April 26, 2023

Bank of Baroda (BOB) IMPS: Charges & Transfer Limit

The Bank Of Baroda Immediate Payment Service (IMPS) is an easy and quick way to transfer funds. Using this IMPS facility, you can transfer funds through your online Bank of Baroda account. The best part about internet banking is that you can access your bank account online from the comfort of your home. This makes it convenient for you to transfer funds with a few clicks.

IMPS is an instant interbank electronic fund transfer service that is offered by many banks in India. Since the Bank of Baroda is also a part of the IMPS network, it offers its customers this instant money transfer option. Read on to know more about the Bank Of Baroda Immediate Payment Service.

What Are the Different Types of Payment Methods for Fund Transfers?

When you transfer funds from your bank account digitally, there are multiple ways of making the payment. Bank of Baroda offers digital banking services like almost all other banks in India. Whether it is through mobile banking or through your internet banking account, there are different payment options available to make the transfer. The most common ways to transfer money through digital banking are as follows:

1. NEFT (National Electronic Fund Transfer)

Through NEFT payment, you can transfer money to another person's account. However, it can only be during bank hours and is not possible on bank holidays.

2. RTGS (Real Time Gross Settlement)

With Real Time Gross Settlement, the transaction can take place quickly, and it is a convenient way to transfer funds from one bank account to another.

3. IMPS (Immediate Payment Service)

IMPS allows you to transfer money almost instantly. This means that the money can be transferred almost immediately after the transfer is done.

What Are the Benefits of IMPS Fund Transfer?

Bank Of Baroda Immediate Payment Service or IMPS is an easy and instant way to make a cashless transfer through your online banking account. It offers instant interbank fund transfers to another bank.

If your bank is a part of the IMPS network, it can also receive IMPS fund transfers from another bank. It is very convenient for customers to make a payment to the beneficiary because it does not require much wait time. The transaction takes place instantly.

If you want the amount to get transferred to the beneficiary account immediately, then this is a great option for online fund transfer. In the case of NEFT (National Electronic Fund Transfer) payment, the amount takes time to get credited to the beneficiary bank. Once you make the payment, you have to wait for the amount to get credited to the beneficiary account.

This takes some time, and you will usually have to wait till you get a confirmation message to know that the transfer has been completed. Once you make the payment, you cannot immediately be certain that it has taken place. With NEFT payment, it may take some time to get the confirmation message from the bank.

However, in the case of IMPS payment, once you make the payment through your net banking account, the fund transfer takes place almost immediately. You will get a confirmation message from the bank soon after making the payment. This is especially convenient and useful if you need to inform the beneficiary (payee) as soon as possible that you have made the payment.

Bank Of Baroda Immediate Payment Service is also useful if you need to make a payment at the soonest or the last moment or without delay.

Another benefit of Bank Of Baroda Immediate Payment Service transfer is that it is available 24x7 on your internet banking account. In the case of NEFT payment, the payment can be made subject to bank timings and holidays. With IMPS transfer, the payment can be made at any time and any day, regardless of bank timings and holidays.

What Is Bank of Baroda Immediate Payment Service?

With Bank Of Baroda Immediate Payment Service, customers can make the fund transfer to the beneficiary with just a few clicks. To do so, you have to register for a mobile banking account and get a registration number for your mobile.

A customer can make the Bank Of Baroda Immediate Payment Service payment through a mobile phone with mobile banking. Using the mobile phone, the amount can be directly credited to the payee account.

As a customer, you can benefit from the transfer taking place almost as soon as you make it. This is especially helpful in case of emergencies or sudden payments that need to take place at the soonest. The person who is receiving the amount will usually also get a confirmation message from their bank that the amount has been transferred to their account.

How to Register for the Bank of Baroda IMPS Facility?

Like most other banks in India, the Bank of Baroda offers IMPS payment. However, you have to register for an MMID code which is a code that is required for mobile banking. Any person who has a Bank of Baroda bank account can use the Bank of Baroda Immediate Payment Service.

