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

Demand Draft

- Merchant has made full payment against the goods that he/she received, cross border. - School fees, and utility bills have been paid - You just transferred payments from one of your bank accounts to the other For such transactions and many more, a demand draft or simply, DD is the preferred choice as this bank initiated prepaid negotiable instruments, when presented by the payee, the drawee bank ensures fulfilment of the amount mentioned on the cheque. It is important to note that while the DD is payable on demand, it is not payable to the bearer. The DD is made payable on a specified branch of the bank at a specified centre and does not require signatures to be cashed. The flip side to this ease, is that, in a situation of suspicious/fraudulent payèe, you cannot disregard the payment when he/she presents it at the specific branch. The drawee bank is obligated to make full payment to the extent of the amount mentioned on the DD.

HDFC Bank Statement - How to Download, Get, & Check it Online from Net Banking

A bank statement is a document that is issued by a financial institution, typically a bank or credit union, that shows all of the transactions that have taken place on an account during a specific period of time. This period of time can vary depending on the institution, but it is typically monthly or quarterly. The statement will show all deposit and withdrawal transactions, including checks written, automatic payments, and electronic transfers. The statement also includes a running balance, which shows the account holder the current balance of their account, as well as any interest earned during the statement period. Bank statements are important for tracking one's financial activity, reconciling account balances, and identifying any unauthorized transactions. They are usually available online and can be downloaded, printed, or emailed to the account holder. They serve as a record of financial activity and are often required for financial planning, tax preparation, and during audits.

HDFC Bank DD (Demand Draft) Charges for Savings, Salary, & Current Accounts

Demand Draft is a transactional method. These are relatively similar to cheques, except bank issues them in response to a specific request and are payable to any particular person. DDs are merely payment orders that one bank sends to another to pay a certain party. Demand drafts from HDFC Bank are typically payable at a specific location or branch of a bank. Learn about HDFC DD charges and more in the sections below.

How to Check Union Bank Mini Statement By Missed Call, Number & Mobile Banking

To put it simply, it is a condensed version of your bank statement that only includes the most recent transactions. You can view the specifics of five current debit/credit cards, NEFT/RTGS/IMPS/UPI/etc. Transactions in this small bank statement. In terms of the Indian public sector banking industry, the Union Bank of India stands out as a frontrunner. Union Bank of India (UBI) provides online banking services that are among the best in the industry. The best banking services are available around the clock at Union Bank. Through Union Bank's online banking services, consumers may quickly and easily access their bank accounts, saving them valuable time. Account users can access various banking services, including checking their balance, getting a brief summary of their account activity, transferring funds, and more. Customers of Union Bank of India can generate bank account statements and Union Bank of India Mini Statements using a variety of handy channels, including SMS Banking, the Missed Call Facility, Union Net Banking, and mobile banking.