What is the Procedure of IMPS?
In order to use IMPS, a user needs to register for the mobile banking or internet banking service provided by the bank. The bank then provides the user with Mobile Money Identifier (MMID) and mobile banking personal identification number (MPIN). An IMPS transaction also requires the sender to have the bank account number and the receiving bank’s IFSC code. With all this information, a user can use IMPS service through various modes as follows:
Using Internet Banking
- Log in to the Internet banking portal of your bank.
- Add a beneficiary for funds transfer by entering the beneficiary details such as name, bank account number, bank name and IFSC code.
- Verify the beneficiary details entered by you. Wait for the beneficiary confirmation and activation by the bank.
- The activation time may vary depending on your bank.
- Once the beneficiary is activated, you can send money using the funds transfer option.
- Select the beneficiary to whom you want to send the money.
- Enter the amount to be transferred and verify it using your internet banking credentials or OTP.
- You will receive a confirmation when the transfer is complete and also be given a transaction ID for future reference.
Using Mobile Banking
- Install the mobile banking application of your bank from a trusted source such as the App Store or Google Play store.
- Launch the application and log in using your credentials.
- Add a beneficiary for funds transfer by entering the beneficiary details such as name, bank account number, bank name and IFSC code. You can also add a beneficiary using MMID in this case.
- Verify the beneficiary details entered by you. Wait for the beneficiary confirmation and activation by the bank.
- The activation time may vary depending on your bank.
- Once the beneficiary is activated, you can send money using the funds transfer option.
- Select the beneficiary to whom you want to send the money.
- Enter the amount to be transferred and complete the transaction.
Using ATM
- Visit the ATM of the bank where you hold a bank account.
- Select your desired language and proceed.
- Choose Other Services and then select Funds Transfer. Then, choose IMPS Fund Transfer.
- Enter the beneficiary details, such as the mobile number and MMID.
- Enter the desired amount and verify the transaction.
- You will receive a confirmation when the transfer is complete and also be given a transaction ID for future reference.