Indian Bank (IMPS) & How to Do: Charges, Limit, & Transfer

An Immediate Payment Service, or IMPS, is a way for citizens to make payments immediately. To improve the service to their citizens, the Reserve Bank of India (RBI) recently increased the daily limit of IMPS transactions from INR 2 lakh to INR 5 lakh.

IMPS allows real-time, instant money transfers between financial institutions through electronic means. It operates 24/7/365, so it never misses a day of the year and can be accessed anytime.

With Indian Bank's Immediate Mobile Payment Service (IMPS), users can instantly move money between their bank accounts through their mobile phones.

It allows you to transfer money quickly and easily. You only need a mobile phone, an active Mobile Money Identifier (MMID), and a Mobile Payments PIN (MPIN) to send or receive money.

Account holders at any Indian Bank location have access to IMPS. However, IMPS charges must be paid by each account holder to be able to use it.

This article will look at what IMPS is and the features that Indian Bank Immediate Mobile Payment Service (IMPS) offers.

What is IMPS?

NPCI (National Payment Corporation of India) launched the Immediate Payment Service in 2010 to facilitate immediate payments using mobile phone numbers.

National Payments Corporation of India (NPCI) oversees IMPS, which enhances the functionality of the preexisting National Financial Switch infrastructure. In the early part of the year, the NPCI launched a trial program with four member banks; the program was expanded later.

Since NEFT does not allow payments to be transmitted during holidays and weekends, banks offer IMPS to facilitate the rapid movement of funds between financial institutions daily.

By implementing IMPS, the RBI has laid the groundwork for a full range of mobile banking options available to consumers. In addition, IMPS promotes the RBI's desired goal of electronifying retail payments.

With IMPS, you may link your bank account with only your Aadhaar number or phone number. This makes it a safe means of sending money.

Participants of IMPS

For an IMPS transaction to take place, there are four major parties involved:

  • Remitter (Sender)
  • Beneficiary (Receiver)
  • Banks
  • National Financial Switch (NFS)

Information Necessary for IMPS Transactions

If you wish to transfer funds through IMPS, you need to have at least one of the following details about the beneficiary:

What Are the Uses of IMPS?

Customers can use IMPS for the following purposes:

  • You can make payments to merchants.
  • It is possible to receive payments.
  • It is possible to transfer funds.
  • Transactions can be performed using mobile banking.
  • The Aadhaar Seeding status can be checked through the bank.

The Purpose of IMPS

  • The objective is to increase bank customers' ability to access and remit funds using mobile devices.
  • Payments can be made more efficiently using the beneficiary's mobile number.
  • Provide support for the Reserve Bank of India's (RBI's) goal of implementing electronic retail payments.
  • Assuring safe and secure interoperability among banks and mobile operators with the mobile payment systems already introduced by the Reserve Bank of India with the Mobile Payment Guidelines 2008.
  • The goal is to provide a full range of mobile banking services.

What are the Benefits of IMPS?

As a result of IMPS, consumers receive the following benefits:

  • Money can be transferred using mobile numbers, MMIDs, and Aadhaar numbers.
  • IMPS sends you an SMS confirmation of the debit or credit immediately after the transaction has been made.
  • It will take a few seconds for the money to be credited to the beneficiary's account through IMPS.
  • IMPS is safe, cost-effective, and secure.
  • IMPS does not have a minimum amount limit for fund transfers.
  • It is possible to access IMPS at any time of the day, day or night, even on holidays.
  • Interbank and intrabank payments are both available to the customer.
  • IMPS can be used on a mobile phone, through internet banking, or through ATMs.
  • IMPS doesn't require the Beneficiary's Account Number or IFSC.

Is IMPS better than NEFT?

In an NEFT transaction, funds are transferred from one account to another. Transfers of funds do not appear immediately in the account. Instead, they are credited in the subsequent settlement cycle every 60 minutes. In the case of IMPS, the recipient receives the money immediately.

A second limitation is that NEFT services are only available during business hours (Monday through Friday, 8:00 am to 7:00 pm, and every other Saturday, 8:00 am to 1:00 pm). NEFT cannot be used on days when banks are closed. While with IMPS, the client does not have to worry about holidays or time-of-the-day concerns. It is available 24/7/365, so customers never have to worry about missing out.

Is IMPS better than RTGS?

With RTGS, money transactions can be completed instantly. However, RTGS is primarily used for large transactions. The RTGS system cannot be used for transfers under two lakhs. With IMPS, there is no minimum transaction amount.

On weekdays, RTGS is available from 9 am to 4:30 pm, while it is available on weekends from 9 am to 2 pm RTGS is unavailable during bank holidays, like NEFT, but IMPS may be used whenever it is convenient.

