Eager to make interbank money transfer to your distant relative or business partner/associate during non-working hours or on Sunday via netbanking neft facility, but you find out that you can not, unfortunately! What to do in case of urgency? How to make immediate funds transfer urgently to a different bank via netbanking? Intrabank money transfer i.e. to same bank (sbi to sbi or icici to icici) is usually done instantly. Neft funds transfers are usually queued and processed in batches periodically as per predefined schedules of the bank. Therefore, neft transfers are not immediate in case of interbank funds transfer i.e. money transfer between different bank, say sbi to hdfc, or icici to axis bank, etc. Also, interbank neft transfer is not processed on Sunday which leaves the user helpless. This is where IMPS comes to help. IMPS stands for Immediate Payment Service. This service was initially introduced for making funds transfer via mobile banking in which the subscribed consumers are issued MMID(Mobile Money Identifier) and MPIN for making transactions. But, now IMPS has improved a lot and meets our specific case here:
Did you know that you can now make interbank funds transfer with account number and IFSC code of beneficiary via IMPS in netbanking even on Sunday?
Yes, you do not need to subscribe to mobile banking or IMPS facility. With IMPS option in netbanking, you can now make payment on any day to a different bank almost immediately, even on holidays. The recipient beneficiary must be active in your netbanking account. Here is how to:
How to make interbank money transfer via Netbanking instantly :
- Login to your netbanking account
- Go to this link to confirm that the receiving bank supports IMPS funds transfer using account number and ifsc code facility.
- Go to Transfer/Payment page in your netbanking account.
- Look for IMPS option there (located directly in left-side menu or under neft or funds transfer page).
- Select IMPS using account number and IFSC code option.
- Select the interbank beneficiary listed. (If the desired recipient is not listed, you need to add beneficiary before making funds transfer as you do in NEFT)
- Enter the amount and confirm.
- The payment will be made within 5-15 minutes.
- Rs.5 is the usual service charge for each IMPS funds transfer.
- Subscribing to IMPS or Mobile banking is not required. MMID is not required.
- IMPS funds transfer using account no & IFSC code can be done to already added neft beneficiary only.
- IMPS money transfer can be processed even on Sunday or during non-working hours.
- It can be done between different banks (interbank transfer)
- The recipient doesn’t need IMPS or Mobile banking or Netbanking.
- It works on Sunday also.
SO, now you no longer need to wait longer to send/receive funds from a different bank via netbanking facility, thanks to IMPS. For any assistance, queries or doubts, feel free to ask us in comments.
CAUTION: Do not enter any personal netbanking related details in comments!