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IMPS

Immediate Payment Service (IMPS)

 

About the Service

What is IMPS?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service available 24x7, throughout the year including Sundays and any bank holiday. Customers can transfer and receive funds via IMPS using their registered Mobile number and Mobile Money Identifier (MMID) or Account number and IFSC code.

Advantages of IMPS

  • The account of the receiver is credited instantly.
  • The facility is available 24x7, throughout the year including Sundays and bank holidays.

Types of IMPS

  • IMPS funds transfer using registered mobile number and MMID
  • IMPS funds transfer using Account Number and IFSC
  • IMPS Merchant payments (P2M)
     

How It Works:           

1.    IMPS funds transfer using Mobile Number and MMID

 

To transfer funds using Mobile Number and MMID, you will require:

  • Beneficiary's mobile number. The beneficiary's mobile number should be registered with his bank.
  • MMID of the Beneficiary. Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer.

Shivalik Bank customer can initiate IMPS transfer using Mobile Number and MMID from Shivalik Mobile. Shivalik Mobile is the mobile banking solution provided by the bank for its customers to enjoy complete suite of transactional banking using his/her mobile phone.

To transfer funds using account number and IFSC you will require:

  • Beneficiary's account number
  • IFSC Code of the bank. The beneficiary bank should be enabled to accept payments through IMPS.

 

2.    IMPS Merchant payments

IMPS Merchant Payments service allows you to make instant, 24*7, interbank payments to merchants or enterprises. To transfer funds using IMPS to a merchant you will require:

  • Merchant mobile number

  • Merchant MMID

  • Amount

  • M-PIN

  • Payment Reference*

 

Payment Reference* is a unique reference for the payment, and identifies the transaction to the merchant. The merchant decides what you will enter in this field. For e.g. for insurance premium payment, you may need to enter policy number in the payment reference field; for electricity bill payment, it may be consumer number. The information to be entered in the payment reference field will be decided by merchant. Please contact your merchant for more details.

FAQs

What is IMPS?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service available 24x7, throughout the year including Sundays and any bank holiday. Customers can transfer and receive funds via IMPS using their registered Mobile number and Mobile Money Identifier (MMID) or Account number and IFSC code.

Does the customer need to have a bank account for availing IMPS?

Yes, the customer needs to have a bank account with the bank which has enabled this facility.

What is MMID?

Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer/merchant who wants to receive the money) through IMPS using mobile number and MMID should have this for doing this interbank funds transfer.

Can we withdraw and / or deposit money using IMPS?

Presently, the customers cannot withdraw and / or deposit money using IMPS.

What are the timings for initiating and receiving IMPS remittances?

IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.

How long does it take for the remittance to get credited into the beneficiary account number?

The funds are credited to the beneficiary immediately.

Is it necessary to have sufficient account balance to initiate a remittance?

Yes, the customer should have sufficient account balance to initiate a fund transfer.

How will the remitter know that his account is debited and funds have been credited in the beneficiary's account?

The remitting bank sends a confirmation SMS to the remitting customer about the transaction initiated by him / her.

Does the customer need to register to remit funds through IMPS using Mobile Number and MMID?

Yes. Customer needs to register for Mobile Banking for remitting funds through IMPS using Mobile Number and MMID.

Is the beneficiary also required to register for IMPS?

The beneficiary should have his mobile number registered with the bank where he/she maintains the account and where he/she intends to receive the credit. The beneficiary should also have a valid MMID provided by the bank if he/she intends to receive funds through IMPS using Mobile number and MMID.

Does the customer require a mobile handset of a particular model or make or features to enable this service?

It depends on the bank's mobile banking interface requirements.

What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to make a remittance from customer's account?

At the time of mobile banking registration, customer can set his/her MPIN (Mobile Personal Identification Number) for accessing the mobile banking facility. An IMPS remittance will not be possible without the MPIN.

What happens in case the remitter enters a wrong beneficiary mobile number for remittance?

The beneficiary details required for making a remittance are mobile number and MMID. The transaction will get declined in case anyone of these two numbers is erroneous and transaction gets reversed instantly.

Can the remitter transfer funds from his / her to the beneficiary account in other bank?

Yes, the remitting customer can transfer funds to the beneficiary account in other banks.

Can a customer remit and / or receive remittance using the mobile number other than the one registered with the bank?

The customer can remit and / or receive funds using the registered mobile number only. In case he / she needs to remit / receive funds using the other mobile number, he / she will have to approach the bank and complete the process of changing the registered mobile number for mobile banking.