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What details are required to receive payments via IMPS?


Date: 16 Dec 2015    Group: Finance & Banking    Category: Banking   

One of my friends friend is sending me some amount via IMPS. I haven't used IMPS anytime. What are the basic required details which I am supposed to share with him so that he can transfer money to my bank account via IMPS? People who have used IMPS please help me out.

Do you need to get your money transferred to your bank account via IMPS? Get step-by-step guidance from our experts.


Author: Timmappa Kamat    17 Dec 2015      Member Level: Platinum     Points : 10  (Rs 10)    Voting Score: 0

IMPS stands for Immediate Payment Service. It has been launched by NCPI to aid in real time money transfer across banks. Majority of the interbank transactions are carried out using NEFT. The transfer through NEFT takes place in batches and therefore, is not real time. You can transfer cash in real time in RTGS, but you will need to do the transactions during the bank working hours.
IMPS makes interbank transfers easy. The service is available 24x7 on public holidays and Sundays. You can make payments using your mobile number and the MMID of the beneficiary. Follow the below mentioned steps to use the facility.

1. You need to activate the Internet banking service of your bank. Also make sure you have enabled the Mobile Banking service as well.

2. Get your MMID (Mobile Money Identifier) from your bank. You need to use proper channel of the concerned to get the same. Most of the banks have the option to request for your MMID under netball in menu.

3. Get the mobile number and MMID of your beneficiary. You may also get the account number and IFSC code if the recipient has no MMID.

4. Login to your netbanking.

5. Locate the IMPS option. Enter the beneficiary mobile number, MMID and amount to be transferred. If your beneficiary has no MMID, choose proper option to send money by account number and enter beneficiary account number, IFSC code and amount.

6. Authorise the transaction with your PIN.

Done! The amount will be transferred to the beneficiary in real time. You will be charged Rs. 5 per transaction irrespective of the transaction amount. Do not forget to note down the transaction reference number for future reference in case of any need.

If you are the beneficiary of the IMPS transaction, you just need to provide your mobile number and MMID to the sender. If you are not able to generate MMID for any reason, you may give your account number and IFSC code.


Author: Mahesh    17 Dec 2015      Member Level: Diamond     Points : 15  (Rs 15)    Voting Score: 0

IMPS (Immediate Payment Service) is a system where the money of upto 50,000 Rs can be transferred from one bank account to another. It uses either IFSC or the MMID details to transfer the money. In case of MMID, the members details for the host bank account are required. Those details alone can be used to transfer the money. This does not work for those who don't have the core banking enabled. In such case you should only focus on the IFSC as a method of money transfer.

The method below is specific for the Kotak bank Mobile app. However, most of the commercial banks are likely to have similar method for IMPS payment. In case of PSU banks or the Govt aided banks such as IDBI will have different way of handling the IMPS.

Follow the steps below to send the money using IMPS.

1. Login to your netbanking application.
2. Find the option for transfer money.
3. Select IMPS option.
4. Choose either MMID or IFSC.
5. If you follow MMID then use following instructions.
a. Enter the account details of the person.
b. Enter the amount
c. Enter the bank details.
d. Enter the bank code.

6. If you follow IFSC option then use the following instructions.
a. Enter the persons name.
b. Enter the account type - savings, current, overdraft.
c. Enter the amount.
d. Enter the IFSC code for bank.
e. Select the bank name from the list.
f. Select the branch from the list.

7. Verify the information entered.
8. Hit send money or transfer money option.

These set of instruction are similar with ICICI, Kotak, HDFC banks. You may have to add beneficiary in case of IMPS before sending money if you're using PSU bank and wish to send money.





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