All you have to do is to register for online net banking and then for mobile banking through the Baroda M-Connect service. To register for the Baroda M-Connect service, you will require your debit or ATM card.

If you do not have a card, you can visit your Bank of Baroda branch to register for Baroda M-Connect. Once you register, you will be issued a 7-digit MMID code. You can use this code to validate any Bank Of Baroda Immediate Payment Service transaction that you make through mobile banking.

You will be issued this 7-digit MMID and it will be connected to your main bank account with the Bank of Baroda. The MMID code will be sent to your registered mobile number via SMS.

If you have already registered for Bank of Baroda online banking and you have downloaded the mobile banking app, you can generate the MMID on the app itself. All you have to do is to click on 'Fund Transfer-Other Bank' and then select the option 'Know Your MMID'.

What Are the Main Features of Bank of Baroda IMPS?

Bank of Baroda Immediate Payment Service comes with certain helpful features that make it convenient and accessible. The main features are as follows:

The service is accessible and user-friendly
It offers almost immediate fund transfer to the payee account
Bank Of Baroda Immediate Payment Service can be easily done on your mobile through mobile banking
All that is required is your MMID code to validate the transaction
Bank of Baroda Immediate Payment Service is available 24 x 7 even on bank holidays and after banking hours
Any Bank of Baroda customer can avail of the IMPS facility
You can link multiple Bank of Baroda accounts to your mobile number
Each account will have a separate MMID, which you can enter for the Bank of Baroda Immediate Payment Service

What Is the Procedure for Bank of Baroda IMPS?

The procedure to transfer funds through the Bank of Baroda Immediate Payment Service is as follows:

1. Register for Mobile Banking

It is easy to transfer funds through the Bank of Baroda Immediate Payment Service. The process to do so is as follows:

Register for the Baroda M-Connect service to get your MMID code for the Bank Of Baroda Immediate Payment Service
Then, you will need to ask for the payee's mobile number and MMID
In order to transfer funds to the payee by IMPS, the payee has to have an MMID code
You can then log in to the Bank of Baroda mobile app and select "Funds Transfer" to begin the process of registering the payee

2. Register the Beneficiary

The first step is to register the beneficiary for the Bank Of Baroda Immediate Payment Service fund transfer. This is a one-time procedure, so you will not have to repeat it each time you make a payment. The steps to do this are as follows:

Select "Fund Transfer" from the list of Menu options
Select "Other bank" and choose beneficiary registration
Select the Online Fund Transfer (IMPS) option to get to the IMPS facility
Once you are at the IMPS transfer facility, you have to enter the beneficiary's MMID and mobile number
You will also be asked to enter a nickname for the payee
Once you have entered these payee details, you can confirm the payee
This completes the process, and your payee will be registered for the Bank Of Baroda Immediate Payment Service

3. Transfer Funds

Once you have registered the payee, you can start the process of transferring funds via the Bank Of Baroda Immediate Payment Service. This process is as follows:

If you have already registered the payee, you can select the payee from your list of registered payees
If you are transferring money to a new payee, you can select the "Beneficiary registration" option to register the payee
You can then proceed to the "Payment" option
You will have to enter the mobile number of the payee and the payee's MMID code
You can then enter the purpose of the transfer
The next step is to enter the amount that you want to transfer
You can then select the Bank of Baroda bank account that you would like to make the payment from
This account will be the account that is debited when the IMPS payment takes place
Select the "Ok" sign to go ahead with the IMPS transaction
The transaction will take place almost immediately after you make the payment
Once it is complete, you will receive a confirmation SMS that will be sent to you and to the payee

How to Receive Funds with Bank of Baroda IMPS?

