The full form of IMPS is an Immediate Payment Service. It enables 24 x 7 electronic fund transfer services in which the transaction is carried out between two bank accounts in real-time and on an immediate basis. IMPS fund transfer can be done through online banking as well as mobile banking.  Immediate Payment Service was launched in 2010 and is now one of the most widely-used forms of electronic payments across India.

IMPS fund transfers can be easily done using these four different modes of payment:

• IMPS through a bank account using IFSC Code- Like Bank of Baroda IFSC code or Allahabad Bank IFSC Code for payment to a Bank Baroda Account holder or Allahabad Bank Account holder
• Through SMS
• Through a registered mobile number and MMID
• And even via ATMs

The integration of the different modes of transfer by IMPS has sped up the way consumers transfer funds today. The process is user-friendly and that’s what the service is being used by a number of people to transfer funds on a daily basis. Check out how you can initiate IMPS transfers utilizing the above-mentioned payment methods.

IMPS Transfer within Bank Accounts using IFSC Code

The most commonly used payment method for IMPS transfer is through IFSC codes. You can transfer money from one bank account to another. You can send it to another bank branch as well. All you need is an internet connection along net banking or mobile banking to carry out the transactions. Here is how you can transfer funds using IMPS within bank accounts.

• Log-in to internet or mobile banking by entering your User ID and password
• Select the beneficiary name. If you do not have a beneficiary then add their bank details and it will show up every time you want to do IMPS.  For instance, if your beneficiary is an Allahabad bank account holder then you would need details such as Allahabad Bank IFSC Code, the bank account number, branch name and so on.
• Once the beneficiary is selected you can enter the amount to be transferred
• Before transferring crosscheck if the details are accurate and then select the ‘send now’ option
• Confirm the payment by clicking the send or confirm button

Once the above-mentioned steps are completed, the selected amount will be transferred within seconds from your bank account to the beneficiary’s account. This process might take a bit longer if you are adding the beneficiary for the first time. The time duration varies from bank to bank and adding a beneficiary can take anywhere between 30 minutes and 2 hours (only for new beneficiaries). Once the money is successfully transferred you can make subsequent payments within seconds.

IMPS Transfer via SMS

To make it, even more, easier for customers now banks facilitate IMPS transfer via SMS as well. The only thing that you require to initiate transaction is to follow the exact format as per your bank. Here is an example of the simple format that most of the banks follow:

IMPS <Receiver’s Mobile No>< Receiver 7-digit MMID Number><Amount><MPIN>

You can easily find your bank’s format on its website and can even keep a screenshot of the same in your phone for future reference. This way it will be easier for you to transfer money on the go. Once the funds are transferred successfully, you will get an SMS confirmation.

IMPS Transfer via MMID and Mobile Numbers

With IMPS it’s easier to transfer money through your mobile number. All you need to do is register your mobile number for IMPS service with your bank (can do it online as well). If not online you can visit the nearest bank branch and get this done. Once your mobile number is registered, you will be given a 7-digit MMID code from your bank. MMID code is essential to initiate IMPS transfers through your mobile number.

With your MMID number, the funds can be transferred easily using the following steps:

• Simply log in to your mobile banking app with your User ID and password
• You will see the fund transfer section on the app, there you can select the IMPS option
• Now enter the beneficiary’s details like the bank account number, mobile number, and the MMID code
• After this, you can simply verify the transaction using an MPIN or by entering the OTP sent you to via SMS

Once you follow these steps, the bank will send you the transaction confirmation via SMS. Even the beneficiary will receive an SMS regarding the amount that is credited into his/her account.

IMPS Transfer via ATMs

ATMs are not popularly used for IMPS transfers. However, it is also a mode of funds transfer. To initiate the transaction all you need is the beneficiary’s debit card number. This mode of payment is mostly suitable for transferring money to a family member, as it requires the debit card number. For this reason, IMPS transfer via ATMs is not that greatly used by people. However, IMPS through ATM is also quite safe.

These are the steps that follow for IMPS transfers via ATMs:

• Visit an ATM machine and swipe your debit card
• Now enter your 6 digit PIN to verify your eligibility
• Now select the ‘Fund Transfer Option’
• Click on the IMPS option on the screen
• Now provide your beneficiary’s details in the form displayed on the screen
• Now enter the amount to be transferred, cross-check and click on the confirm button or send button

Now check your phone for SMS confirmation of the transfer of funds. However, please note that when you transfer funds; check for your bank’s ATM fund transfer limit. As every bank’s ATM transaction limit will vary. You can even check it online on your bank’s website.

Conclusion

As you can see transferring funds through IMPS is simple and time-saving. All you need is some basic details of your beneficiary’s account. Once you add the beneficiary to your list, you can simply select their name and transfer funds anytime, anywhere. For this reason, IMPS has become one of the most used electronic payments transfer method in India!