IMPS (Interbank Mobile Payment service) banking, a new technology in the banking sector has gained a lot of popularity amongst its users because of the benefits associated with it. Unlike the traditional money transfer, this is quite apart from the conventional technique. In this, you can easily transfer funds throughout the 365 days, 24 hours and 7 weeks even on Sundays and Bank Holidays. IMPS Charges are applicable only for outward IMPS transaction. There are no IMPS charges for inward transactions. For certain segment of customers who are using premium products IMPS charges are free in many banks. IMPS charges are by member banks of National Payment Corporation of India (NPCI) on their customer who wish to transfer money and hence need to pay IMPS charges
Making IMPS payments is like a kid’s play and can be performed in two ways where one is (Person to Merchant)
Customer Initiated transaction (P2M push)
Merchant Initiated transaction (P2M pull)
In fact, the best part is that the customers associated with it can make payment through mobile banking application or the SMS facility that is provided by the bank.
Getting started with IMPS
No matter you are a pro or layman, IMPS is very easy to get started with. But sill if you are hesitant, then follow these:
Registering with your beneficiary (the receiver whom you want to send the money)
ü Select Menu option Fund Transfer> other Bank> Beneficiary Registration>Online Fund transfer (IMPS)
ü Put beneficiary MMID (a seven digit number)
ü Put into beneficiary mobile number
ü Put a nickname of the beneficiary, Click and complete registration
So, now pay your best buddies, family members, DTH bills, credit card bills in just one click with IMPS.
Charges vary from Bank to Bank. Charges in SBI is as under.
|Transaction amount||SBI IMPS Charges|
|Up to Rs.1,000||Nil|
|Upto Rs.1,001 to Rs.1 lakh||Rs.5|
|Above Rs.1 lakh to Rs.2 lakh||Rs.15|