SBI IMPS & How to Do: Charges, Limits, Timings, & Transfers
You never know when you might need to send or receive money urgently. Until a few years ago, NEFT and RTGS were some of the only options for transferring money and that too, during banking hours. This was a major problem for individuals, businesses, and corporations alike.
To solve this prevalent problem, the NPCI (National Payments Corporation of India) introduced IMPS in several banks in 2010. IMPS stands for Immediate Payment Service. It provides a secure way of digitally transferring funds in real time.
Immediate Payment Service is available through all digital banking mediums. This includes mobile banking, net banking, ATM kiosks and SMS banking. Since the method of transferring money is digital, the transactions can be carried out 24x7. This helps everyone transfer money when it is most required for a nominal transaction fee.
In addition to transferring funds, IMPS can also be used to pay insurance premiums, utility bills, etc.
State Bank of India was one of the first banks to adopt IMPS. Till date, it continues to offer efficient and safe IMPS options for its customers. In this blog, we will cover SBI’s Immediate Payment Service and how to use this service.
Benefits and Features of IMPS
There are many benefits to using the Immediate fund transfer by SBI, as seen below:
Both banks acknowledge the transaction and approve the process as soon as all procedures are completed. After that, the beneficiary account is credited with the sent amount.
24x7 access to IMPS
Since the immediate fund transfer by SBI can be accessed through net banking or its mobile app, the user can easily transfer funds from the comfort of their home.
IMPS is functional during public holidays and after bank hours as well. This aspect makes the SBI’s Immediate Payment Service one of the most common ways of transferring funds.
Setting up IMPS is easy and straight forward. The user just needs to add a beneficiary and confirm their registered mobile number. After that, the user can send any amount within the given limits.
IMPS funds transfers that take place digitally (through net banking or mobile banking app) also reduce the hassle of form filling and standing in queues.
Beneficiaries Can Be Added Using Both MMID and IFSC
For immediate fund transfers from SBI, the user can set up a beneficiary using MMID (Mobile Money Identifier). The user will have to provide the recipient’s MMID and mobile number to register them.
This process can also be done using IFSC (Indian Financial System Code). In this case, the user will have to provide the recipient’s IFSC code and mobile number.
Both of these work as unique identifiers for the Immediate Payment Service from SBI.
Credit Card Payments
This unique feature sets SBI’s immediate fund transfers on a different level. SBI allows users to carry out immediate payments on their SBI credit cards.
SBI credit card holders can choose to pay their credit card bills through IMPS and NEFT modes. This makes it easier for the users to clear their dues and also gives them an additional means of doing that.
Charges and Limits on IMPS
Depending on the amount of funds one wishes to transfer, users are charged a small transaction fee for using the SBI immediate fund transfer service. These charges also depend upon the mode of using IMPS.
Transactions between INR 1,001 to INR 10,000 will require a transaction charge of INR 2 + service tax.
Transactions between INR 10,000 to INR 1 Lakh will be charged INR 4 + service tax.
Transactions between INR 1 Lakh to INR 2 Lakhs will have an IMPS charge of INR 12 + service tax.
Transactions between INR 2 Lakhs to INR 5 Lakhs will be charged at INR 20 + service tax.
According to a new announcement by SBI, users availing IMPS through net banking or mobile app will not be charged for transactions up to Rs 5 Lakhs. This is being done to promote digital banking and support a cashless environment.
Users can not send more than Rs 1 Lakh on these digital banking channels for the first 4 days from activation. From the 5th day onwards, the user will be able to send the maximum amount, which is Rs 5 Lakhs.
How to Register for Sending Funds through IMPS?
Anyone with a bank account at SBI can use its Immediate Payment Service.
Users must register their mobile number with their bank account to receive or send money through IMPS. This will provide them with a unique 7-digit MMID code, which is essential for all IMPS transactions.
What is MMID?
MMID, or Mobile Money Identifier, is a unique 7-digit code that allows one to make IMPS transactions.
