How To Carry IMPS Transactions Through SBI Mobile Banking? Find Out!

Among many digital payment services is Immediate Payment Service (IMPS) which is an instant interbank electronic fund transfer service through mobile phones. Not just that IMPS transactions have been extended to other platforms such as ATMs, Internet Banking, etc. At the largest PSU lender in India, the IMPS facility is available to all registered users of SBI Anywhere Personal having transaction rights on one or more accounts.

According to NPCI, IMPS provides robust & real-time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that can be accessed on multiple channels like Mobile, Internet, ATM, and SMS. IMPS is an emphatic service which allows transferring of funds instantly within banks across India which is not only safe but also economical. Currently, on IMPS, 816 members are live which includes banks & PPIs.

Also, the eligible criteria for the Banks who can participate in IMPS is that the entity should have a valid banking or prepaid payment instrument license from the Reserve Bank of India to participate in IMPS.

Here's how you can carry IMPS transactions through SBI Mobile Banking:

Beneficiaries:

Adding beneficiaries to your bank accounts is the first step to carrying out seamless and flexible net banking at banks.

To add beneficiaries at SBI Anywhere Personal, follow the below-mentioned steps:

- Log on to 'www.onlinesbi.com'

- Visit the 'Profile' section and click on Manage Beneficiary.

- Select 'IMPS Beneficiary'

- Add details for the beneficiary

-Approve the beneficiary using OTP (one-time password) received on your registered mobile number.

Beneficiary details such as MMID, mobile number, account number, IFSC code and name of the beneficiary will be needed to effect an IMPS remittance from Person to Person.

As per SBI's guidelines, customers can add and approve only one beneficiary in a calendar day, which will be activated by the internet banking system within 4 hours, if approved by you using OTP during the period from 6.00 AM to 8.00 PM (IST). Beneficiary approved after 8.00 PM will be activated on the next day after 8.00 AM (IST). You can commence funds transfer to the new beneficiary only after its activation. During the first 4 days after activation, you can transfer a total sum of Rs 1,00,000/- to a new beneficiary if activated by the system.

For remitting money using IMPS at IMPS, follow the below steps:

Person to Account:

- Log on to SBI Anywhere Personal.

- Click on Fund Transfer -->> Other Bank Account.

- Select Debit Account, Mode of Transfer as IMPS and Beneficiary Account.

- Enter the amount to be transferred and click on Submit.

- Click on the Confirm button.

- Approve the transaction using OTP (one-time password) received on your registered mobile number by clicking on the Submit button.

Person to Person:

- Log on to SBI Anywhere Personal.

- Click on Fund Transfer -->> IMPS-Mobile No & MMID.

- Select Debit Account and Credit Account.

- Enter the amount to be transferred and click on Submit.

- Click on the Confirm button.

- Approve the transaction using OTP (one-time password) received on your registered mobile number by clicking on the Submit button.

It needs to be noted that if the beneficiary details required for making a remittance (such as MMID, and mobile number) are wrong, there is a very high possibility of the transaction getting rejected.

IMPS Inward and Outward transactions are available 24X7. There are no holiday restrictions on IMPS inward and outward transactions. However, IMPS Outward transactions are allowed to transfer a collective of Rs. 5,00,000 to IMPS beneficiaries.

What happens if the transaction is not completed? SBI guides that in case the IMPS transaction is not completed for any reason - technical or business, the reversal of the remitter funds will happen immediately. If such a transaction becomes a subject matter of reconciliation wherein the fate of the transaction is not determined immediately, the reversal of funds will happen in seven days.

Lastly, the beneficiary can use the funds immediately upon receipt of credit in the account. The funds received through IMPS are good funds and can be used immediately upon credit.

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