What is IMPS Money Transfer?

“Immediate Payment Service” is an instant inter bank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc. IMPS is offered by most of the pvt. and govt. banks with safe and secure transaction system. Pay Point India enables the customers to do IMPS any time, any where.

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Mobile Money Identification Number (MMID) is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.  IMPS is available to all registered users of Online  having transaction rights on one or more accounts.

 

Any account holder  can remit money using IMPS through Online SBI banking with these following steps:

  • Log on to ‘www.onlinesbi.com’
  • Visit ‘Profile’ section and click on Manage Beneficiary.
  • Select ‘IMPS Beneficiary’
  • Add details for the beneficiary
  • Approve the beneficiary using OTP (one time password) received on your registered mobile number.

 

Following beneficiary details are required before going for the IMPS money transfer to any other account -( account to account money transfer)

  • MMID of the beneficiary,
  • Mobile number of the beneficiary
  • Name of the beneficiary

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If you are transferring the money as cash to the beneficiary, then these are required by the person(customer)  to effect an IMPS remittance from Person to Account?

The beneficiary details required are:

  • Name of the beneficiary
  • Account Number of the beneficiary
  • IFS Code of the beneficiary bank

Please note that you have to add such beneficiary using Inter bank Beneficiary option given in the Profile section.

You can add and approve only one beneficiary in a calendar day, which will be activated by the internet banking system within 4 hours, if approved by you during the period from 6.00 AM to 8.00 PM (IST). Beneficiary approved after 8.00 PM will be activated on the next day after 8.00 AM (IST). You can commence funds transfer to the new beneficiary only after its activation. On the first day of activation, you can remit a maximum amount of Rs. 10000/-. During the first 5 days after activation, you can transfer a total sum of Rs. 50,000/- to a new beneficiary if activated by the system.