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IMPS

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Immediate Payment Service -

lightning speed fund transfer through mobile phones. Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones in India. MGB Customers can do IMPS transactions through our Mobile banking application - MGB mPay

Overview

  • IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays. Customers can transfer and receive funds via IMPS through Mobile Banking using their registered Mobile number and Mobile Money Identifier (MMID) or using their Account number and IFSC code.

Features & Benefits

  • IMPS services is available 24/7 throughout the year including bank holidays.
  • The funds will be credited into the beneficiary account immediately.
  • The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
  • On receiving the amount, the beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.

Types of IMPS & How it Works?

  • IMPS fund Transfer can be of two types: IMPS remittance from Person to Person and IMPS remittance from Person to Account
  • Details required for IMPS remittance from Person to Person:
  • Beneficiary Name
  • Beneficiary MMID
  • Beneficiary Mobile Number
  • Details required for IMPS remittance from Person to Account
  • Beneficiary Name
  • Beneficiary Account Number
  • Beneficiary IFS Code
  • For transferring funds using IMPS users can opt any of the above methods.

What is MMID in IMPS?

  • MMID stands for Mobile Money Identification Number
  • It is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.

Transaction Limit & Timing

  • Inward and Outward IMPS transactions are available 24X7.
  • There are no holiday restrictions on IMPS outward and inward transactions.
  • Outward IMPS transactions are allowed upto an amount of Rs.50,000/- per day with per transaction limit of Rs.50,000/-
  • Monthly limit of IMPS is 5 Lakhs

Rates & Charges

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