IMPS Participating Banks

As of today, 50 banks use the IMPS fund transfer facility, some of which are listed below:

  • Allahabad Bank
  • Andhra Bank
  • Axis Bank
  • Bank of Baroda
  • Bank of India
  • Canara Bank
  • Catholic Syrian Bank
  • Central Bank of India
  • Citi Bank
  • Federal Bank
  • HDFC Bank
  • HSBC Bank
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank
  • SBM Bank (India) Limited
  • Bank of America
  • Kotak Mahindra Bank
  • Punjab National Bank
  • State Bank of India
  • Syndicate Bank
  • UCO Bank
  • Union Bank Of India
  • Vijaya Bank
  • Yes Bank Ltd

This article will provide more information about Indian Bank Immediate Mobile Payment Service.

Indian Bank IMPS Fund Transfer: Features and Benefits

With Indian Bank's IMPS fund transfer service, customers can transfer money electronically immediately. Below are some of the benefits.

  • IMPS fund transfers can be initiated using the Mobile Money Identifier (MMID), a mobile number, the account number, and the IFSC code of the bank.
  • A confirmation message will be sent to both the remitter and recipient once the transaction has been completed.
  • It is safe and secure to transfer money through IMPS.
  • Any intelligent device or smartphone with internet access can use it easily and quickly.
  • Instant money can be sent to anyone.
  • This service is free for all parties (Sender is to bear standard transaction fees).
  • SMS and texting can also be used to access this service.
  • For enhanced security and increased amount, customers with cell phones with GPRS and Java may access it online.
  • The IMPS system allows you to send money 24x7
  • Even on bank holidays, public holidays, and Sundays, it can be done anywhere and at any time.
  • You can use IMPS to pay utility bills, DTH top-ups, clear credit card bills, pay education fees, purchase travel tickets, and purchase groceries.
  • All customers can use IMPS with an Indian Bank account.
  • Through IMPS, account holders can transfer up to Rs.2 lakh daily.

What Are the Eligibility Requirements for Indian Bank Imps Fund Transfers?

There are specific criteria that customers must meet to qualify for the Indian Bank Immediate Mobile Payment Service:

  • There must be an account with Indian Bank and a registered mobile number with the bank for the customer to receive the service.
  • To transfer funds from their mobile phone to the beneficiary, an active Mobile Money Identifier (MMID) must be linked to a bank account (savings account, salary account, or current account).
  • An MPIN is also required to facilitate funds transfer from one account to another.
  • Customers can only receive funds if they do not have an MPIN.

What are Indian Bank IMPS Charges?

IMPS transfers are subject to some charges. These charges are standard and are based on the amount transferred. Indian Bank IMPS charges are as follows:

Transaction Amount Indian Bank IMPS Charges (Per transaction)
For transactions up to Rs. 25000 NIL
For transactions above Rs. 25000 up to Rs. 2 lakh Rs. 6 + GST
For Non- Financial Transaction NIL

Indian Bank IMPS: How to Transfer Funds?

When transferring funds using the IMPS system, Indian Bank customers have three options:

1. IMPS Using Internet Banking

The consumer must add the payee account when making an IMPS transfer from an online bank account. After the bank validates the payee account, the consumer may send the funds. The beneficiary's information will be saved for future transfers by adding the beneficiary.

How to add a beneficiary for IMPS?

Following are the steps you need to follow before you can make an IMPS transfer through your Indian bank account:

Step 1 - Log in to your online banking account at Indian Bank.

Step 2 - Then click on the "Fund Transfer" button.

Step 3 - For IMPS funds transfers, click "Add Payee" from the same bank or "Add Payee" from a bank other than Indian Bank.

Step 4 - Provide the beneficiary's account details - the account name, the bank account number, and the IFSC code.

Step 5 - Once all the details have been entered, click "Confirm".

Step 6 - You must enter a new payee number to authorise the new payment.

Step 7 - Afterwards, the bank will notify you that a new payee has been added. If you have not received that notification, contact the bank.

Indian Bank IMPS Process

You will need to wait 30 minutes for the beneficiary to be confirmed, after which you can proceed to make an IMPS transfer by following these steps:

Step 1 - Simply click the "Funds Transfer" button.

Step 2 - Choose IMPS for fund transfers.

Step 3 - Select "IMPS using IFSC code" or "IMPS using MMID".

Step 4 - Type the amount you wish to transfer.

Step 5 - Then click "confirm". Enter a valid OTP (if applicable) or enter the select grid numbers on the back of your debit card if necessary.

