One of the easiest and fastest ways to transfer money is through IMPS or Immediate Payment Service. This is a fund transfer option that works in real time, allowing you to make transfers within 30 minutes to the beneficiary. Indian Bank offers IMPS services to every individual who hold an account in one of their several branches. But, every account holder is required to pay Indian Bank IMPS charges for every successful transfer.
What are Indian Bank IMPS Charges?
There are some charges associated with IMPS transfers. These charges are standard and are applied on the amount that you transfer. Indian Bank IMPS Charges are as follows:
| Transaction Amount | Indian Bank IMPS Charges (Per transaction) |
| For transactions up to Rs. 25000 | NIL |
| For transactions above Rs. 25000 up to Rs. 2 lakh | Rs. 6 + GST |
What are the benefits of Indian Bank IMPS Services?
- This service can be used by all Indian Bank account holders
- You can transfer money 24X7 with IMPS
- Account holders can transfer up to Rs.2 lakh through IMPS in a day.
- The service is available even on bank holidays and Sundays.
- IMPS Transactions can also be used to pay your credit card bills, utility bills and make online purchases through your mobile.
How to add a beneficiary for IMPS?
Before you make an IMPS transfer through your Indian bank account, you need to add a beneficiary with the following steps:
- Log in to Indian Bank net banking or mobile banking
- Choose “Fund Transfer” and “ Add payee”
- Enter all the details of the beneficiary including the MMID and mobile number, bank account number and IFSC code of the branch of the beneficiary account.
How to transfer funds through Indian Bank IMPS?
Once you have added the beneficiary, it will take 30 minutes for it to be confirmed. After that, you can follow these steps for IMPS transfers:
- Click on “Funds Transfer” and select IMPS as the fund transfer method.
- Choose “IMPS Using IFSC code” or “IMPS using MMID”
- Enter the amount that you wish to transfer and click on confirm.
As soon as the transfer has been made, a confirmation message will be received by both the beneficiary as well as the remitter. You will have a transaction reference number to track your transfer.
What is MMID?
A Mobile Money Identifier or MMID is given to every customer who opts for mobile banking services. This is a unique seven digit number that you can use to make IMPS transfers. Every MMID is linked to the account that you hold with the bank.
You can get your MMID through your internet banking account, by downloading the mobile banking app, through an ATM or through an SMS. Using an MMID and mobile number makes it very safe to transfer funds to the correct account easily.
Indian Bank account holders can also generate MMID by sending an SMS to 9444394443. Indian Bank will generate a unique MMID for each account and send it to the customer’s registered mobile number.