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 the 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.
Ways of transferring funds through IMPS
There are two ways a customers can transfer funds through IMPS. They are:
- A customer can transfer funds through his/her online account. All that is required is the recipient's account number and the IFSC code of the bank.
- Another way one can transfer funds is through the mobile app of the bank. Customers will have to have a valid MMID (Mobile Money Identifier) and his/her mobile number registered with the bank.
Features and benefits of the Kotak Immediate Payment Service
- Funds transferred through IMPS are done instantly.
- The service is available 24/7.
- Both, the sender and receiver, receive a message of confirmation when the transaction takes place from their respective banks.
- Transactions that take place through IMPS are safe and secure.
- Hassle-free mode of transferring money from one account to another. With this, one doesn't have to visit the receiver’s bank to transfer the money, as done before.
Steps to make an IMPS fund transfer through net banking
- Once the customer has logged into their online account, he/she should click on “transfer and payments” to facilitate an IMPS transfer.
- Next, if this is the first time that the customer will be transferring money to the receiver’s account, he/she needs to click on “add beneficiary”. The customer will have to enter the details of the recipient - account name and number, bank and IFSC code.
- Once the beneficiary account has been approved (usually takes between 30 mins to an hour), the customer will have to choose the type of transfer, click on IMPS.
- Once IMPS has been chosen as the mode of transfer, the customer will have to enter the details of the amount to be transferred.
- Next, verify the details and click on “confirm”.
- The bank will send the customer an activation code or OTP to their registered mobile number. He/she should then enter the code and facilitate the transfer.
Steps to make a transfer through mobile banking
- Once a customer has the mobile app of the bank, transferring funds is a simple procedure.
- On the mobile banking app, click on “transfer funds”. Click on “IMPS”.
- Now, like with online banking, the customer will have to enter the details of the beneficiary - account name and number, bank and IFSC code.
- Once the details of the beneficiary have been approved, the customer can facilitate the transfer.
- Enter the mandatory fields and click on “Pay Now”.
- Next, verify the details of the beneficiary and click on “confirm”.
For Merchant Payments through IMPS, follow the listed steps:
- Once the customer has logged into his/her account, after choosing IMPS as the mode of transfer, he/she should next select “Merchant Payment”.
- The customer has to then enter the merchant’s MMID and mobile number.
- Next, enter the amount to be transferred and click on “Pay Now”.
- Verify the details of the beneficiary and click on “confirm”.
Eligibility for the Kotal Immediate Payment Service
Any Kotak Mahindra Bank customer having a current or savings account and have 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.
Instances when customers can use IMPS
Listed below are the different type of merchants a customer can use IMPS to transfer money:
- Mobile top-ups, DTH top-ups
- Customers can use IMPS to pay for their insurance premium
- When shopping online
- Payments over-the-counter
- To pay school or college fees
- To pay utility bills
- To purchase travel tickets, make hotel reservations, etc.
Kotak Immediate Payment Service FAQs
I’m new to net banking. Can you please tell me what IMPS means.
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.
What is the eligibility criteria for IMPS?
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).
Tell me the ways of transferring funds via IMPS.
There are two ways you can transfer funds using IMPS:
- The first is through a customer’s online banking account. All that is required is the beneficiary’s account number and bank’s IFSC code.
- The second is through the bank’s mobile banking app. Here, the customer will need the beneficiary’s mobile number and MMID.
Does IMPS have a separate registration?
No, if you have an active online account, that is enough. There is no separate registration for IMPS.
Will I get a refund if the IMPS transfer is not processed?
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.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.