It is easy to receive funds through the Bank of Baroda Immediate Payment Service. The process is as follows:

Share your MMID code and the mobile number registered for the MMID code with the person who is going to transfer funds to your account.
Once you have done this, the person transferring the funds will have to carry out the IMPS transaction from their account.
You will receive a confirmation message on your phone after the IMPS transfer has been completed and the amount has been credited to your account.
You will also get a reference number for the transaction, which you can keep in case it is needed.

What Details Are Needed for Bank of Baroda IMPS?

The Bank of Baroda Immediate Payment Service is a simple process and does not require many details. All you need is your Bank of Baroda MMID code, the MMID code of the payee, and the mobile number of the payee.

The MMID code is linked with the payee's mobile number, which is why you also need to give the mobile number of the payee. By using the IMPS facility, you can transfer money to other Bank of Baroda customers. You can also make IMPS fund transfers to merchants by entering the merchant's MMID code.

What Are the Charges for IMPS Transactions?

The charges for Bank of Baroda Immediate Payment Service differ based on the range of the amount being transferred. The charges based on the slab or range of the transactions are given below. These charges are exclusive of GST.

For transactions up to INR 1,000, the charges are INR 2.50 for digital transactions and INR 2.50 for transactions through the bank branch.
For transactions between INR 1,001 and INR 25,000, the charges are INR 5 for digital transactions and INR 5 for transactions through the bank branch.
For transactions between INR 25,001 and INR 1,00,000, the charges are INR 7.50 for digital transactions and INR 10 for transactions through the bank branch.
For transactions between INR 1,00,001 - 2,00,000, the charges are INR 15 for digital transactions and INR 20 for transactions through the bank branch.
For transactions between INR 2,00,001 – 5,00,000, the charges are INR 20 for digital transactions and INR 25 for transactions through the bank branch.

The charges for NEFT transactions are as follows:

For transactions up to INR 10,000, the charges are INR 2.25 for digital transactions and INR 2.25 for transactions through the bank branch.
For transactions between INR 10,001 to INR 1,00,000, the charges are INR 4.75 for digital transactions and INR 4.75 for transactions through the bank branch.
For transactions between INR 1,00,001 to INR 2,00,000, the charges are INR 14.75 for digital transactions and INR 14.75 for transactions through the bank branch.
For transactions above INR 2,00,000, the charges are INR 24.75 for digital transactions and INR 24.75 for transactions through the bank branch.

Conclusion

Using the Bank of Baroda Immediate Payment Service, you can easily transfer funds quickly to a payee at any time of the day and any day of the week. It's accessible, convenient, and simple. If you have registered as a payee, you only have to enter a few details and then go ahead with the transaction. You can also do it wherever you are using your mobile banking app. It is a great option to consider if you have to transfer funds at the soonest.

FAQs

How to get the MMID code for IMPS from the Bank of Baroda?

When you register for the Bank Of Baroda Immediate Payment Service, you will be given a 7-digit MMID code for your main bank account. You will receive this code through an instant message on the mobile number that is linked to your Bank of Baroda account. You can also get the code directly on the Bank of Baroda app by selecting the "Know Your MMID" code option. To get to this, you have to click on "Fund Transfer - Other Bank".

How to register for Bank of Baroda mobile banking?

You can register for mobile banking at a Bank of Baroda branch. You can also register for it by visiting the nearest Bank of Baroda ATM. To do this, you have to swipe your debit card in the card slot of the ATM and then enter the ATM pin. Once that is done, you have to select M-Connect and opt for registering the mobile number. Once that is done, you can confirm the transaction so that you receive an SMS with the link for the mobile app. You will also get a password and an MPIN with the message.

What if I enter the wrong MMID code or other payee details for IMPS?

With Bank of Baroda Immediate Payment Service, if you enter the wrong MMID code or the wrong mobile number for the payee, the IMPS fund transfer will be declined. For the transaction to take place, both the MMID code and the mobile number have to match the Bank of Baroda account of the payee. This is because the MMID code and mobile number are connected to their main bank account. These payee details are registered with the bank account and are used to identify the Bank of Baroda account to which you are trying to transfer funds to.