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.
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