IMPS or Immediate Payment Service is an instant, real-time electronic funds transfer system in India. IMPS facilitates inter-bank eletronic funds transfer service through mobile phones. IndusInd Bank offers IMPS service to all their customers through mobile and netbanking facility. Using this feature, you can transfer funds not only to IndusInd Bank customers but also to another bank. Funds sent through IMPS facility will be immediately crediting to the beneficiary account. In today's world, time is very precious. IMPS helps in saving a lot of time as funds are transferred within few seconds.
Eligibility for IndusInd Bank IMPS Fund Transfer
To enjoy IndusInd Bank IMPS Fund Transfer facility, the account holders should:
- Have an active account with IndusInd Bank.
- Have registered their mobile number with the bank.
- Should have a valid Mobile Money Identifier (MMID) linked to a bank account (savings account, salary account or current account) to transfer fund from their mobile phone to the beneficiary.
- Should have an MPIN to facilitate a transfer from one account to another.
Benefits of using IndusInd Bank IMPS Fund Transfer
- Saves a lot of time as beneficiary receives the funds immediately.
- Customers can transfer up to Rs.50,000 in a single day.
- 24/7 customer care service available for all IndusInd Bank customers.
- Customers can transfer funds from anywhere and at any time.
- Customers can transfer funds even on bank holidays, public holidays and Sundays.
- Customers can use the IMPS facility to pay utility bills, DTH top-up, clear credit card bills, pay education fees, to purchase travel tickets and groceries.
- IMPS fund transfer is free of cost.
Features of IndusInd Bank IMPS Fund Transfer
The first and foremost feature of IndusInd Bank IMPS fund transfer facility is that it allows the account holders to transfer funds immediately. Apart from that, the other features of IndusInd Bank IMPS fund transfer are:
- Customers can transfer up to Rs.50,000 using the IMPS fund transfer facility.
- To initiate an IMPS fund transfer, customers can either used their Mobile Money Identifier (MMID), their mobile number, or bank account number and bank’s IFSC code.
- Once the transaction has been made, both the remitter and recipient will receive a message confirming the transaction.
- Customers can access HDFC Bank’s IMPS facility on their android device, android tablet, iPhone, or Windows tablet.
- IMPS transactions up to the value of Rs.1,000 can be done free of charge.
How to Transfer Money by using IndusInd Bank IMPS Fund Transfer
The following are the methods an account holder can follow to transfer funds using IndusInd Bank IMPS Fund Transfer:
- Visit IndusInd Bank official website.
- Log in using your net banking credentials.
- Navigate to the “Fund Transfer” option available in the menu.
- Now, select ‘IMPS Funds Transfer’
- You will have to choose a beneficiary now from the list and enter the amount that you need to transfer.
- Once the payment has gone through, you will receive a confirmation on your registered email ID and phone number.
- Log on to IndusInd Bank mobile banking app using your credentials.
- Choose the ‘Fund Transfer’ option and select ‘Other Bank using IMPS’.
- Choose ‘Using IFSC/AC No.’ to transfer funds using IFSC code.
- Choose the beneficiary, enter the amount to be sent, make any remarks and confirm the transaction.
- Once the transaction has gone through, you will instantly receive a confirmation message for the transaction.
Using SMS - An IndusInd Bank customer can transfer funds to anyone through SMS. To initiate a fund transfer through SMS a account holder should send a SMS with the details of the beneficiary’s MMID and mobile number and their MMID. Listed below are the steps to facilitate an IMPS fund transfer using SMS.
- The customer has to SMS to the bank’s registered phone number in the given format -
- First enter the mobile number of the beneficiary
- Next, enter the MMID of the beneficiary
- Enter the amount one wishes to transfer
- Enter the MPIN and your MMID
- Once the SMS has been sent, a confirmation message will be sent to both the remitter and the beneficiary.
Beneficiary Details Required for IndusInd Bank IMPS
To transfer funds to anyone, the account holder should add them as a beneficiary. Usually, the bank takes 30 minutes to approve a beneficiary after all the details has been submitted. One can either transfer funds using the beneficiary’s MMID or Bank’s IFSC code or account number of the beneficiary (if transaction is done online). To transfer funds using IMPS facility, one must have the following information:
· Beneficiary’s bank account number and bank branch IFSC code.
· Beneficiary’s mobile number and MMID (Mobile Money Identifier).
IndusInd Bank Immediate Mobile Payment Service FAQs
- What is a MMID mode?
A Mobile Money Identification number is a seven digit code that is unique for every customer. The MMID is linked to the bank account of customer. The first four digits of the seven digit code are the unique code of the bank. A customer can generate the MMID through their internet banking account, at an ATM or through the mobile banking app or SMS.
- What is an IFSC code?
IFSC or Indian FInancial System Code is a 11 digit character that helps in identifying the individual bank branch that participate in various online money transfer options like NEFT and RTGS. This code is required to transfer funds from one account to another.
- Is there a limit on the amount I can receive using IMPS facility?
No. There is no limit for receiving funds using IMPS facility.
- Is there a limit to how much I can transfer using the IMPS facility?
Since you are an IndusInd Bank customer you can transfer up to Rs.2,00,000 per day using IndusInd Mobile Banking or Net Banking facility.
- Can I make withdrawals or deposits using IMPS?
No, you can only transfer funds, you cannot make withdrawals or deposits through IMPS.