IMPS facilitates customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds thereon. At present, a majority of interbank mobile fund transfer transactions take place through the National Electronic Fund Transfer (NEFT) system. Under this, the transactions are processed and settled in batches during the working hours from 9am to 7pm, and not in real time. Under the IMPS scheme, a customer can transfer funds from his/her bank account instantaneously to any other bank account that comes under the same framework using his/her mobile phone. The service is offered without any restriction on timings.
How IMPS Works
Register for Mobile Banking Service - All customers who register for mobile banking will automatically be registered for IMPS facility also. On registering for mobile banking, the customer is provided with the following
2.MPIN – The password to log into
3.MMID(Mobile money identifier) – This is a unique seven digit number which is the prime requirement for sending money over IMPS.
Both the sender and receiver shall have an MMID for successful transfer of funds.Of the above, User ID or other details required for activation and MMID will be sent to the customer through SMS. The MPIN will be sent to the communication address of the customer. The beneficiary customer should have their mobile numbers registered with the bank where he/she maintain the account and where he intends to receive the credit and should have a valid MMID provided by the bank.
Fund transfer by SMS
For transfer upto ` 1000/-(per day limit) customer can use SMS Mode - Send SMS in the following format to 98950 88888 or 5676762
“IMPS(space)beneficiary mobile no(space)beneficiary’s full
MMID(space)Amount to be transferred(space)last 3 digits of MMID of remitter
Fund Transfer by Mobile Banking
The maximum limit applicable for mobile banking is ` 50000/-. For transfer up to `50000/- (per day limit) customer has to use FedMobile. Access FedMobile application using User ID and MPIN and Chose the option “Instant IMPS” under “Fund Transfer”.
Source: Federalbank via Business-standard.
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