2. IMPS Using "IndOASIS" - Mobile Application

Indian Bank's IndOASIS mobile banking application aims to make banking simple, integrated, and secure for retail customers. You can facilitate an IMPS fund transfer via IndOASIS by following these steps:

Step 1 - Go to the official Google Play Store or Apple App Store and download the "IndOASIS" app.

Step 2 - Complete the registration process after installing the app from the App Store or Play Store.

Step 3 - Log in from the mobile app after completing registration.

Step 4 - Click on "Fund Transfer" and then click on "Easi Pay".

Step 5 - Pick a dropdown from the list: From which account and Type of beneficiary (Other banks).

Step 6 - Enter the beneficiary's account number and the IFSC code next.

Step 7 - Click "Submit" after entering the Transaction PIN (MTPIN).

Step 8 - You will receive a One-Time Password (OTP) on the registered mobile number.

Step 9 - The IMPS transfer shall be completed when you have entered the OTP. You can view the transaction details on the screen.

3. IMPS Using SMS

Indian customers can send money via SMS to anyone they wish. They must SMS the beneficiary's MMID, mobile number, and their own MMID. You can facilitate an IMPS fund transfer via SMS by following these steps:

Step 1 - It is necessary for the customer to SMS the following details to 9444394443 in the following format:

Step 2 - To begin, enter the beneficiary's mobile number.

Step 3 - The next step is to enter the beneficiary's MMID.

Step 4 - The amount to be transferred should be entered.

Step 5 - Next, MMID and MPIN must be entered.

Step 6 - A confirmation message will be sent to both the remitter and beneficiary after sending the SMS.

Beneficiary Details Required for Indian Bank IMPS

The Indian Bank customer must first enter the beneficiary's details to initiate a transfer. One can either transfer funds using the beneficiary's MMID or the Bank's IFSC code or account number of the beneficiary (if a transaction is done online).

What is an MMID Code?

Customers are assigned a unique number called a Mobile Money Identifier (MMID) whenever they sign up for mobile banking services. It is this MMID that allows them to get access to their bank account.

Each MMID is associated with a specific bank account, so you can make IMPS payments using this one-of-a-kind seven-digit number. Four of these numbers represent the bank's individual identification number.

MMIDs can be generated via online banking, ATMs, mobile banking apps, and text messages. For people making payments using MMIDs, the following information is necessary:

  • The beneficiary's name
  • Beneficiary's mobile number
  • Beneficiary's MMID

Those with an Indian Bank account may get an MMID by sending an SMS to the number 9444394443. Each customer's mobile phone number on file with Indian Bank will get a one-of-a-kind MMID.

What is an IFSC code?

By providing only the beneficiary's account number and IFSC code, Indian Bank clients can send money to other people. IFSC codes allow people to track a beneficiary's bank branch in real-time. People making payments using IFSC codes must provide the following information:

  • Beneficiary's name
  • Beneficiary's account number
  • Beneficiary's IFSC code

The Bottom Line

The Immediate Mobile Payment Service, also known as IMPS, offers fast and simple ways for you to send money to anyone around the world. You can use your mobile phone, the internet, an ATM, or even an SMS message.

With IMPS, you can send money instantly to the recipient's account, even in small amounts. The funds are transferred in a few seconds. IMPS is a trustworthy, reliable, and inexpensive method.

With 39,000+ employees, 5,700+ locations, and 5,400+ ATMs to serve its more than 100 million customers, the Indian Bank is a worthwhile alternative since it offers other services and an Immediate Mobile Payment Service.

Indian Bank IMPS FAQs

Is The Beneficiary Required to Be Enrolled in Mobile Banking and Registered With IMPS?

Enrolling in a mobile banking service is unnecessary for the beneficiary to receive the funds. However, they must have a valid MMID and a registered account with the bank.

Can I Make Withdrawals Or Deposits Using IMPS?

As far as the IMPS is concerned, you can only transfer funds through it. You cannot make withdrawals or deposits through it.

Is IMPS The Same As UPI?

UPI is an instant payment system developed by the National Payments Corporation of India (NPCI), an entity regulated by the Reserve Bank of India. It is built with the Interbank Payment System (IMPS) and allows instant funds transfers between the accounts of any two parties involved.

What Are The Disadvantages Of IMPS?

There are different limits for IMPS transactions at different banks, and Fund Transfers fail when the account doesn't have enough funds.

What Happens If An IMPS Transaction Fails?

When your IMPS transaction fails or times out, check to see if the money has been deducted from your account. If the money hasn't been deducted, you can try again after some time. If it has been debited from your account, check your account after two working days. It will have been credited to your account by then. If the beneficiary has not received the money, contact the customer care executive of your bank for assistance.

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