Money transfer from a bank account to the other, has always been a concern for the banking community and the customers. NEFT and RTGS are two of the most popular ways to transfer money in India, but it does not meet certain requirements of customers and banks in certain ways. They are not a 24x7 service and they can be done only in the banking hours as well as working days. For emergency requirements of money transfer at a time when most needed the other too may not help. UPI has been introduced recently to meet all the requisites of both the banking, as well as the public community. But before that happened, people already had the IMPS service on their phones.

Features of IMPS on Phone:

• The money transfer through IMPS is as safe and secure as NEFT and RTGS .
• It is easy to use this facility on any smart device or phone with an internet connection.
• This is one of the fastest way to transfer money between bank accounts
• Money can be sent to anyone, simply with their cell phone number.
• The recipient gets the amount credited instantly without any delays.
• People do not need to share their bank details especially their account numbers for the transfer of funds in this platform.
• The service is available throughout the year and 24 by 7.
• There are no charges levied to any parties to avail this service.
• Notifications are sent to both the parties when the transaction is completed, saying debited and credited.
• Currently the transfer limit for IMPS is Rs. 50,000 only.

Prerequisites or Eligibility for IMPS Users:

• You should have your bank’s ATM cum Debit Card.
• You should be registered with your bank for SMS alerts.
• If you have a basic handset, then you can use this service through SMS and texting only.
• Customers with cell phones that have GPRS (General Packet Radio Service) enabled by their Service Provider as well as JAVA may use it online for higher security and amount.
• Some banks have their own applications for smart phones where IMPS can be done quickly.

How to Register for IMPS?

1. You need to first register for the mobile banking service of the bank.
2. You will also need to have the Mobile Money Identifier (MMID) and MPIN from the bank. Even the recipient or beneficiary needs to have them.
3. You can download the Application for mobile banking from your bank or use the SMS facility in your mobile if your bank has SMS IMPS facility.

How to Send Money with IMPS Facility on Your Phone?

1. You need to login to your bank’s application.
2. Next, select the IMPS option for the IMPS menu. The SMS facility in your phone can be used for the same.
3. You need to have the Beneficiary Mobile number and MMID, ready.
4. You need to fill in the Beneficiary Mobile number, Amount, beneficiary MMID, as well as your MPIN to transfer the funds.
5. A confirmation text through SMS will be sent to you for the debit in your account and credit in the beneficiary’s account.
6. The transaction reference number must be noted for future reference.

How to Receive Money Through IMPS on Your Phone?

1. You need to provide your cell phone number and MMID with the sender.
2. The sender will do the same thing as mentioned in the earlier section, to send money using your Mobile number and MMID.
3. A confirmation text through SMS will be sent to you for the credit in your account and debit in the sender’s account.
4. The transaction reference number must be noted for future reference.

List of Banks Offering IMPS Money Transfer in India

The following banks offer IMPS services to their customers:

1. Andhra Bank
2. Allahabad Bank
3. Adarsh Co-Operative Bank Ltd.
4. Axis Bank
5. Bandhan Bank Ltd.
6. Bank of India
7. Bank of Baroda
8. Bassein Catholic Co-op Bank
9. Bank of Maharashtra
10. Canara Bank
11. BNP Paribas
12. Central Bank of India
13. Catholic Syrian Bank
14. City Union Bank
15. Citibank
16. Cosmos Co-operative Bank
17. Corporation Bank
18. Development Bank of Singapore
19. Dena Bank
20. Dhanalakshmi Bank
21. Development Credit Bank
22. Federal Bank
23. Dombivli Nagarik Sahakari Bank
24. HSBC
25. HDFC Bank
26. IDBI Bank
27. ICICI Bank
28. Indian Overseas Bank
29. Indian Bank
30. ING Vysya Bank
31. IndusInd Bank
32. Janata Sahakari Bank, Pune
33. Jammu & Kashmir Bank
34. Karur Vysya Bank
35. Karnataka Bank
36. Kerala Gramin Bank
37. Lakshmi Vilas Bank
38. Kotak Mahindra Bank
39. Nainital Bank
40. Mehsana Urban Co-operative Bank
41. NKGSB Co-operative Bank
42. Pragathi Krishna Gramin Bank
43. Oriental Bank of Commerce
44. Punjab and Sind Bank
45. Punjab and Maharashtra Co-op Bank
46. Rajkot Nagrik Sahkari Bank Ltd
47. Punjab National Bank
48. Saraswat Bank
49. RBL Bank
50. Standard Chartered Bank
51. South Indian Bank
52. State Bank of Hyderabad
53. State Bank of Bikaner and Jaipur
54. State Bank of Mysore
55. State Bank of India
56. State Bank of Travancore
57. State Bank of Patiala
58. Syndicate Bank
59. Thane Janata Sahakari Bank
60. Tamilnad Mercantile Bank
61. The A.P Mahesh Urban Co-op Bank
62. UCO Bank
63. The Greater Bombay Co-op Bank
64. Union Bank of India
65. Vijaya Bank
66. United Bank of India
67. Yes Bank