IMPS, also known as Immediate Payment Service is another instant interbank electronic fund transfer service via which customers can easily send or receive funds any time. the money transferred via IMPS is credited to the receiver’s account instantly. Citibank offers the facility of IMPS using which customers can conveniently transfer money to other bank accounts instantly. Provided free of charge currently, this facility for money transfer is quick, easy and can be used any time.
Who Is Eligible for Citibank IMPS Facility
All Citibank customers who hold a domestic bank account and have registered their mobile number with the bank are eligible to use the IMPS facility for money transfer. Funds can be transferred via Citibank Online Banking, Citi Mobile, Citibank ATMs or even via.
Benefits of Citibank IMPS Facility
- Instant transactions - Using IMPS, you can transfer money to a beneficiary’s account almost instantly. As soon as you carry out the transaction, the money will be credited to the beneficiary’s account.
- Anytime fund transfer - there are no restrictions on the timings when it comes to IMPS. This means that you can send money at any hour of the day, any day or the week and any day or the year, including Sundays or bank holidays.
- Free of charge - Currently, the IMPS facility is being offered free of charge by Citibank. Tis means you need not pay any special fee or charges to avail this service at any time.
- High Daily Transaction Limit - With Citibank’s IMPS facility, now it is possible to make high value payments in a single day. Citibank allows customers to transfer funds up to the amount of Rs 2 lakh on a daily basis via IMPS.
- Multiple Channels of Fund Transfer - Under IMPS, customers can transfer funds to their beneficiaries via various channels such as Citibank Online, Citi Mobile, Citibank ATMs or even via SMS.
Features of Citibank IMPS Facility
- Via IMPS funds can be transferred to a beneficiary by obtaining their registered mobile number and Money Mobile Identifier (MMID) or using their account number and branch IFSC code.
- The IMPS facility is open to customers 24 hour a day, 7 days a week.
- Once the transaction is complete, the beneficiary and benefactor will receive an instant confirmation of the transaction on their registered mobile number.
- Customers can generate an MMID instantly via Citibank’s online banking platform to carry out IMPS transactions.
- Customers can only make fund transfers via IMPS to account of banks which are a part of the IMPS network facility. funds cannot be transferred to non IMPS member banks.
How To Transfer Money Via Citibank IMPS
Citibank has laid down a step by step process to help customers with transferring funds via IMPS. Following is the step wise guide for the same.
Step 1 - Add a payee on Citibank Online
To add a new payee, you need to first log in to your Citibank Online account. Using your account number and IFSC code or the beneficiary’s MMID and mobile number, register the payee. Do remember that any existing payee’s holding accounts with IMPS member banks will be automatically eligible for IMPS fund transfers.
Step 2 - Transfer Funds To Payee
For transfer of funds, there are different processes involved for various channels.
For Citi Mobile
- First select the payee to whom you wish to transfer funds.
- Now, choose from "IMPS via Account number and IFSC" or "IMPS via Mobile number and MMID".
- After you have made your selection, input the amount to be transferred and click on confirm to carry out the transaction.
For Citibank Online
- Login to your Citibank Online and click on ‘Make Fund Transfer’, followed by ‘IMPS’.
- Now, choose the payee from the list, enter the amount to be transferred and click to confirm the transaction.
Transfer Via SMS
- To transfer money using MMID and mobile number, message IMPS<10-digit payee mobile number> <7-digit payee MMID> <amount> <last 4-digits of your debit card number> to 52484.
- To transfer money via account number and IFSC code, message IMPS <Payee Account number> <Payee IFSC code> <amount> <last 4-digits of your debit card number> to 52484.
Beneficiary Details Required For Citibank IMPS
To make an IMPS transfer, you need to provide the certain details of the beneficiary to whom the funds are being transferred. Fund transfers via IMPS can be done on the basis of:
- Their bank account number and bank branch IFSC code
- Their mobile number and MMID (Mobile Money Identifier)
Citibank IMPS FAQs
What is the daily transaction limit for IMPS transfers done via SMS?
The daily transaction limit for IMPS transfers done via SMS is restricted to Rs.1,000.
When I carry out an IMPS transaction, how will I get to know if the transaction has taken place or not?
After every IMPs transaction, the bank will send a confirmation message regarding the status of the transaction to the beneficiary on their registered mobile number.
What will happen if the beneficiary details (mobile number or account number) that I have added on the account are incorrect?
The IMPS service is quite similar to the NEFT service. In case you have entered incorrect details of the beneficiary such as their account number and IFSC or mobile number and MMID, the transactions will simply be declined. The transaction will get reversed instantly. In case the money does go through to the wrong beneficiary account holder, the sender must immediately contact the bank to initiate a reversal of the debit.
Is there a time period I have to wait for before I use the funds transferred via IMPS?
You can use the funds that have been transferred via IMPS immediately after they have been credited.
Can cash withdrawal or deposit be done via IMPS?
No, you cannot deposit or withdraw cash using IMPS.