This code is automatically provided to users when they download the SBI mobile app and register for Immediate Payment Service by SBI. In case one prefers not to use the mobile app, they can obtain their MMID using the following methods:
- Since MMID depends on the registered mobile number getting linked with the IMPS service, it will have to be done at the nearest SBI ATM using the following steps:
- Insert your debit card
- Click on the mobile registration option
- Enter your mobile number
- Select SMS or IMPS
- Enter your mobile number and click on confirm
- If a user does not have a debit card but wishes to use SBI’s Immediate Payment Service, they can visit their nearest SBI branch and obtain the MMID by filling up a form.
- The MMID is sent to the user, as an SMS, on their registered mobile number.
We suggest opting for net banking or using the mobile banking app to make the whole process easier.
Before using IMPS, make sure you have your account MPIN. You can receive your MPIN by following the given steps:
- From your registered mobile number, send SMS "MBSREG" to 9223440000 or 567676 to get your User ID and default MPIN.
- Download the SBI mobile banking application on your phone.
- You can then set an MPIN of your choice on the mobile banking app.
How to Send Money Using IMPS?
As stated above, immediate fund transfer from SBI can be done through different methods. Here are the most common methods and how to execute them.
SBI’s Immediate Payment Service using net banking consists of 2 major parts: adding the beneficiary and making the payment.
- Login to the SBI banking portal (www.onlinesbi.com).
- Go to "Profile" and then click on "Manage Beneficiary".
- Choose "IMPS Beneficiary".
- Enter all the details of the beneficiary, including their MMID code.
- An OTP (One-time password) will be sent to your registered mobile to verify this addition.
- Enter that OTP on the portal to approve the beneficiary.
- Login to your online SBI account on the portal.
- Click on "Payment/Transfer" and then select "IMPS fund transfer".
- Choose "Person to Person" if the recipient has an account at SBI. If the recipient has an account at a different bank, then select "Person to Account".
- Enter the transaction amount that you wish to transfer.
- An OTP (One-time password) will be sent to your registered mobile for security purposes.
- Enter the OTP on the portal. Once the OTP is verified, the money will be transferred to the beneficiary account.
Mobile Banking App
Using the SBI mobile app for IMPS does not require registering or adding a beneficiary.
- Download the SBI YONO mobile app on your phone.
- Login to your SBI account using the User ID and MPIN.
- Click on Fund Transfers.
- Then, go to IMPS - Mobile to Mobile Transfer.
- Enter the mobile number and MMID of the beneficiary. Make sure that the MMID entered is correct. Once the funds are transferred using IMPS, the process cannot be reversed.
- Enter the amount of funds that need to be transferred. Select the account from which you would like the money to be debited.
- Enter your MPIN and confirm the transaction process. The transaction request will be sent. Once that is approved, your specified amount will be sent to the beneficiary account.
One can even send money using their phone’s in-built USSD service. This Unstructured Supplementary Service Data or Quick Codes can easily verify all details and process the transaction. This is especially helpful when one does not have the SBI mobile app or even access to the internet.
To send money through IMPS using USSD, go through the following steps:
- Ensure you have registered for the USSD service for SBI’s immediate fund transfers.
- Enter the mobile number of the beneficiary.
- Then, enter the MMID of the beneficiary.
- Enter the transaction amount that you would like to send.
- Provide your MPIN, to verify your transaction, and complete the request.
- The specified amount will be transferred to the beneficiary account.
SMS Banking is another resourceful solution for sending funds through IMPS. It allows users to process an IMPS transaction through SMS messages. This method is beneficial for users who do not own a smartphone or do not have access to the internet.
To begin, make sure that you are registered to use SMS Banking services. If not, visit the nearest SBI branch to register the account. Then, follow the steps given below:
- If you know the beneficiary’s MMID code, then send the following SMS to 9223440000.
< IMPS><Beneficiary’s Mobile No.><Beneficiary’s MMID Code><Amount><User ID><MPIN>< Purpose (Optional, 20 Characters - Remarks)>
- If you know the beneficiary’s IFSC code, then send the following SMS to 9223440000. In this case, you will also need to know the beneficiary’s account number.
