Immediate Payment Service (IMPS) is a service introduced by NPCI empowering bank customers to transfer money instantly within any of the IMPS enabled member banks in across India. The service comes with many unique features like availability 24X7, simplicity in transaction flow and accessible through mobile banking, net banking and ATM channel.
2. Presently, how are interbank fund transfers made using mobile phone?
Various banks are providing remittance facility through their mobile banking platforms. The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund Transfer (NEFT) transaction. The fate of such payment request is therefore not known instantly because NEFT payments are processed in batches from 9 am to 7 pm.
3. Does the customer need to register to remit the funds through IMPS on Internet Banking?
Yes. The customer has to be a Retail Internet Banking customer with Funds Transfer facility.
4. Is the beneficiary customer also required to register for IMPS?
The beneficiary customer should have their mobile numbers registered with the bank where he intends to receive the credit and should have a valid MMID provided by the bank. For IMPS – P2P, the beneficiary should register for IMPS whereas for IMPS – P2A, the Beneficiary may not be registered for IMPS.
6. What is the Process flow of IMPS?
Step 1: Remitter sends instruction from IMPS payment option available under TRANSFERS tab.
Step 2: Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI.
Step 3: Transaction is passed by NPCI to the beneficiary bank. Beneficiary Bank validates the details of the beneficiary customer, credits the account, sends confirmation to NPCI about transaction status and sends a SMS to the beneficiary customer informing him of the credit.
Step 4: NPCI sends the transaction status to remitting bank which in turn informs the status of the transaction to the Remitter.
Step 5: Remitting bank send a SMS confirmation of the transaction to the remitting customer.
7.How does Remitter add a Beneficiary for IMPS Payment?
An option for ‘ADD BENEFICIARY’ has been provided under IMPS Payment option. As a one time activity user has to add beneficiary by entering the required details. Once an IMPS Beneficiary is added Remitter receives an SMS confirming successful addition of IMPS beneficiary. Subsequent payments can be made just by selecting required beneficiary from the list.
8.What if the functionality of View / Delete Beneficiary option available under IMPS Payment option?
Any Beneficiary added under NEFT Payment option can be viewed or deleted through IMPS Payment menu option and vice versa.
9.Is there any limit on the value of transactions in IMPS?
Currently, transactions as per NEFT validations can be facilitated through IMPS.
10.Can we withdraw and / or deposit money using IMPS?
Presently, the customers cannot withdraw and / or deposit money using IMPS.