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Immediate Payment Service (IMPS)
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service. It can be used through various channels such as branch, mobile, ATM, Internet Banking, etc. Presently we are introducing the facility through branch and Internet Banking channels. In other words a customer can transfer funds using IMPS by visiting a branch or through Internet Banking.
IMPS is functional through the National Payment Corporation of India (NPCI).
I) Advantages:
  • IMPS customers having mobile number can easily remit funds round the clock
  • The account of the receiver is credited instantly.
  • The facility is available 24X7, throughout the year including Sundays & Bank holidays. There is no timing or holiday restriction on IMPS remittances.
II) Methods:
  • Customer can remit / receive funds through IMPS in 2 ways: ( Mode: Branch & Internet Banking)
  • By using Account Number & IFSC Code of beneficiary as identifier (P2A – Person to Account)
  • By using MMID (Mobile Money Identifier) & mobile number of beneficiary as identifier (P2P- Person to Person)
III) How to enable the service:
Customers can enable the service by Generating MMID. The MMID Generation can to be done at a branch by filling a MMID Generation Form (Available in Download Form option) . Alternatively, the MMID can also be self generated by the customer using the SMS Banking Service by Sending GENMMID as SMS to 9820620454 or through Netbanking (Request MMID option) . For a customer to use the IMPS, the account must be registered under SMS banking (Banc@Cell). For Fund transfer through Branch, customer has to fill up application form for Fund transfer (Available in Download Form option).
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