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IMPS FAQ

Understanding the Immediate Payment Service Facility

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  • What is IMPS?
    IMPS is an innovative real time payment service that is available round the clock. This service is offered by National Payments Corporation of India (NPCI) that empowers customers to transfer money instantly through banks and RBI authorized Prepaid Payment Instrument Issuers (PPI) across India.
  • What are the services available under IMPS?
    Funds Transfer and Remittances
    • Sending Money
    • Receiving Money
  • How do I get IMPS enabled?
    Sender- The customer has to do MMID Generation through Branch or Netbanking (only for Personal Internet Banking holders)
    Receiver- The customer can share his/her Account number & IFS code or MMID with sender for receiving money. The receiver can register his/her mobile no. for getting SMS alerts for transactions.
  • Who are eligible for IMPS ?
    • All SB a/c holders - Individuals
    • All CA a/c holders – Proprietor
    • All Society a/cs and school a/cs are not eligible for IMPS.
  • How do I transfer funds using IMPS?
    A.The following channels may be used to initiate IMPS transactions.
    • Internet- Bank’s Internet banking facility
    • Branch – Cheque is compulsory for IMPS through branch

    B.The sender enters receivers details like:
    • MMID & Mobile number or Account number & IFS Code
    • Amount to be transferred
    • Remarks/Payment Reference number

    Both sender & receiver shall get a SMS confirmation after a transaction is completed through the IMPS mode.

  • How can IMPS be accessed?
    At present, IMPS can be accessed through Branch and SVC Bank’s Net Banking.
  • I have 2 accounts with SVC. Do I need to have separate MMID for each account?
    Yes, every account needs to have its own separate MMID.
  • Does the customer need to register to remit the funds through IMPS?
    For initiating IMPS, SMS banking is mandatory. To remit funds through MMID, MMID needs to be generated using Branch channel or Internet banking channel.
  • What is MMID? How do I get this Issued?
    Mobile Money Identifier is a 7 digit number, issued by banks. MMID is one of the input which when clubbed with mobile number facilitates fund transfer. Combination of Mobile number & MMID is uniquely linked with an Account number and helps in identifying the beneficiary details.
  • What are the options available for doing IMPS transaction?
    • Using Beneficiary Mobile number and MMID
    • Using Beneficiary Account number and IFS Code
  • What happens if my mobile phone is lost?
    Customers need to inform Bank and deactivate their Mobile banking services.
  • Is the facility of Stop payments available on IMPS?
    No, IMPS is an immediate fund transfer service, after initiating the payment request payment cannot be stopped or cancelled.
  • If I change my Mobile number, do I again need to register for SMS Banking?
    Yes, customer needs to update their new mobile number with their branch.
  • If I change my Telecom service provider, do I need to generate MMID again?
    No need for re-generating MMID if there is no change in mobile number.
  • What are the timings for initiating and receiving IMPS remittances?
    IMPS transactions can be sent and received 24X7, (round the clock), including on holidays through Netbanking.
  • In case I Forget MMID, how can I retrieve it? SMS VIEWMMID to 9820620454 from his/her registered mobile number to view already generated MMID. SMS GENMMID to 9820620454 to generate MMID.
  • How long does it take for the money to get credited into the beneficiary account? Money gets credited into the beneficiary account instantly.
  • What is the maximum amount that customer can transfer through IMPS? The maximum amount that can be transferred through IMPS is Rs. 2, 00,000/- through branch per transaction. For Netbanking in P2P mode customer can transfer maximum Rs. 5,000/- and in P2A mode customer can transfer maximum of Rs. 50,000/- per day. No limit on number of transaction within the above prescribed limits.
    Internet Banking Example: A customer can transfer Rs.500/- ten times through Netbanking P2P mode.
    Branch Example: A customer can transfer Rs.2, 00,000/- per transaction without any restrictions on the count of the transactions.

    Sr No Mode Limit in Internet Banking ( per day limit) Limit in Branch (per txn limit)
    1 Person to Account (P2A) 50,000 2,00,000
    2 Person to Person (P2P) 5,000 2,00,000