< IMPS><Beneficiary’s Account No.><Beneficiary’s IFS Code><Amount><User ID><MPIN>< Purpose (Optional, 20 Characters - Remarks)>
- The purpose of the transaction is optional in both scenarios and need not be filled.
- You will receive a confirmation of the transaction through SMS.
Almost all the methods mentioned above are straightforward and easy to use. SBI’s Immediate Payment Service is easy to use for all of its users. In case of any doubts or queries, one can always contact or visit their nearest SBI branch.
Simplified Transfers with Immediate Payments
SBI’s Immediate Payment Service is a popular and easy way of sending money that benefits people from all walks of life.
IMPS successfully allows users to transfer funds at any given date or time. Since the transaction takes place digitally, there is usually no need for bank employees to intervene. This saves time, energy and paperwork for both bank employees and users.
As more and more banks adopt IMPS to transfer funds, it becomes more widely accepted. The instantaneous transfer of funds gives IMPS an edge over other methods of transferring money (like NEFT, RTGS, etc.), despite the transfer limits.
SBI also offers additional benefits to its IMPS service. All SBI credit card holders can pay their card bills through IMPS. This is a unique and competitive feature offered by SBI. Immediate payments on SBI credit cards give users another option to stay ahead of their credit card bill.
Another feature of SBI’s immediate fund transfer system is the IMPS reference number. This allows users to track the transaction status and even view older transactions. This IMPS reference number is shared with both the payee and the recipient.
The use of the SBI Immediate Payment Services helps facilitate swift transactions between the concerned parties, such as individuals or businesses etc., which ensures a steady order of business and contributes towards the financial health of the concerned parties.
For more information about SBI’s Immediate Payment Service, visit SBI.
Frequently Asked Questions (FAQs)
What Details Are Required for IMPS?
If you are trying to transfer money from one SBI account to another, you will need the beneficiary’s mobile number, MMID and name. Fill in these details and the amount to be transferred to initiate the transaction.
If you want to send money from an SBI account to a different bank account, you will need the beneficiary’s mobile number, IFSC code, account number and name.
However, if you are using SBI’s mobile app, then the beneficiary’s mobile number and MMID will suffice.
What Happens if the Transaction Is Not Completed?
If a transaction is cancelled or interrupted before completion, the remitter will receive the whole amount back in their account. This can take between a few hours to a few days. In any case, the remitter does not lose any money.
For successful transactions, make sure that the beneficiary details are accurate. In the case of digital IMPS, make sure that you have a stable internet connection.
What Is the Difference Between IMPS Remittance From Person to Person and From Person to Account?
In the SBI banking ecosystem, when an IMPS fund transfer occurs between two SBI accounts, the remittance is said to be from person to person. This can easily be done with the recipient’s mobile number and MMID.
When an IMPS fund transfer is taking place between an SBI account and some other bank’s account, then the remittance is said to be from person to account. If the transaction is done through net banking, then the recipient’s IFSC code and account number will be required to complete it successfully.
How Can I get an MMID Code for my SBI Account?
You will receive a unique 7-digit MMID when you register for mobile banking or register on the YONO mobile app. This MMID will be linked to your primary bank account. If you want to obtain an MMID for other SBI accounts, you must visit your nearest SBI branch. You can fill up a form for mobile banking, and you will be provided with a new MMID. Or, you can even get an MMID through an ATM kiosk if you have a debit card for that account.
How Can I Add a Second Beneficiary to My List?
You can add a second beneficiary to your IMPS list either on the SBI banking portal or on the mobile app.
In both cases, you must enter the beneficiary’s details (name, mobile number, MMID, IFSC, etc.). Once the details have been added, you must verify it through a one-time password (OTP).
According to the SBI’s banking rules, you can only add one beneficiary in one day. The beneficiary will be active within 4 hours. You can send funds to them only after their details have been approved and added to your list. Beneficiaries added after the first one will become active on the next calendar day (between 8 am and 8 pm).