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Know the Benefits of IMPS Fund transfer service over other banking channels ?
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Money Transfer Is Now Possible At Any Time, Every Day Of The Year!
The introduction of IMPS has brought about a revolution in money transfer. Indeed, one can transfer money any time, any day, and at any hour.
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IMPS- The Pioneer Of Instant Money Transfer In India
The IMPS or the immediate payment system is a system of money transfer in India available throughout the country, to every citizen of India. The IMPS is a 24x7 electronic fund transfer service initiated and maintained by the Reserve bank of India and National Payments Corporation of India (NPCI). This pilot-scale project began with 4 major banks and has grown now with about 150 banks. IMPS transfer has become highly popular because it provides real-time transfer of funds over an online platform. In this post, let us take a brief look at how IMPS, the pioneer of instant money transfer in India, benefits people.
Features of IMPS
The fastest and reliable platform in India to conduct inter-account money transfers.
IMPS money transfer is a fast, safe and secure platform to make various types of transactions
The system function on both net-banking apps and mobile platforms.
There are no time restrictions to conduct a transaction. IMPS are available for 24x7x365 days irrespective of public and bank holidays and bank off-days.
A user can send money to the receiver just with their mobile no. and Mobile Money Identifier (MMID).
Comprises various payment modes including, SMS, ATMs, bank account, and IFSC
The IMPS fund transfer maximum is Rupees 2 lakh per day with, the minimum value being Rupees 1
It comprises safety measures such as asking for pins and OTPs
Objectives of IMPS
To pave the way for the bank customers to use mobile instruments as a channel to access their accounts and perform basic transactions.
To make fund transfer simpler just with the beneficiary’s mobile number.
To achieve the goal of the Reserve Bank of India (RBI) and electronify the retail payments.
To build a strong platform for a full range of mobile banking services.
How to transfer money using IMPS?
Money transfer on IMPS can be done via one of the following methods
Using the bank account and IFSC code
Registered cell number and MMID
Traditional ATMs
SMS
Transfer through a bank account
Login to your bank account by entering the password
Choose or add a new beneficiary and enter their details
Enter the amount and then enter the OTP
Then confirm the transfer to approve the transfer.
All you need is an active internet connection and a mobile banking app or net banking portal.
A transaction using a mobile number and MMID
This is the simplest method of IMPS transactions. All you require is a mobile number registered with your bank account and 7 digit codes provided at the time of registration.
Open the mobile banking app for IMPS
Choose IMPS under fund transfer options
Type in the beneficiary’s account number, MMID code, and mobile number
Follow by entering the amount and confirming with OTP
The transaction will occur in a minute and, you will get a confirmation message.
Transaction Fee
Immediate payment system charges a minimum of 5 rupees to a maximum of 15 Rupees per transaction. However, the transaction will differ depending on the type of bank.
Bottom line
The user-friendly interface and, facile real-time transfer of money have made this fund transfer method popular throughout the country. You can exploit the benefits of an immediate payment system and make fund transfer, a hassle-free process.
5 Factors to Consider Before Transferring Money Using IMPS
There are a plethora of methods of money transfer and IMPS is one important method amongst them in India. The IMPS stands for Immediate Payment Service which is an electronic system to transfer money. This nine years old money transfer marvel India has set the roadmap for various technologies that are used today. For example, UPI is a form of IMPS that wouldn’t have been in existence without this technology. For the past nine years, IMPS has become one of the most accepted and widely used online fund transfer methods. According to the NPCI data, IMPS in India during the first financial quarter of 2018-19 has spiked over Rs 3, 23,826.79 Crores. This figure is on a constant rise with 2020 becoming the digital year. Before taking a look at the 5 important factors that needs to be considered in an IMPS transfer, let us have a small overview of IMPS.
Features of IMPS
IMPS is one of the fastest and reliable methods to perform inter-account money transfer. The unified payment is also built on the same platform.
It works on both net-banking and mobile platforms. The services are not only reserved to bank working days but it is a 365x24x7 service.
IMPS has various money transfer methods enabling easy and seamless transfer of money to the beneficiary.
The minimum value of money transfer through IMPS starts from rupee 1 and the maximum extends to 2 lakhs per day. Each method of transfer has corresponding IMPS charges.
Methods of money transfer
The best part about using IMPS money transfer is that it has a wide array of methods that will benefit the population from any background no matter whether they are from a rural or urban area.
IMPS using net banking with the help of IFSC and bank account number
IMPS using Mobile Money Identifier (MMID)
IMPS through traditional ATMs
And IMPS through SMS
The five factors you have to consider in IMPS are:-
When you are opting for transferring funds through IMPS via net banking, be ready with the beneficiary's name, bank account number, and 11-digit IFSC code beforehand because you don’t want to turn on panic mode once you have initiated the payment.
If you are going to transfer fund using the MMID mode make sure that you enter the correct MMID which is a 7 digit code, amount, and the number of the beneficiary.
Before confirming any payment, check the details like the number or account number of the beneficiary twice to thrice to avoid transferring money to the wrong account number.
If you are a first time user and want to transfer a huge amount, try transferring a small amount like say a 100. After successful transfer of the amount carry on with your actual transfer to the beneficiary account.
