April 26, 2023

Citibank MMID

  • Do you need to send money on an immediate basis, at an odd hour, and on a holiday?
  • Do you need to send funds quickly, safely, and securely and all you have is a smart device with an internet connection?
  • Do you need to send funds to a beneficiary whose account details are not known to you?
What if all the above unmet needs can be simply addressed by registering your mobile number with your bank account coordinates?
The IMPS ( Immediate Payment Services)
a payment gateway allows you this service.
Let us explore this concept in detail.
Initiated by NPCI in 2010, the IMPS platform facilitates the electronic movement of funds from one bank to another within India.
You can carry out your financial transactions in real-time, 24*7, safely, securely, and economically through this platform which can be accessed through Mobile, Internet, ATM, or SMS mode.
To carry out a fund movement via IMPS gateway you either require:
  • MMID code and mobile number of the transacting parties or
  • Account details and beneficiary's IFSC code.
Basically, Mobile Money Identifier is a unique random 7- digit code allotted by the banks to their account holders.
This code along with your updated registered number is linked to your account number. Of this 7-digit code, the first four coordinates represent the identity of the bank which is facilitating the IMPS service.
The person sending the money i.e. the remitter and the person receiving the money i.e. the beneficiary, both have to generate their unique code from their respective banks for the transaction to complete.
Curious to know as to how one generates this code!

Let us take an empirical example of Citibank.

  • To begin with, you need to register for mobile banking services with the bank.
  • All you need to do is to download the application form from the bank's official web portal or net banking portal.
  • Upon registration, you will be allotted a unique code.
Now to make the fund transfer, log in to the app through your phone.
  • Navigate through the menu to locate the 'Send Money/Fund Transfer tab'.
  • Now press the IMPS tab.
  • Type the beneficiary’s or the receiver's mobile coordinates, name, transfer amount, and the receiver's code.
  • You will now have to provide your Mobile PIN (MPIN) to validate the transfer.
  • Upon verification, the money would be sent to the receiver.
  • You will then receive an SMS from your bank confirming the transfer along with the transaction number details.
  • The receiver's bank would also send an SMS to its account holder informing him/her about the transaction details.

FAQs:

What is the eligibility criteria for using Citibank IMPS service?

All domestic account holders of Citibank can avail of the IMPS service, provided they have registered their updated mobile number with the bank.

What are the various channels through which I can access IMPS service?

As a Citibank customer, I can access this payment gateway through SMS, Citi mobile, or Citibank online.

What is the maximum daily threshold for transferring funds via MMID code?

The maximum daily fund transfer limit via MMID code for Citibank customers is ₹1000.

Would the fund be transferred immediately to the beneficiary's account?

Yes, this is a real-time electronic fund transfer channel. The payment would reflect in the receiver's account instantly.

In a scenario wherein the sender has typed the wrong mobile number of the beneficiary, will the fund transfer get fulfilled?

In case of an erroneous mobile number most likely the transaction will not get processed.
However, it is extremely important to double-check the receiver's details- mobile number, amount, name, and MMID before executing the transaction.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

What is MMID in Axis Bank? 

Festive occasion or a medical emergency, your family and extended family need funds and need them urgently.However, they don't have access to netbanking. Is there a way I could make the electronic fund transfer through my mobile phone? Can they receive the funds quickly and safely? Vyola! Technology is indeed transformational and disruptive and has revolutionised India's digital banking sector, making fund transfers accessible to everyone in every corner of the country by using mobile phones as the medium. You can now make instant 247 interbank electronic fund transfer to individuals and enterprises anywhere using your mobile phone throughout the year including Sundays and bank holidays This is where the concept of MMID, Mobile Money Identifier comes in. In simple terms, MMID is a seven digit code which is typically a combination of your mobile number and bank account number which allows for interbank transfers via the mobile banking platform. Customers can transfer and receive funds via Immediate Payment Services (IMPS) using their registered Mobile number and Mobile Money Identifier (MMID). Introduced by the Government of India in 2010, MMID was a step up to the two commonly used transfer methods – the Real Time Gross Settlement or RTGS fund transfers and the National Electronic Fund Transfer or NEFT service. Unlike RTGS and NEFT Services which require net banking facilities to function, with MMID, one could transfer funds to the beneficiary's account electronically using a mobile phone. As long as you have a phone number linked to your bank account, you can receive fund transfers via MMID. All you need is the mobile number, account number and the IFSC details of the payee.

ATM Cash Withdrawal Limits of India's Top Banks

As an individual, it's essential to have access to cash when you need it. One way to do this is through ATMs, which allow you to withdraw money from your bank account anytime, day or night. However, there are limits to how much cash you can withdraw from an ATM in a single transaction or within a certain timeframe. These limits vary from bank to bank and can affect your ability to access the cash you need. In this blog post, we'll be comparing the ATM cash withdrawal limits of some of India's top banks. By the end of this post, you'll better understand ATM cash withdrawal limits.

Factors to consider while selecting a financial advisor

A financial advisor assists with investment decisions, account management, and financial planning, reducing stress over fund growth. Various types include those specialising in planning, investing, retirement, or robo-advisors with automated services. To select the right advisor, understand needs, determine budget, research credentials, choose the right advisor type, and ensure clear communication. Advisors align financial strategy, build trust, and aid in retirement planning amid market fluctuations. Choosing wisely is crucial for success; thorough research and compatibility lead to peace of mind and improved money management. Are you planning to make your money grow, but are not sure how to invest it strategically? Hiring a financial advisor could be a good start in that endeavour. From helping you build a solid portfolio to ensuring that your financial goals are successfully achieved, a financial advisor can help you in more ways than one. A disciplined process will enable you to get your personal finances in order and accomplish both short- and long-term objectives. As per Statista, 35% of Americans availed the services of financial advisors in 2022 to guide them with their investments. In this article, we will share with you some tips on identifying the right financial advisor. So, let’s start with the basics.

PNB Balance Enquiry Toll Free Number and How to Check

| Check PNB Bank Balance by Toll-free Number | 1800 180 2223 (Toll-free) | | --- | --- | | Punjab National Bank Balance Check | 0120-2303090 | The Indian banking industry has flourished since its establishment. Many public and private banks compete fiercely to provide the best financial services and acquire the most significant number of consumers. These days, convenience and attentiveness are paramount. All will love any person or organisation that can give valuable services. Concerning public sector banks, Punjab National Bank needs no introduction. For decades, it has been a reliable source of banking services for Indian citizens. Bank customers have reported consistently positive experiences. The company routinely introduces new amenities to maintain the interest of its current clients and attract new ones. PNB clients' favourite service is the ability to check their "Account Balance" quickly and easily through several convenient channels. In order to check your PNB account balance, you can use a variety of convenient methods.