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Immediate Payment Service (IMPS)

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system. IMPS offers an inter-bank electronic fund transfer service through Internet Banking / Mobile Banking / ATM. The service is available as 24*7 throughout the year including bank holidays.

The IMPS service is managed by the NPCI - National Payments Corporation of India and the service was publicly launched on November 2010. Currently, there are 498 member banks and 26 PPIs are offering the IMPS service.

For making the IMPS transaction the sender requires to know the bank account number and the IFSC Code (Indian Financial System Code) or the MMID (Mobile Money Identifier) of the beneficiary.

  • To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds
  • Making payment simpler just with the mobile number of the beneficiary
  • To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
  • To build the foundation for a full range of mobile based Banking services.
Pre-Requisites for Mobile Banking through IMPS

Registration for Remitter :
 
  • Register yourself with the mobile banking service of the bank.
  • Get Mobile Money Identifier (MMID) and MPIN from the bank
  • Download Application for mobile banking (ensure the compatibility of mobile with the application)
Registration for Beneficiary :
 
  • Link your mobile number to the account in the bank.
  • Get Mobile Money Identifier (MMID) from the bank

Fund transfer
 
  • Using Mobile number & MMID (P2P)
  • Using Account number & IFS Code (P2A)
     
Using Mobile number & MMID (P2P)
 

IMPS offer an instant,24*7 interbank electronic fund transfer service capable of processing person to person, person to account and person to merchant remittances via mobile banking. It is a multichannel and multidimensional platform that make the payments possible within fraction of seconds with all the standards and integrity maintained for security required for even high worth transactions.

Sender & Receiver - Have to register for Mobile Banking & get a unique ID called "MMID"

MMID - Mobile Money Identifier (7-digit code) Each MMID is linked to a unique Mobile Number. Different MMIDs can be linked to same Mobile Number

 
  • Generation of MMID is a One-time process
  • Remitter (Sender) transfer funds to beneficiary (Receiver) using Mobile no. & 7digit MMID of beneficiary.
Using Account number & IFS Code (P2A)
 

Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to register their mobile number with their respective bank account and get MMID, in order to send or receive funds using IMPS.

There may be cases where Remitter is enabled on Mobile Banking, but Beneficiary mobile number is not registered with any bank account. In such cases, Remitter shall not be able to send money to the Beneficiary using Mobile Number & MMID.

Hence on the merit of the feedback received from the banking community as well as to cater the above mentioned need, the IMPS funds transfer has been made possible using Beneficiary account number and IFS code as well, in addition to Beneficiary mobile number and MMID.

IFS Code - 11-digit alphanumeric number, available in the users Cheque book.

What is IMPS ?

  • Immediate Payment Service or IMPS offers an instant, 24X7 interbank electronic fund transfer service through mobile phones and other channels. IMPS facilitate customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom.

How is IMPS working ?

  • A common infrastructure has been set-up amongst participant banks, in association with the National payment Corporation of India (NPCI), to enable real time funds transfers across banks.

What is MMID ?

  • MMID stands for Mobile Money Identifier. MMID is a 7 digit code issued by a participating bank to their Mobile Banking registered customers for availing IMPS service as a beneficiary. A customer will have different MMID's for different accounts and all these can be linked to a single mobile number.

How do I get to know my MMID ?

  • To get the MMID for your account(s), type SMS as MMID from your mobile and send it to 9282112225. MMID will be send to customer through SMS.

What is IFSC ?

  • IFSC stands for Indian Financial System Code (IFSC). It is a 11digit alphanumeric code that uniquely identifies a bank-branch participating in electronic fund transfer system of India.
  • This is an 11-character code with the first 4 alphabetic characters representing the bank, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. The 5th character is 0 (zero).
  • The Beneficiary a/c details are matched with IFSC code of the branch to conduct the transaction.

Do I need to have a bank account to send/receive money via IMPS ?

  • Yes, you need to at least have one of the Savings, Current or OD bank account.

Do I need to register separately for IMPS ?

  • If you are a registered mobile banking customer of TMB Bank no more registrations are required.

If I have more than one account linked to my mobile number how do I select the account from which I want to send money to a beneficiary ?

  • While doing the IMPS fund transfer you can choose the account from which the transfer has to be made.

What beneficiary details do I need to use to send money ?

  • The beneficiary details required are :
    • Beneficiary's bank account number
    • Beneficiary's Bank Branch's IFSC code (11 digit)
      (OR)
      Beneficiary's 10 digit mobile number
    • MMID of the beneficiary customer (7 digit)

Is the beneficiary also required to register for IMPS ?

  • The beneficiary (TMB Bank or other Bank customer) should have their mobile number registered with their bank where he intends to receive the money. He should also have a valid 7 digit MMID provided by his bank. For each bank account number the beneficiary would have a different MMID.
  • However, If the beneficiary bank supports IMPS using IFSC, then it is not required for the beneficiary to register his/her mobile number. For the list of banks supporting IMPS using IFSC please click here

Is there any limit on the value of transactions when I am sending money using IMPS ?

  • The existing limits of Rs 50,000 per day using TMB M-Banking apply. This is subject to revision as per RBI guidelines.

What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to send money using IMPS in my account ?

  • The security features of TMB M-Banking will apply in this case as well. For anybody to send money using IMPS, he needs to be registered Mobile Banking customer, have the application password to access the TMB M-Banking application, and know the MPIN to authenticate the transactions. Therefor Customers are advised to maintain the 4 digit MPIN and 6 digit Password in a secret and safe manner.

What happens in case I enter a wrong beneficiary mobile number or wrong MMID when sending money ?

  • The beneficiary details required for making a remittance are mobile number and MMID. The transaction will get declined in case anyone of these two numbers is erroneous and transaction gets reversed instantly. The customer shall have to ensure both the above two correctly while entering.

What are the timings for initiating and receiving IMPS remittances ?

  • IMPS transactions can be sent and received at any time and any day (24*7) of the year. There are no timing or holiday restrictions on IMPS remittances.

If the transaction is not completed will I get my money back ? When ?

  • Yes. In case, TMB Bank customer's account is debited and beneficiary account is not credited, then the funds will be re-credited back into the TMB Bank customer’s account.

How long does it take for the money to get credited into the beneficiary account ?

  • For transactions which are successful, funds gets credited into the beneficiary's account immediately.

Can I send money from a TMB Bank Savings account to another account in any other bank in India ?

  • Yes, you can transfer money from your TMB Bank account to a beneficiary who has an account within the IMPS participating banks.

Are all banks a participant of IMPS ?

  • For list of participating banks as on Feb 2013, please click here

When sending money, how do I come to know that my account is debited and the money has been credited in the beneficiary's account ?

  • You will get a confirmation receipt on successful completion of the transaction. And also you will receive an sms regarding the debit/credit.

When can the beneficiary use the funds received through IMPS ?

  • The beneficiary can use the funds immediately on receipt of credit in the account.

Can we withdraw and / or deposit money using IMPS ?

  • Presently, the customers cannot withdraw and / or deposit money using IMPS.

How does the remitter come to know that his/her account is debited and funds have been credited in the beneficiary's account ?

  • The remitting bank sends a confirmation SMS to the remitting customer about the transaction initiated by him / her.

Can a customer remit and / or receive remittance using the mobile number other than the one registered with the bank ?

  • The customer can remit and / or receive funds using the registered mobile number only. In case he / she need to remit / receive funds using the other mobile number, he / she have to approach their branch and complete the process of changing the registered mobile number for mobile banking.

 Is it necessary to have sufficient account balance to initiate a remittance ?

  • Yes, the customer should have sufficient account balance to initiate a fund transfer.