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  • Axis Bank Immediate Payment Service (IMPS)

    Savings Account
    • Instant money transfer
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    Enhancing the convenience for customers, Axis Bank has rolled out its new electronic fund transfer service - Immediate Payment Service (IMPS). Using IMPS, account holders of Axis Bank can make electronic transactions to the beneficiary of their choice. The service is 24/7 and is functional even on public and bank holidays and on Sundays. As soon as the money is transferred,the same will be credited in the beneficiary’s account.

    Eligibility for Axis Bank IMPS Fund Transfer

    • Should be an Axis Bank account holder and his/her mobile number registered with the bank.
    • The customer’s Mobile Money Identifier (MMID) has to be linked to their bank account to transfer funds.
    • The remitter has to also have an MPIN to facilitate a transfer from one account to another.
    • Customers that do not have an MPIN can only receive funds.

    Benefits of using Axis Bank IMPS Fund Transfer

    • Customers have the benefit of transferring up to Rs.50,000 a day.
    • The money is credited to the beneficiary immediately.
    • Axis Bank IMPS fund transfer is available 24/7.
    • Customers can transfer funds even on bank and public holidays and on Sundays.
    • Customers can pay utility bills, purchase travel tickets, facilitate DTH top-up, clear credit card bills, education fees, pay for groceries, etc.
    • IMPS fund transfer is completely free.
    • Beneficiaries do not have to be enrolled in any mobile banking service to receive the funds.

    Features of Axis Bank IMPS Fund Transfer

    Some of the features of Axis Bank IMPS Fund Transfer are listed below.

    • Transfer up to Rs.50,000 using the IMPS fund transfer in a day.
    • Customers can transfer funds through the mobile app, their online banking account, ATMS, or can make purchases at merchant shops.
    • The remitter as well as the recipient will receive a message confirming the transaction once it has been finalised.

    How to transfer money by using Axis Bank IMPS Fund Transfer

    Some of the features of Yes Bank IMPS Fund Transfer are listed below.

    • Customers can transfer up to Rs.50,000 using the IMPS fund transfer in a day.
    • Customers can transfer funds through the mobile app, their online banking account or an ATM.
    • Once the transaction has been made, both the remitter and recipient will receive a message confirming the transaction.

    How to transfer money by using Yes Bank IMPS Fund Transfer

    There are three ways an Axis Bank customer can transfer funds using the IMPS fund transfer:

    Internet Banking- For this the customer has to first add the payee and only once the beneficiary is confirmed by the bank can the customer facilitate a transfer. Once the details of the beneficiary are approved by the bank, the details will be stored for future transactions.

    Add Beneficiary

    • Login to your Axis Bank online account.
    • Choose “Fund Transfer”.
    • Click on “Add Payee”. Here customers have the option of choosing a payee from Axis Bank or a payee from another bank.
    • Enter the account name, bank account number and IFSC code of the beneficiary.
    • Click on “Confirm”.

    IMPS Transfer

    • In most cases, the payee will be confirmed by the bank within 30 minutes. Upon confirmation, the money can be credited to the beneficiary.
    • Click on “Transfer funds”.
    • Select “IMPS” as the mode of transfer.
    • Choose “IMPS using IFSC code” or “IMPS using MMID”.
    • Enter the amount to one wishes to remit.
    • Click on “confirm”.
    • Enter the OTP sent to your registered mobile number.
    • Once the OTP has been entered, the money will be immediately credited to the beneficiary.

    Mobile App - To transfer money via the Axis Bank app, the customer will have to first enter the details of the beneficiary and then carry out the procedure to transfer funds using IMPS.

    Add Beneficiary

    • Login to your online banking account through the Axis Bank mobile app.
    • Choose “Transfer Funds”.
    • Select whether the beneficiary is from Yes Bank or from another bank.
    • Enter the details of the beneficiary - account number, MMID, bank’s IFSC code.
    • Click on “Continue”.
    • Enter the OTP or transaction password to confirm payee.

