to generate MMID using NetBanking

  • Login to ICICI bank web portal
  • Tap the ‘Generate/Retrieve MMID’ option
  • Choose the account for which MMID needs to be generated
  • Click generate/retrieve MMID

How to Transfer Money Using ICICI Bank IMPS through iMobile with IFSC

  • Step 1: Open the iMobile app and login
  • Step 2: Go to the bank account menu
  • Step 3: Choose the respective account for IMPS transfer
  • Step 4: Tap on the ‘IMPS Payments’ option and tap ‘IMPS-Account Number’
  • Step 5: Key in the account number,transaction amount and IFSC code of the payee
  • Step 6: Verify details and authenticate transaction using debit card grid details
  • Step 7: Money transfer will be initiated once details are authenticated. A confirmation SMS will be sent.

How to Transfer Money Using ICICI Bank IMPS through iMobile with MMID

  • Step 1: Open the iMobile app and login
  • Step 2: Go to the bank account menu
  • Step 3: Choose the respective account for IMPS transfer
  • Step 4: Tap on the ‘IMPS Payments’ option and tap ‘IMPS-Mobile Number’
  • Step 5: Key in the MMID,mobile number of the beneficiary/payee and, transaction amount
  • Step 6: Verify details
  • Step 7: Money transfer will be initiated once details are authenticated. A confirmation SMS will be sent.

How to generate MMID through iMobile

  • Log in to iMobile and choose the bank account
  • Tap on the ‘Insta FT(IMPS) and click on ‘Generate MMID’
  • THe MMID will be immediately displayed on screen

How to generate MMID through SMS

  • SMS MMID (space) and the last 4 digits of your account number to 9222208888. THe MMID will be SMSed to you

How to receive Money Using ICICI Bank IMPS

  • Option 1: Through Net Banking or iMobile using IFSC

Share account details such as name, bank account number, bank branch and IFSC code

  • Option 2: Using mobile number and MMID through Net Banking or iMobile

Share mobile number and MMID

How to Add Beneficiary/Payee for ICICI Bank IMPS in iMobile

  • Step 1: Log into iMobile. Enter user ID and MPIN
  • Step 2: Go to the home screen and select ‘Funds Transfer’
  • Step 3: Select ‘Add New Payee’ and choose the type of payee. The payee can be in ICICI Bank, Other bank, etc
  • Step 4: Enter beneficiary/payee name, account number, IFSC code, and account type. Verify details and click ‘Submit’.
  • Step 5: Check details and click ‘Confirm’ to verify the payee. Authenticate the payee through OPT-based verification.
  • Step 6: A message will be displayed after the beneficiary is successfully created

How to Add Beneficiary/Payee for ICICI Bank IMPS through Net Banking

  • Step 1: Log into ICICI Bank Net Banking
  • Step 2: Go to ‘Payments and Transfer’ and tap the ‘Manage Payees’ option
  • Step 3: Tap on the ‘Add Now’ option under the ICICI Bank Payee section
  • Step 4: Fill in all payee details and tap ‘Next’
  • Step 5: Verify details and tap ‘Submit’
  • Step 6: Proceed to choose the payee and key in the unique reference number that has been sent to your registered mobile number. Click ‘Confirm Payee’.
  • Step 7: A message stating that the payee registration is pending will be displayed. Click on ‘Confirm Payee’
  • Step 8: A confirmation message will be displayed

Benefits of ICICI Bank IMPS

  • iMobile Banking app: The iMobile banking app enables users to transfer funds through IMPS without any hassle, at the click of a button. IMPS transfers can be initiated by providing IFSC code and account number or by providing mobile number and MMID.
  • Speedy transfer, works 365 days: When it comes to IMPS, the fund transfer process is very fast and not as time consuming as other methods of electronic transfer. Also, the main advantage in this type of service is that it is available on 24/7 basis, even on bank holidays.
  • Instant credit: One of the main advantages of IMPS is that the funds are credited instantly to the beneficiary/payee account without any delays. As soon as the fund transfer has been made, the payee receives the money. The transfer process happens on a real-time basis.

Limitations of ICICI Bank IMPS

  • Need to add beneficiary: If money has to be transferred through internet banking using IFSC code, it is a must to add the beneficiary. This process is usually time consuming because one has to wait for a certain period of time, a minimum of 30 minutes, for the beneficiary to be activated.

Timings for ICICI Bank IMPS

IMPS services are available on a 24/7 basis, on weekends and bank holidays.

Charges for ICICI Bank IMPS

Transaction Amount Charges
Up to Rs.10,000 Rs.5
Above Rs.10,000 to Rs.1 lakh Rs.5
Above Rs.1 lakh to Rs.2 lakh Rs.15
Above Rs.2 lakh to Rs.5 lakh Not applicable
Above Rs.5 lakh to Rs.10 lakh Not applicable

*Please note that the charges availed are for outward remittances. There are non charges for inward credits. Additional charges and taxes are applicable.

Check IFSC Code for Top Banks:

FAQ's of ICICI IMPS

  1. What is IMPS?
  2. Ans: IMPS, expanded as Immediate Payment Service, is an electronic fund transfer system through which money can be sent and received on a 24/7 basis, on all 365 days a year.

  3. What is the time window for the funds to be credited the payee/beneficiary account?
  4. Ans: Funds get credited immediately on a real time basis.

  5. Are there any subscription charges for availing IMPS services?
  6. Ans: There are no subscription charges, however, there might be a transaction fee for all IMPS outward remittances.

  7. What is MMID?
  8. Ans: MMID, also referred to as Mobile Money Identification Number, is a code that is used for IMPS transfers. It will be allocated once the customer registers his/her registered mobile number.

  9. For IMPS transfer via MMID, is it a must to provide mobile number?
  10. Ans: Yes, it is a must to provide mobile number. IMPS transfers using MMID cannot be carried out without providing a valid registered mobile number of the payee.

  11. Is it mandatory to have a net banking account to use IMPS?
  12. Ans: IMPS fund transfers can also be initiated using an ATM or by visiting the respective bank branch. However, if you want to send funds through internet or mobile banking it is necessary to have an internet banking login ID and password. For mobile banking the same is applicable.

  13. What are the timings for beneficiary/payee activation?
  14. Ans: Please note that beneficiaries/payees can be added usually during the working hours of the bank and it will take around 4 hours for the payee to be approved and activated. Once this is done fund transfers can be initiated.

  15. Can the funds that a beneficiary/payee has received be used immediately or is there a waiting period?
  16. Ans: Since all IMPS funds transfers ideally take place on a real-time basis, the payee can access the funds as soon as it is credited to his/her account.

  17. Can a payee receive funds through a mobile number that is not registered with the bank?
  18. Ans: This will not be possible. To receive funds through IMPS, it is a must to provide a valid registered mobile number.

  19. How will the beneficiary know if the funds are credited to his/her account?
  20. Ans: An SMS will be sent to the payee, containing information about the crediting of funds.

  21. Will a remitter also receive SMS confirmation when funds are credited into the beneficiary account?
  22. Ans: Yes. An SMS will be sent to the beneficiary as well as the remitter as soon as the fund transfer has been processed successfully.

  23. Can a fund transfer still be processed if there is not enough money in the remitter’s account?
  24. Ans: No.

  25. If the IMPS transaction is not processed due to technical glitches, will the funds be credited back into the remitter's account?
  26. Ans: In such cases, the funds will be transferred automatically as soon as possible into the remitter's account.

  27. If the transaction is declined or if there is any kind of error, what is the time window for the funds to be re-credited?
  28. Ans: This should ideally happen within a 24-hour time period.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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