Due to its swift service, Immediate Payment Service or IMPS has become one of the most convenient modes of money transfer in India. It allows you to send money with just a click, whenever and wherever you want. Read on to know more about IMPS fund transfer.
What is IMPS fund transfer?
IMPS is an electronic method of transferring money immediately to the beneficiary or payee account. An IMPS transfer can be done anytime and anywhere, including on Sundays or on bank holidays through various mediums such as ATMs, SMS, internet banking, mobile banking etc.
Registration for IMPS fund transfer
In order to start transferring money through IMPS, you will have to register yourself in the following manner:
• You must register for the mobile banking service of the respective bank
• You will be required to have the Mobile Money Identifier (MMID) and Mobile Banking Personal Identification (MPIN) from your chosen bank. The beneficiary should also have this.
• You can download the application for mobile banking from the respective bank, or you can also utilize the SMS facility if the bank has an SMS IMPS facility.
IMPS fund transfer through net banking
If you want to transfer money through net banking, you will have to register the person you want to send the money to, by providing his/her IFSC code, bank account number and the bank name. Different banks have different transaction charges, and it mainly depends on the amount of money you will be sending. The rates start from Rupee 1 to Rs.7, but most of the banks generally do not charge more than Rs.5 for each transaction.
IMPS fund transfer on your phone
In case you want to carry out an IMPS fund transfer on your phone, then firstly, you will have to log in to your bank’s application. Keep the valid mobile number of your beneficiary and MMID ready and select the IMPS option. You will have to provide the beneficiary’s mobile number, MMID, amount of money, along with your MPIN for transferring the funds. After you are done with all this, you will get a text message notifying you of the money being debited from your bank account. Remember to keep the transaction reference number for future references.
How can you receive money through IMPS on your mobile phone?
In order to get money through IMPS on your mobile phone, you will have to provide your mobile number and MMID to the payee. Once the payee has transferred the money, you will get a text message on your phone informing you about the amount credited in your bank account. Make sure that you keep the transaction reference number for future purposes.
IMPS fund transfer is one of the safest and secure ways for transferring money. Apart from its convenient and easy nature, it makes sure that you get your money as soon as possible.
What is IMPS fund transfer?
IMPS is an electronic method of transferring money immediately to the beneficiary or payee account. An IMPS transfer can be done anytime and anywhere, including on Sundays or on bank holidays through various mediums such as ATMs, SMS, internet banking, mobile banking etc.
Registration for IMPS fund transfer
In order to start transferring money through IMPS, you will have to register yourself in the following manner:
• You must register for the mobile banking service of the respective bank
• You will be required to have the Mobile Money Identifier (MMID) and Mobile Banking Personal Identification (MPIN) from your chosen bank. The beneficiary should also have this.
• You can download the application for mobile banking from the respective bank, or you can also utilize the SMS facility if the bank has an SMS IMPS facility.
IMPS fund transfer through net banking
If you want to transfer money through net banking, you will have to register the person you want to send the money to, by providing his/her IFSC code, bank account number and the bank name. Different banks have different transaction charges, and it mainly depends on the amount of money you will be sending. The rates start from Rupee 1 to Rs.7, but most of the banks generally do not charge more than Rs.5 for each transaction.
IMPS fund transfer on your phone
In case you want to carry out an IMPS fund transfer on your phone, then firstly, you will have to log in to your bank’s application. Keep the valid mobile number of your beneficiary and MMID ready and select the IMPS option. You will have to provide the beneficiary’s mobile number, MMID, amount of money, along with your MPIN for transferring the funds. After you are done with all this, you will get a text message notifying you of the money being debited from your bank account. Remember to keep the transaction reference number for future references.
How can you receive money through IMPS on your mobile phone?
In order to get money through IMPS on your mobile phone, you will have to provide your mobile number and MMID to the payee. Once the payee has transferred the money, you will get a text message on your phone informing you about the amount credited in your bank account. Make sure that you keep the transaction reference number for future purposes.
IMPS fund transfer is one of the safest and secure ways for transferring money. Apart from its convenient and easy nature, it makes sure that you get your money as soon as possible.
Thanks for sharing valuable information.
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