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How To Enjoy Instant Credits Immediate Payment Service

By Author: Neha Sharma
Total Articles: 1170

"Festivals have got a new reason for spreading happiness, as banking goes beyond the banking hours and holidays. The last minute shopping and gifts can now be arranged without worrying about going to the bank. With Immediate Payment Services (IMPS), transactions can be made more easily and quickly. This facility allows you to transfer money to any account of any bank at any time of the day and also on Sundays and Bank Holidays. It saves you from standing in long unending cues to manage your money. The process of transfer of funds takes no time and the transferred amount gets immediately credited to the beneficiary’s account.

All you need to do to enjoy the IMPS service is having access to internet or mobile banking. It is compulsory to have your mobile number and a 7 digit Mobile Money Identifier (MMID) to transfer money using IMPS.

You can use the following methods to transfer funds by IMPS -

NET BANKING

• Log in to your net banking account.
• Go to “Funds Transfer” tab.
• Click on IMPS funds transfer using mobile number (you will need the beneficiary’s MMID), enter the details and confirm the transaction.
OR
• Click on IMPS funds transfer using account number (you will need the beneficiary’s IFSC code), enter the details and confirm the transaction.
• A confirmation SMS would be sent to you for your IMPS transaction.

MOBILE BANKING

(Android/iOS/Windows/BBZ10 apps)
• Log in to mobile banking.
• Click on fund Transfer Tab.
• Click on other bank using IMPS.
• Select option using IFSC/Account number.
• Select beneficiary, enter amount, remark and then confirm.
• A conformation SMS shall be sent to you for your IMPS transaction.

(Blackberry)
• Log on to mobile banking.
• Click on third party transfer.
• Click on IMPS funds transfer.
• Fill in the details of the beneficiary such as the mobile number, MMID, amount and comment and then confirm.
• A conformation SMS shall be sent to you for your IMPS transaction.

You will be charged a small amount as fee for using IMPS. The best part about IMPS transfer is that even if the receiver is not registered for IMPS, you can proceed with the transaction by filling in his account number and the IFSC code. It is also an extremely safe way of transacting as it has a two-step process to initiate a transaction with either the mobile number-MMID or the account number-IFSC. In case of any mistake while entering the number or codes the transaction will not be processed. IMPS is a very handy tool for the fast paced modern society and is a go to option while making any transaction. "

Author Bio:- Neha Sharma is a finance student who loves to write during her spare time. She has considerable information about IMPS. Through her work, she has provided valuable information about how to send or receive money instantaneously.

Total Views: 42Word Count: 469See All articles From Author

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