IMPS

Immediate Payment Service (IMPS)

Bank is offering IMPS services for their Customers 24X7, interbank electronic fund transfer service through mobile phones. IMPS is an emphatic tool to transfer money instantly within banks across India through mobile which is not only safe but also economical both in financial and non-financial perspectives.

Objectives of IMPS

  • To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds
  • Making payment simpler just with the mobile number of the beneficiary
  • To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
  • To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner
  • To build the foundation for a full range of mobile based Banking services.

The participants for IMPS are as follows:

  • Remitter (Sender)
  • Beneficiary (Receiver)
  • Banks
  • National Financial Switch - NPCI

Pre-Requisites for IMPS

Registration for Remitter:

  • Register yourself with the mobile banking service of the bank.
  • Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS

Registration for Beneficiary:

  • Link your mobile number to the account in the respective bank.

Funds Transfer / Remittance

  • Using Account number & IFS Code (P2A)

Funds Transfer Limit is Rs. 5,00,000 /- per day.

For Additional details contact the Customer desk or call at home branch.

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