Ever since Kotak Mahindra was licensed by the Reserve Bank of India (RBI) in 2003, they have been rolling out banking services that have enhanced convenience for their customers. One such service is the IMPS (Immediate Payment Service).
With this service, customers can transfer money from their account to members of any bank - anytime of the day and year. This service falls under the ambit of the National Payments Corporation of India (NPCI) and includes all member banks in the country that have collaborated for this convenient service.
There are two ways a customers can transfer funds through IMPS. They are:
Any Kotak Mahindra Bank customer having a current or savings account and having registered for Net Banking is eligible for the IMPS transfer. In the case of mobile banking, the customer will have to have a valid MMID (Mobile Money Identifier) and his/her mobile number registered with the bank to be eligible.
Listed below are the different type of merchants a customer can use IMPS to transfer money:
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
IMPS is Immediate Payment Service. Basically it means transferring funds (money) instantly. Using IMPS, a customer can transfer funds to another account (any other bank as well) immediately. IMPS is a 24/7 electronic fund transfer service.
All customers that have a current or savings account with the bank can use the IMPS fund transfer service. The customer would have to have an active online account. In the case of mobile banking, the customer's number has to be registered with the bank and should have a valid MMID (Mobile Money Identifier).
There are two ways you can transfer funds using IMPS:
No, if you have an active online account, that is enough. There is no separate registration for IMPS.
Yes, if the transfer has failed due to some reason, the money will be credited back to the sender's account instantly. If there is an instance where the money has not reached the receiver, the money will be credited back to the sender within 24 hours.
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