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IMPS Immediate Payment Service

by aditya bajaj on August 2, 2013 | Last Updated: August 2nd, 2013


IMPS is an unbelievable service that lets you transfer money from one bank to another instantly! Yes, with IMPS you don’t need to wait for a business day or even a single minute, i.e., you can also transfer money on a holiday. The money gets transferred instantly to another bank. Now, instead of NEFT you can transfer the money to the recipient without waiting for a day or business time.

imps online money transfer instantly

What is IMPS?

Immediate Payment Service (IMPS) is an instant, interbank (similar to NEFT) electronic fund transfer
service that can be initiated only through mobile phones or netbanking online or SMS.

Who can use IMPS?

All domestic bank account holders who have registered mobile numbers can send and receive money using IMPS. Money can be sent via SMS channels or Mobile or Netbanking Online.

What beneficiary details are required to send money using IMPS?

The beneficiary details required are:
a. Beneficiary’s mobile number as registered with his/her bank
b. Beneficiary’s Mobile Money Identifier (MMID)
or
a. Beneficiary’s Account number
b. Beneficiary’s IFSC code

What is MMID or Mobile Money Identifier?

Mobile Money Identifier (MMID) is a random seven digit number issued by banks to their customers. If
you wish to send money using IMPS, you should have the mobile number and MMID of the beneficiary
(person whom you wish to send money to). If you wish to receive funds using IMPS, you should generate
an MMID for your account and share this with the remitter (person whom you wish to receive money
from). You can generate only one MMID per account. This can be done on Netbanking Online or Mobile.

Who can send and receive money using IMPS? Customers can transfer and receive funds via IMPS using their registered Mobile numbers and Mobile Money Identifier or Account number and IFSC code.

Banks participating in IMPS via Account number and IFSC code (as in Citibank.co.in)

1 Canara Bank
2 Dombivli Nagari Sahakari Bank
3 The Greater Bombay Co-op Bank
4 Tamilnad Mercantile Bank
5 A P Mahesh Co-op Urban Bank
6 Indian Bank
7 Bank of Baroda
8 Andhra Bank
9 Saraswat Co-operative Bank
10 State Bank of Hyderabad
11 BNP Paribas
12 Federal Bank
13 Karur Vysya Bank
14 Corporation Bank
15 IDBI Bank
16 Punjab and Maharashtra Co-op bank
17 The Thane Janata Sahakari Bank Ltd
18 Bassein Catholic Co-operative Bank
19 Jammu and Kashmir Bank
20 Union Bank of India
21 The Cosmos Co-operative Bank
22 United bank of India
23 The Mehsana Urban Cooperative Bank
24 Janata Sahakari Bank Ltd. , Pune
25 Dena Bank
26 Vijaya Bank
27 HSBC Bank
28 Syndicate Bank
29 Development Bank of Singapore (DBS) as Beneficiary
30 NKGSB Co-op Bank
31 IndusInd Bank Ltd
32 Punjab National Bank
33 Bank of India
34 Kotak Mahindra Bank (as beneficiary)

Banks participating in IMPS via Mobile Number and MMID (as on Citibank.co.in)

1 A P Mahesh Co-op Urban Bank
2 Allahabad Bank
3 Andhra Bank
4 Axis Bank
5 Bank of Baroda
6 Bank of India
7 Bank of Maharashtra
8 Canara Bank
9 Catholic Syrian Bank
10 Central Bank Of India
11 Citi Bank
12 Corporation Bank
13 Dena Bank
14 Development Credit Bank
15 Dhanlaxmi Bank
16 Dombivali Nagari Sahakari Bank
17 Federal Bank
18 Greater Bombay Co-operative Bank
19 HDFC Bank
20 ICICI Bank
21 IDBI Bank
22 Indian Bank
23 Indian Overseas Bank
24 IndusInd Bank
25 ING Vysya Bank
26 Janata Sahakari Bank Pune
27 Karnataka Bank
28 Karur Vysya Bank
29 Kotak Mahindra Bank
30 Lakshmi Vilas Bank
31 Oriental Bank of Commerce
32 Punjab & Maharashtra Co-op Bank
33 Punjab National Bank
34 South Indian Bank
35 Standard Chartered Bank
36 State Bank of Bikaner & Jaipur
37 State Bank of Hyderabad
38 State Bank of India
39 State Bank of Mysore
40 State Bank of Patiala41 State Bank of Travancore
42 Syndicate Bank
43 Tamilnad Mercantile Bank
44 The Hongkong And Shanghai Banking Corporation Limited, India (HSBC India)
45 The Thane Janata Sahakari Bank
46 UCO Bank
47 Union Bank of India
48 United Bank of India
49 Vijaya Bank
50 Yes Bank
51 Saraswat Bank
52 BNP Paribas
53 Bassein Catholic Cooperative bank
54 Jammu and Kashmir Bank
55 The Cosmos Co-operative Bank
56 The Mehsana Urban Co-operative Bank
57 NKGSB Co-operative Bank

Image courtesy: livemint.com

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