PNB Immediate Payment Service (IMPS)

Who is Eligible for Punjab National Bank IMPS?

Anyone with a bank account at Punjab National Bank is eligible to use the IMPS facility. If one wishes to transfer funds via internet banking, then they must have an online banking account with the bank.

If one would prefer to use mobile banking, then they need to have authorisation on the Punjab National Bank app. In other cases, the customer can use an ATM to make the transaction.

Benefits of Using PNB IMPS:

IMPS comes with a number of benefits to users. Some of the benefits include:

1. User friendly service.
2. Immediate transfer of funds to the beneficiary's account.
3. Can be used after banking hours.
4. Can be used even on bank holidays.
5. 24x7 access to IMPS.
6. Various avenues such as internet, mobile and ATM to carry out transactions.
7. Any customer with a bank account can use IMPS.

Features of PNB IMPS:

Immediate Payment Service is an easy method of transferring funds and making payment instantly through your bank account. The features of IMPS include:

1. Use of MMID and mobile number, or bank account number and IFSC code.
2. Transaction limit of Rs.50,000 per day.
3. Confirmation alerts sent to both remitter and recipient.

How to Transfer Money by using Punjab National Bank IMPS Service?

There are three ways to transfer money using IMPS:

Internet Banking - There are two steps to making an IMPS transfer. You first need to add the Payee to your savings account and authorise it. The first step is a one-time procedure. Once this is done, it will be stored for future transactions.

Add Beneficiary

1. Login into your online PNB account.
2. Select "Manage Beneficiary".
3. From the dropdown menu, choose "Add IMPS Payee".
4. You will be required to enter the details required.
5. Then click on "Confirm new/modified beneficiary".
6. You will receive a one-time password on your registered mobile number.
7. Enter this number to authorise the new payee.

IMPS Transfer

1. Once your beneficiary has been added, you can follow these steps to make the transfer:
2. Click on "Transaction".
3. Choose "IMPS using IFSC" or "MMID" according to your preference.
4. Fill up the details required to make the transaction.
5. Click on "Continue".
6. You need to verify the transaction by using your transaction password and the OTP sent to your mobile number. OTP is required only for transactions above Rs.25,000.

Mobile Application - With this method, there are two steps to making an IMPS transfer as well. You first need to add the Payee to your account and authorise it.

Add Beneficiary

1. Login into your online PNB account on the mobile app.
2. Select "Transfers" and then click on "Manage Beneficiary".
3. Choose "Other banks".
4. You will be required to enter the details required.
5. Then click on "Continue".
6. Enter your transaction password to authorise payee.

IMPS Transfer

Once your beneficiary has been added, you can follow these steps to make the transfer:

1. Click on "Transfers".
2. Choose "IMPS using IFSC" or "MMID" according to your preference.
3. Fill up the details required to make the transaction.
4. Click on "Continue".
5. You need to verify the transaction by using your transaction password.

ATM - You can carry out an IMPS transfer at an ATM by using the steps below:

Add Beneficiary

1. Visit a PNB ATM and insert your debit card into the designated slot.
2. Select "Fund Transfers".
3. Choose "Immediate Payment Service".
4. Choose "Registration".
5. You then need to enter your registered mobile number to receive the SMS alerts. You need to re-enter the number to confirm.
6. All bank accounts linked to your card will appear.
7. Choose the account you wish to use and submit it.
8. If the transaction is successful, a message will appear on the screen. The MMID of the account will be issued on the receipt.
9. If the transaction fails in case of invalid information or mobile number, then it will be declined.

IMPS Transfer

Once your beneficiary has been added, you can follow these steps to make three transfer:

1. Visit a PNB ATM and insert your debit card into the designated slot.
2. Select "Fund Transfers".
3. Choose "Immediate Payment Service".
4. Choose "Fund Transfer".
5. Enter the beneficiary's mobile number and the MMID.
6. Enter the transaction amount and the account type.
7. All accounts linked to the account type will be displayed, select the one you wish to use.
8. The screen will display the confirmation with the beneficiary's mobile number, transaction amount and MMID.
9. You need to check the details and confirm it by clicking on "Proceed".
10. Once the transaction is complete, a confirmation message will be displayed and printed. The printed receipt will have a reference number which you can keep for future reference.

Beneficiary Details Required for PNB IMPS:

The details you will need to get from the beneficiary to make an IMPS transfer are based on the method chosen.

MMID mode - An MMID is a Mobile Money Identification Number. It consists of 7 digits and is a unique number mapped to an account. The first four digits represent a unique code to identify the bank. An MMID can be generated through an ATM, mobile banking or internet banking. To make an IMPS transfer using the MMID mode, you need the following information:

1. Name of the beneficiary

1. Mobile number of the beneficiary
2. MMID of the beneficiary

IFSC mode - IFSC is the Indian Financial System Code. It is an alphanumeric code that is used to identify the bank and the bank branch to which the fund transfer needs to be made. To make an IMPS transfer using the IFSC method, you need the following information:

1. Name of the beneficiary
2. Account number of the beneficiary
3. IFSC of the beneficiary's bank

IMPS is an instant interbank electronic fund transfer facility that is used by a number of banks across the country. The service is extremely handy for customers to make cashless transfers to their beneficiaries.