IMPS Transfer

The process to use IMPS transfer is simple and user-friendly for all these modes, making it one of the most used services daily.

 

Let us understand the ways to initiate IMPS.

1. IMPS Transfer via IFSC Code

Using an IFSC (Indian Financial System Code) is the most common method used for IMPS money transfer. This method allows you to transfer money from one branch to another or even from one bank to another. All one needs to use this method of transaction is good internet connectivity and access to the mobile/netbanking facility. Here is a run-through on how to use a bank account and IFSC code to initiate IMPS transfer.

• Log in to the netbanking or mobile banking using your username and password.

• You can add the details of the payee/beneficiary (once added, it will get saved and pops up as a suggestion every time).

• Choose IMPS transfer and source account (from which the money will be debited).

• Click on the ‘Fund Transfer’ option.

• The beneficiary details you enter will include:

1. Account number
2. IFSC code
3. Bank branch
4. Transaction amount
5. Name of the payee

• Crosscheck and confirm the payment.

You will receive a payment confirmation message in the form of an SMS and/or email.

2. IMPS Transfer via SMS

IMPS fund transfer via SMS is an easier mode of transaction. You only need to send a message as per the details and format given by your bank. The detailed process is as follows:

• After you have linked your mobile number with your savings account, register for mobile banking. Every bank will have a specified number to which an SMS should be sent along with a particular format in which the transfer details must be shared.

• Next, type in the payee account number, IFSC, and transaction amount along with the other details asked by your bank and send an SMS to the official number. You will receive a message from your bank with further instructions, following which you should type your MPIN (mobile PIN) in the requested field to complete the process.

 

You will receive a payment confirmation message in the form of an SMS. And that is it! Simple, right?

3. IMPS Transfer via MMID

If you want to initiate an IMPS transfer through your mobile number, then doing it via Mobile Money Identifier (MMID) is a good option. After linking the mobile number and bank account, instead of using the IFSC option, you could use the mobile number facility and transfer the amount. Here is how you can transfer money using a mobile number and MMID:

• Register your mobile number with your bank (following which you will be given a 7-digit MMID code).

• Log in to your mobile banking app.

• Choose Fund Transfer - IMPS.

• Enter the beneficiary details, including beneficiary account number, mobile number, and MMID code.

• Enter the transaction amount

• You can verify the process using the MPIN method or OTP verification method.

 

You will receive a payment confirmation message in the form of an SMS and/or email.

4. IMPS Transfer via ATM

ATMs are more popular for deposits and withdrawals than IMPS transfers. If you know the beneficiary’s debit card number (irrespective of whether it belongs to the same or a different bank), transferring money through ATM IMPS is easier. Below are the steps:

• Swipe your debit card and verify using the PIN.

• Select ‘Fund Transfer’.

• Select the ' IMPS' option.

• Provide beneficiary details, including their debit card number.

• Enter the amount and click ‘Confirm/Submit’.

 

You will receive a payment confirmation message in the form of an SMS and/or email. Every bank’s ATM fund transfer limit will be different; do check with your bank about their policies before using this facility. This type of IMPS transfer isn’t prominently used because it requires the debit card number of the beneficiary, which people are not comfortable sharing. However, this mode of IMPS is equally safe as the others.