The digital era has brought with it, an expansive array of services and products that can be utilized by people to manage their lives in a smooth fashion. Talking about technology and advancement brings us to the subject of the banking system, where the unleashed advancement has made greater strides than can be imagined. The newer methods that have been put in place by banks for exchanging money has allowed customers to send and receive money in a safe and secure manner. Let us get to know more about these payment methods.
What are the type of payment options available to a customer through digital banking?
A customer can make a transfer of money from his account, to the account of another person digitally without even visiting the bank branch. In order to pay out a party with digital means, a person would be required to hold a bank account. Customers can transfer funds using the digital services provided by almost every bank in India. Out of all, Bank of Baroda is one of the most popular bank which provides convenient digital banking to its customers. Also, a customer would be required to link his bank account with a mobile phone number, which would ideally be used to communicate the information related to the customer’s bank account to him. As of now, the most common ways that a customer can transfer money into another account is through the following methods:
- NEFT: Through NEFT, one can transfer a sum of money to another account through internet banking service, which should be the preferred choice for lesser amount.
- RTGS: Unlike NEFT service, RTGS is a real time transfer service which should be the preferred choice for transferring huge sum of money.
- IMPS: IMPS service allows a person to transfer an amount of money on an instant basis. This means that money shall be transferred into the account of the receiver, at the same moment that the transfer is made. Moreover, IMPS services can also be used on a holiday or else, at any time of the day.
Does Bank of Baroda offer IMPS service?
Like most other leading banks in India, Bank of Baroda also offers IMPS service to its customers. However, in order to utilize the IMPS service, a customer who makes the payment and the person who receives the payment, both are supposed to own a MMID code. An MMID code is a seven digit code that validates an IMPS transaction. This is why MMID BOB is used by a customer to use the IMPS service of the bank.
What are the steps involved in transferring money through IMPS service?
Firstly the customer would be required to open a bank account with Bank of Baroda. Once the account has been opened and all the necessary details required for completion of the process have been fulfilled, one can register his mobile number with the bank. This mobile number shall be used by the bank to communicate significant information about the bank account of a customer, from time to time. Once the mobile number has been registered, the customer can request activation of internet banking services on his smart phone, on which the mobile number is being used. Once the internet banking services have been installed on the smart phone and the customer downloads the mobile banking application of the bank on the phone, he can make use of the services which are usually available on the app, along with IMPS. Using MMID BOB, the customer will be able to send and receive money through the bank account. However, for this to be possible, it is important that the person to whom the transfer of money is being made, shall also be equipped with the MMID code.
What are the advantages of using IMPS transfer method?
Using the IMPS method of transferring money from one bank account to another is usually considered to be highly convenient. The advantages of using the service arise from the fact that not only a customer can transfer the sum of money at any point of time in the day but he can also transfer the money at a holiday. This widens the scope of making and receiving a payment as it is no longer restricted by holidays or availability of a banking personnel. Hence, the dependency of the customers on the banking officials has reduced greatly. This makes a bank much more approachable and engaging for a customer who has every day need of transacting using his bank. Thus, through MMID BOB, there is a wide scope of features and benefits that one can utilize and avail.