The State Bank of India Immediate Payment Services

SBI IMPS

The State Bank of India (SBI) offers Immediate Payment Services (IMPS) for customers. IMPS is an instant fund transfer service which can be carried out using mobile phones, internet banking or even ATMs. To carry out an IMPS transfer, the details required are beneficiary name, account number, branch name and IFSC code.

Customers can also send and receive money through IMPS using a Mobile Money Identification Number (MMID) and mobile number. Customers can send funds using MMID as well as IFSC. Fund transfers can be made on a person to person basis or a person to account basis in SBI.

Charges for SBI IMPS

Transaction amount SBI IMPS Charges
Up to Rs.1,000 Nil
Upto Rs.1,001 to Rs.1 lakh Rs.5
Above Rs.1 lakh to Rs.2 lakh Rs.15

How to Register for SBI IMPS

This facility is available to SBI customers who use the mobile or internet banking services of SBI. If a customer wants to carry out mobile banking using IMPS then a mobile banking registration process has to be initiated.

  • Register the mobile number with the bank account and make a request for MMID
  • Download the mobile banking app

How to Transfer Money Using SBI IMPS with IFSC

Step 1: Log in to the SBI website by providing username and password

Step 2: Tap on ‘Payments Transfers’, go to ‘IMPS Funds Transfer’ and click ‘Funds Transfer’

Step 3: Click on the ‘Person to Account (Using IFSC)’ option and click Proceed

Step 4: Add beneficiary details such as name, account number, IFSC code, etc

Step 5: Key in the amount to be transferred and click ‘Submit’

Step 6: Verify details and click ‘Confirm’

Step 7: Mobile-based OPT authentication can be used to approve the transaction

Check IFSC Code for Top Banks:

How to Transfer Money Using SBI IMPS with MMID

Step 1: Log in to the SBI portal by providing username and password

Step 2: Tap on ‘Payments Transfers’, go to ‘IMPS Funds Transfer’ and click ‘Fund Transfer’

Step 3: Click on the ‘Person to Person (Using MMID)’

Step 4: Provide the MMID and mobile number

Step 5: Key in the amount to be transferred and click ‘Submit’

Step 6: Verify details and click ‘Confirm’

Step 7: Mobile-based OPT authentication can be used to approve the transaction

How to Get an MMID for SBI IMPS

  • Go to ATM, swipe card
  • Tap ‘Mobile Registration’, enter ATM PIN
  • Choose ‘SMS’ and secure code
  • Select IMPS , enter mobile number and confirm. The MMID will be sent to the user through SMS after he/she registers the respective mobile number.

How to Add Beneficiary/ Payee for SBI IMPS

Step 1: Log in to the SBI portal

Step 2: Click on ‘Manage Beneficiary’ under the profile tab

Step 3: Click on ‘IMPS Beneficiary’

Step 4: Enter the payee/beneficiary name, MMID number, country, mobile number and click ‘Submit’

Step 5: The beneficiary can be approved through mobile-based OPT verification

Benefits of SBI IMPS

  • Instant service: One of the main advantages of IMPS is that funds sent through this mode will always reach the payee instantly. Unlike other types of fund transfer methods, such as NEFT, etc, there is no batchwise settlement of transactions.
  • Available 24/7: The service is available on a 24/7 basis and even on bank holidays. This gives customers the ease and convenience of initiating fund transfers from anywhere and at anytime.
  • Various channels can be used: IMPS transfers can be initiated through various channels such as internet banking, mobile banking and funds can also be sent through an ATM facility.
  • SMS-based verification: This is a safe and reliable service and all customers will receive mobile-based verification for all transactions that are carried out using IMPS.

Limitations of SBI IMPS

  • Transaction fee: Unlike UPI transactions, where there is generally a fee levied. There is a transaction fee for each IMPS transaction.
  • Beneficiary needs to be added: It is must to add a beneficiary/payee before initiating any kind of fund transfer process using IMPS using IFSC code. Also, transfers cannot be made unless the beneficiary has been activated. This comes with a certain wait period and it may sometimes become a hassle for customers.

Timings for SBI IMPS

IMPS services can be availed on a 24/7 basis. Fund transfers can be made even on bank holidays and weekends. Please note that outward remittances should be ideally made between 8.00 a.m. to 8.00 p.m.

*Additional tax may be levied

FAQ's of State Bank of India IMPS

1. What is IMPS?

Ans: Immediate Fund Transfer Service (IMPS) is an electronic fund transfer method that is easy to use convenient and speedy. IMPS transfers can be made through mobile banking, internet banking or through ATMS.

2. What is MMID? When will an MMID be allocated to a customer?

Ans: MMID, expanded as Mobile Money Identification Number, is a 7-digit code that is used for IMPS transfers. It will be allocated once the customer registers his/her registered mobile number.

3. What are the details required for an IMPS ‘Person to Person’ transfer?

Ans: The details required are:

  • MMID of the beneficiary/payee
  • Mobile number of the beneficiary/payee
  • Name of the beneficiary/payee

4. What are the details required for an IMPS ‘Person to Account’ transfer?

Ans: The details required are:

  • Name of the beneficiary/payee
  • Account number of the beneficiary/payee
  • IFSC code of the beneficiary/payee

5. Can fund transfer be initiated without adding a beneficiary?

Ans: No.

6. Are there any specific timings for beneficiary/payee activation?

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.

7. How to make an IMPS transfer through mobile banking?

Ans: An SMS should be sent to the 9223440000. Send the following SMS: <IMPS><MOBILE NO><MMID><USER ID><MPIN>

For further details contact the bank’s customer care representative.

8. How to use the USSD service?

Ans:

  • After registration and log in, enter payee mobile number
  • Key in payee MMID
  • Purpose should be entered along with amount
  • Key in m-PIN, complete request

9. How can a customer receive funds through IMPS?

Ans:

  • Get MMID
  • Share MMID and contact details
  • SMS-based verification will be provided

10. When can a payee access funds that he/she has received?

Ans: This can be done immediately because IMPS funds transfers ideally take place on a real-time basis.

11. Is it possible to receive IMPS funds by providing a mobile number that is not registered with the bank?

Ans: No. If a customer wants to use a certain number for IMPS, he/she has to approach the bank and make a request for the same.

12. How will a payee know if the funds have been credited?

Ans: An SMS will be sent to the payee, containing information about the crediting of funds.

13. How will a remitter know if the funds have been debited from his/her account?

Ans: The customer will receive an SMS in this regard as soon as the IMPS transfer has been initiated.

14. Can a fund transfer be initiated without sufficient balance?

Ans: No.

15. What is the subscription charge for this service?

Ans: SBI does not levy any type of subscription charge as of now.

16. If an IMPS transaction is declined, will the funds be credited back into the remitter's account?

Ans: In such cases, the funds will be transferred automatically as soon as possible into the remitter's account.

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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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