Central Bank Immediate Payment Service
Immediate Payment Service or IMPS as it is known, is an electronic fund transfer facility offered by banks in collaboration with NPCI to enable instant transfer of funds. The service is available 24x7 and it allows transfer of money through mobile, ATM, and internet, which is safe and secure both from a financial and non-financial standpoint.
The main aim of IMPS is to encourage the use of mobile as a medium for financial transactions. It's offered by the National Payment Corporation of India (NPCI) and allows customers to transfer funds through banks and RBI approved Prepaid Payment Instrument (PPI) issuers in the country.
Who is eligible for Central Bank IMPS facility?
All Central Bank customers who have registered for the mobile banking facility are eligible for the IMPS service. However, for IMPS transfers through bank branch, internet banking, or ATM, it is not necessary to register for mobile banking service.
Benefits of Central Bank IMPS facility:
Instant fund transfer: The service allows you to credit money to the beneficiary savings account instantly and it is available even on Sundays, bank holidays, and during non-banking hours.
Daily transaction limit: The limit set on Central Bank daily transactions is quite high. Customers can transfer up to Rs.2 lakhs in a day. The maximum limit per transaction is Rs.50,000 and there is no limit on the number of transactions.
Available via Multiple Channels: The IMPS facility is available through multiple channels such as internet banking, mobile banking, ATM, etc.
Easy Tracking of Transactions: Customers can track their transactions done through any of the IMPS channels. Each and every transaction is assigned a reference number which can help you track it with much ease.
How To Transfer Money Using Central Bank IMPS?
Central Bank allows you to make IMPs-based money transfers through various channels such as Mobile app, SMS, or internet banking. Given below are the details of the transfer process using either IFSC and account number or MMID and mobile number.
Preconditions for IMPS transfer
- You should register yourself for the mobile banking facility offered by Central Bank of India.
- After registration obtain MMID and MPIN from the bank.
- Download the mobile banking app or the SMS facility offered by the bank.
Fund transfer using mobile number and MMID
To transfer funds using MMID, both sender and receiver will have to register for the mobile banking service and get their unique MMIDs. A mobile number can be linked to different MMIDs. Once the MMID is generated, the remitter can transfer funds using the mobile number and 7-digit MMID combination.
Fund transfer using account number and IFSC code
To transfer funds though with mobile number and MMID, both sender and receiver should be registered with the bank for mobile banking services. However, there may be cases where money needs to be sent on a high priority and the receiver has not registered his/her mobile number for the service. In such cases, IMPS transfer can be done using the beneficiary account number and IFSC code.
Fund transfer using Aadhaar number
To transfer funds using the Aadhaar number facility, the beneficiary's Aadhaar number has to be linked with their bank account number. The Aadhaar number acts as a destination for financial transfer and it simplifies the IMPS payment process. The sender is required to enter only the Aadhaar number of the beneficiary to initiate an IMPS fund transfer. To optimize the implementation of Aadhaar based remittance, the NUUP service has been supplemented with a new feature. The service known as Query Service on Aadhaar Mapper (QSAM) will allow customers to check whether their Aadhaar number is seeded to the bank account and its status with respect to fund transfer.
Services Offered Under IMPS:
- Easy transfer of funds and remittances
- Sending and receiving cash
- Merchant Payments which include grocery bills, utility bills, online shopping, etc.
- Travel & Ticketing
- Settling credit card bills
- Paying school & college fees
- Mobile and DTH recharges
- Query Service on Aadhaar Mapper
Participants in IMPS:
- Sender
- Receiver
- Bank
- National Payment Corporation of India (NPCI)
FAQs on Central Bank Immediate Payment Service
- How can I register for the SMS banking service of Central Bank of India?
To register for SMS banking service, you should visit your home branch and submit a duly-filled registration form for SMS service. You will receive the MPIN with 7 to 8 days from the date of registration.
- How can I get the MMID for IMPS transfer?
MMID can be generated by giving a mobile banking application at the bank or by sending an SMS in the following format: MMID9967533228.
- How can I send the money through IMPS using SMS banking?
You should type IMPSReceiver's Mobile NumberReceiver's MMIDAmountMPIN and send it to 9967533228.
- What are the different channels for IMPS fund transfer?
IMPS fund transfers can be initiated using the following channels:
- SMS
- Smartphones (using bank app)
- Internet banking
- ATMs
- Can I link more than one account to the same mobile number?
Yes, you can link different accounts to the same mobile number. However, each account number will have a different MMID.
- Can I stop the payment once the transfer is initiated?
No, you cannot cancel the payment request once it is initiated.
- If I change my telecom service provider, do I need to reregister for the service?
No, you do not have to register again if you change the telecom service provider. You need to reregister for the service only if your mobile number is changed.
- What are the timings for IMPS fund transfer?
IMPS is a round-the-clock service which enables customers to send or receive money at any time during the day. You can transfer funds through IMPS on holidays as well.
- What are the details to be entered for transfer of funds using IMPS?
The sender should enter the beneficiary details such as:
- MMID and Mobile number, or Account number and IFS code, or Aadhaar number
- The amount to be transferred
- Payment reference number
- MPIN of the sender
- Is it necessary for the beneficiary to register for IMPS?
If the beneficiaries are receiving money through the account details and Aadhaar number, then registration is not required. However, for receiving money through mobile number and MMID combination, beneficiary registration is required.
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