IMPS can transfer your money through net-banking and mobile banking platforms. Both processes are explained below:
The procedure for IMPS transfer through net-banking is as follows
Log in to your bank’s net-banking portal; Beneficiary’s Account Number, Account Type, IFSC Add IMPS Beneficiary by inputting (IFSC) code, name and contact details After your bank confirms the inclusion of the beneficiary, go to Fund Transfer and then select the beneficiary to whom you want to transfer the funds. Once you do that the beneficiary account details will appear, enter the amount and comments (optional). Verify the payment and your funds will be transferred instantly through IMPS.
The procedure for IMPS transfer through mobile banking is as follows
Log in to your bank’s mobile banking application; Add Beneficiary, if not already added (Process of adding Beneficiary is described above), once Beneficiary is added, click on Send Money / Fund Transfer tab and go to IMPS option; There enter beneficiary mobile number, amount and beneficiary’s Mobile Money Identifier (MMID). The application will then ask for your mobile PIN (M-PIN) to validate the transfer, once you verify your mobile PIN your money will be transferred and then the bank will send you a confirmation text message with reference to the transaction number. You will see that transaction no. Can be used for feedback/inquiries and complaints.
Also, to get money through IMPS, provide your mobile number. and Mobile Money Identifier (MMID) to the payer and then the payer will be able to transfer money to you through IMPS. If the payer is paying you through IMPS net-banking, you need to provide the payer with your account details like account name, account number, IFSC. (IFSC) code etc. have to be provided so that the donor can include you as a beneficiary.
When IMPS was introduced in 2010, it was a revolutionary fund transfer system. This makes payment settlement quick and easy. Below are some features of instant payment service system:
IMPS is the fastest and most reliable way for inter-account money transfer. Unified Payment Interface (UPI) is also built on this platform.
Immediate Payment Service (IMPS) is a fast and secure way to send and receive funds.
Through the IMPS mobile platform, money can be remitted to any beneficiary by simply sending the mobile number and Mobile Money Identifier (MMID).
Bank account number is not required for IMPS fund transfer if you are transacting through mobile. A transfer instruction is sent to the issuer and payee by the bank after completion of the transfer instruction.
The IMPS fund transfer limit is currently ₹ 50,000 per day. Minimum allowed transaction value in IMPS is ₹ 1.
- Register for mobile banking or net banking in your bank account.
- If accessing IMPS fund transfer through mobile banking you must have the beneficiary’s Mobile Money Identifier (MMID) and your MPIN (M-PIN).
- If you are transferring money through IMPS net-banking, you will need account details, number, IFSC etc. of the account holder to pay the beneficiary. Similar details are required.
What is IMPS?
IMPS is an instant payment service that enables customers to make electronic fund transfers in real-time, 24/7, throughout the year, including weekends and holidays.
How does IMPS work?
IMPS facilitates interbank transactions by instantly transferring funds between accounts using mobile phones.
What are the benefits of IMPS?
1. Instant
2. Available 24*7 days (even working on holidays)
3. Safe, secure and easily accessible
What information is needed to perform an IMPS transfer?
To initiate an IMPS transfer, you typically need the recipient’s name, bank account number, IFSC (Indian Financial System Code) of the recipient bank, and the transfer amount.
What are the IMPS transaction timings at Gadchiroli DCC Bank Ltd.?
IMPS services are available round-the-clock, allowing customers to make transactions at any time, day or night, including weekends and holidays.
Is the facility of stop payments is available on IMPS?
No, IMPS is an immediate fund transfer services, after initiating the payment request payment cannot be stopped or cancelled.
What is daily transaction limit for IMPS?
Daily transaction limit for IMPS is ₹ 50000/- (fifty thousand) per day.
How long does it take for an IMPS transfer to reflect in the recipient’s account?
IMPS transfers are almost instantaneous. In most cases, the funds are credited to the recipient’s account within seconds of the transaction initiation.
Are there any charges associated with IMPS transactions at Gadchiroli DCC Bank Ltd.?
Banks may levy nominal charges for using IMPS services. The charges could vary based on the amount transacted and the type of account held by the customer.
What happens if incorrect details are provided for an IMPS transfer?
Providing incorrect details might result in the transaction being unsuccessful or the funds being credited to the wrong account. It’s crucial to verify all details before initiating an IMPS transfer.