The last and the most important factor is that IMPS transfer needs an active internet connection no matter whether you are transferring money using a mobile or computer.
Benefits of using IMPS
Let us face it, online money transfer is the thumb rule of the modern era and 2020 is the digital year which is marked by everything online. The ease of access and user-friendly interface has made this stand out from the traditional RTGS and NEFT methods. The benefits of IMPS are:
Transaction occurs instantly in real-time.
The process is as easy as a cakewalk.
Various payment methods to suit all types of customers.
There is no restriction of time
Bottom line
The endless benefits of IMPS transactions have changed the way of customer behavior and expectations. The successful transfer of money using IMPS is in the hands of the user, making sure that everything needed is at the right place is what is important.
Everything You Should Know About IMPS Fund Transfer
Having knowledge about the various methods of money transfer is essential to have good financial management. In the light of which IMPS is a popular electronic system for fund transfer. IMPS stands for an immediate payment service which was launched by the National Payments Corporation of India to promote 24/7 fund transfer. With digital payments becoming more and more popular, IMPS is widely adopted by India citizens. The IMPS can be used on various platforms including mobile, ATM, and net banking. Lets quickly jump to the working and features of IMPS.
What is IMPS?
The immediate payment service is a fund transfer service that is available with various banks. Not only commercial banks but rural, district, urban, and cooperative banks also provide this service. A registered customer can receive and transfer funds by employing the mobile number and mobile money identifier (MMID). Also, the customer can use their account number and IFSC code to make a transaction via IMPS.
Transfer of money
IMPS fund transfers can be done through four different modes of payment:
The bank account and IFSC code
Registered mobile number and MMID
Via traditional ATMs
SMS
IMPS’ ability to integrate different payment modes has affected the way payments are handled by customers. The key factor why customers are hooked to IMPS is that it offers user-friendly processes while transferring funds.
Transfer through bank account
It is the commonly used method of IMPS. Irrespective of the bank, an IMPS transaction can be done to any bank account. All you need is an active internet connection and functional mobile or net banking. Then continue with the following steps
Enter your password and login to your bank account
Select or add new beneficiary (for this you will need the beneficiaries details like account no., name and IFSC code)
Enter the amount of the transfer
You will receive an OTP
Enter the OTP
Then confirm the transfer to approve the transfer.
Doing this first time will take quite some time but on subsequent transfers, it will be significantly reduced.
A transaction using mobile numbers and MMID
This is an easy process that can be done on the go. First, you should have a mobile number that is registered with your bank account. On registration, you will receive a 7-digit code that is essential for IMPS money transfer.
Login to your mobile banking app
Select IMPS under fund transfer
Enter the account number, MMID code and mobile number of the beneficiary
Enter the amount of transfer
Verify the transaction by entering the OTP received via SMS. Also, you can use MPIN for verification.
You will then receive a confirmation SMS containing the transaction details.
IMPS transaction through ATMs
This method is the least popular mode of transaction compared to the other modes of IMPS transaction. It needs the debit card number of the beneficiary, which is the reason for its reduced popularity. But it is a safe method when it comes to known people. Be mindful of the limit of transaction which differs from bank to bank.
First, go to the nearby ATM, swipe your debit card and enter the PIN
Select the fund transfer option and choose IMPS
Enter required beneficiary details
Enter the amount
Click confirm
You will receive SMS after the transfer
SMS transfer
The format of SMS transfer can be found on the official website of your bank. Once you have followed the format and sent a message you will have funds transferred.
Restrictions of fund transfer
You cannot spend exorbitant amounts like that of RTGS or NEFT. But it is best to handle day to day transactions. The minimum restriction starts from one rupee and the maximum amount transferred extend up to 2 lacs (differs based on the bank). The transaction is also accompanied by the IMPS charges.
Benefits
The transactions are instant and occur at real-time
The process is comparatively simple
Various modes of payment for all types of customers
No time constraints; 24/7/365 process
Have in-built security measures
Bottom line
IMPS due to diverse options and user-friendly transactions have reached the hands of almost every citizen. It has changed consumer behavior and expectations. Get befitted from IMPS by transferring money through your preferred mode.
लॉकडाउन में PNB के लाखों ग्राहकों को बड़ी राहत, IMPS फंड ट्रांसफर हुआ फ्री
लॉकडाउन में PNB के लाखों ग्राहकों को बड़ी राहत, IMPS फंड ट्रांसफर हुआ फ्री
Edited By Shashank Jha | नवभारतटाइम्स.कॉम | Updated: 25 Apr 2020, 04:17:00 PM IST
नई दिल्ली सार्वजनकि क्षेत्र के देश के दूसरे सबसे बड़े बैंक ने अपने लाखों ग्राहकों के लिए बड़ी राहत का ऐलान किया है। पंजाब नैशनल बैंक ने कोरोना के कारण जारी लॉकडाउन (Corona Lockdown) के बीच डिजिटल ट्रांजैक्शन को बढ़ावा देने और ग्राहकों की सुविधा को ध्यान में रखते हुए आईएमपीएस फंड ट्रांसफर (PNB IMPS Fund transfer)च…
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