    IMPS Transfer

    Once the beneficiary has been added and confirmed you can go ahead and transfer funds through IMPS.

    • Click on “Transfer Funds”.
    • Choose “IMPS using IFSC” or “MMID”.
    • Enter the details of the beneficiary - account number, mobile number, MMID, Bank’s IFSC code.
    • Click on “Continue”.
    • Enter the OTP.

    ATM - Axis Bank customers can facilitate an IMPS transfer through an Axis Bank ATM as well. As per procedure, the customer has to first enter the details of the beneficiary and then transfer the money.

    Add Beneficiary

    • Visit an Axis Bank ATM and insert your debit card.
    • Select “Fund Transfers”.
    • Choose “IMPS”.
    • Once that is done, choose “Registration”.
    • Enter your registered mobile number. Once that is done, an SMS will be sent to your mobile number.
    • Re-enter the number to confirm.

    IMPS Transfer

    • Visit the nearest Axis Bank ATM once the beneficiary has been approved.
    • Choose “Fund Transfer”.
    • Next, select “IMPS”.
    • Enter the beneficiary’s MMID and mobile number.
    • Enter the type of account and the amount to be transferred.
    • Ensure that the details entered of the beneficiary is correct and click on “Confirm”.
    • As soon as the transaction is complete a message will be sent to both the remitter and recipient.

    Axis Bank IMPS at Merchant Shops

    Axis Bank customers can also the details of the merchant and then make the fund transfer. To carry out a transaction at a merchant shop using IMPS, follow the steps mentioned below:

    • Login to your Axis Bank account using the app.
    • Select “Fund Transfers”.
    • Choose “IMPS merchant payments”.
    • Enter the MMID and the mobile number of the merchant
    • Enter the amount of the bill.
    • Enter your MPIN.
    • Lastly, collect the transaction reference.

    Beneficiary Details Required for Axis Bank IMPS

    In order to facilitate an Axis Bank IMPS fund transfer, the account holder has to first enter the details of the beneficiary. When making a transfer, the remitter can either choose to enter the MMID or registered mobile number, the IFSC code and account number or the Aadhaar card number of the beneficiary.

    MMID and registered mobile - The Mobile Money Identification number is a unique seven-digit number assigned to every account holder to either make or receive fund transfers. The first four digits of the MMID is bank’s unique code. If the remitter decides to transfer funds using the MMID mode, he/she will also have to enter the registered mobile number of the beneficiary. To carry out a transfer via the MMID mode, the following details of the receiver will have to be entered:

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

    IFSC mode - The Axis Bank account holder can also transfer funds to the beneficiary by entering his/her account number and the IFSC code of the bank. The IFSC code helps identify the bank branch the beneficiary holds an account with. To carry out a fund transfer using the IFSC mode, the following details will have to be entered:

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

    Aadhaar card - The latest addition to the IMPS, account holders can facilitate transfers just by entering the Aadhaar card number of the beneficiary as the Aadhaar card number is linked to the bank account of the beneficiary.

    Axis Bank IMPS FAQs

    1. At what time can I initiate an IMPS transfer or receive money?

      The IMPS fund transfer is 24/7. Can be done at any time and everyday of the year including bank and public holidays and Sundays.

    2. Can I initiate an IMPS transfer using credit or is it required for me to have sufficient balance?

      You will need to have sufficient balance in your bank account to facilitate a transfer.

    3. Should the beneficiary also have IMPS?

      The beneficiary has to have his/her number registered with the bank and have an MMID.

    4. What happens if the details of the beneficiary are wrong?

      The MMID and the registered mobile number of the beneficiary have to be in sync with his/her account. If there are any mistakes, one cannot make a transfer.

    5. What should I do if the IMPS fund is debited from my account yet the transaction has failed?

      The bank will reverse your transaction money back to your account within 48 hours.

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