Imps PDF

Immediate Payment Service - Frequently Asked Questions
1. What is IMPS?
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is
also being extended through other channels such as ATM, Internet Banking, etc.
2. What is MMID?
Mobile Money Identification Number (MMID) is a seven digit number of which the first four digits are the unique
identification number of the bank offering IMPS.
3. Is IMPS facility through SBI Anywhere Personal available to all customers?
The facility is available to all registered users of SBI Anywhere Personal having transaction rights on one or more
accounts.
4. How I can add IMPS Beneficiary through SBI Anywhere Personal?
a. Log on to 'www.onlinesbi.com'
b. Visit 'Profile' section and click on Manage Beneficiary.
c. Select 'IMPS Beneficiary'
d. Add details for the beneficiary
e. Approve the beneficiary using OTP (one time password) received on your registered mobile number.
5. What beneficiary details the customer requires to effect an IMPS remittance from Person to Person?
Following beneficiary details are required :
a. MMID of the beneficiary,
b. Mobile number of the beneficiary
c. Name of the beneficiary
6. What beneficiary details the customer requires to effect an IMPS remittance from Person to Account?
The beneficiary details required are:
a. Name of the beneficiary
b. Account Number of the beneficiary
c. IFS Code of the beneficiary bank
Please note that you have to add such beneficiary using Interbank Beneficiary option given in the Profile section of
onlinesbi.
7. What are the restrictions for activation of a beneficiary added by a user?
You 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.
8. Is there any limit on the value of transactions in IMPS? Please give some examples.
Ramu a user of internet banking with transaction rights, wishes to transfer money to Shyamu using IMPS.
Date Activity Amount Limitation

Ramu added and
Sep activated Shyamu Rs.1,00,000 can be transferred to Shyamu on the day of
1 as IMPS activation of the beneficiary.
beneficiary
Sep
Shyamu in cooling A total sum of Rs.1,00,000 can be transferred to Shyamu
2–
period during the period from Sep 1 to Sep 4.
4
Every day of Rs.2,00,000/- can be transferred to Shaymu,
Sep Shyamu out of
provided the total amount transferred on any given day by
6 cooling period
Ramu through IMPS does not exceed Rs.2,00,000/-
9. How can a user remit money using IMPS?
Person to Account
a) Log on to SBI Anywhere Personal.
b) Click on Fund Transfer -->> Other Bank Account.
c) Select Debit Account, Mode of Transfer as IMPS and Beneficiary Account.
d) Enter the amount to be transferred and click on Submit.
e) Click on Confirm button.
f) Approve the transaction using OTP (one time password) received on your registered mobile number by
clicking on Submit button.
Person to Person
a) Log on to SBI Anywhere Personal.
b) Click on Fund Transfer -->> IMPS-Mobile No & MMID.
c) Select Debit Account and Credit Account.
d) Enter the amount to be transferred and click on Submit.
e) Click on Confirm button.
f) Approve the transaction using OTP (one time password) received on your registered mobile number by
clicking on Submit button.
10. What happens in case the remitter enters wrong beneficiary details for remittance?
If the beneficiary details required for making a remittance (such as MMID, mobile number) are wrong, there is a very high
possibility of the transaction getting rejected. If you are remitting money using account number, please check the account
number as amount will be credited on the basis of account number only.
11. What are the timings for initiating and receiving IMPS remittances?
IMPS Inward and Outward transactions are available 24X7. There are no holiday restrictions on IMPS inward and outward
transactions.
IMPS Outward transactions are allowed to transfer collective of Rs. 2,00,000 to IMPS beneficiaries.
12. If the transaction is not completed, will the customer get his / her money back? When?
Yes. In case the IMPS transaction is not completed for any reason - technical or business, the reversal of the remitters
funds will happen immediately. If such a transaction becomes a subject matter of reconciliation wherein the fate of
transaction is not determined immediately, the reversal of funds will happen in seven days.
13. What are the charges for the customer sending and receiving remittances using IMPS?
The charges for remitting money thorugh IMPS using SBI Anywhere Personal
Proposed IMPS Commission Amount debited from customer +

Amount Slab
Charges GST
Rs. 1 -
NIL No Charges
2,00,000
14. Are there any subscription charges for the customers to avail this facility?
Currently, there is no subscription charge for the SBI Anywhere Personal users.
15. How long does it take for the remittance to be credited into the beneficiary account number?
The funds should be credited into the beneficiary account immediately.
16. 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.
17. How does the remitter come to know that his account is debited and funds have been credited in the beneficiary's
account
The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
18. How does a beneficiary come to know of funds being credited to his / her banks account?
The beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the
account.
19. Can a customer receive remittance using the mobile number other than the one registered with the bank?
The customer can receive funds using the registered mobile number only. In case he / she need to 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.
20. When can the beneficiary use the funds received through IMPS?
The beneficiary can use the funds immediately on 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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Immediate Payment Service - Frequently Asked Questions

3. Is IMPS facility through SBI Anywhere Personal available to all customers?

4. How I can add IMPS Beneﬁciary through SBI Anywhere Personal?

b. Visit 'Proﬁle' section and click on Manage Beneﬁciary.

c. Select 'IMPS Beneﬁciary'

d. Add details for the beneﬁciary

Following beneﬁciary details are required :

a. MMID of the beneﬁciary,

b. Mobile number of the beneﬁciary

c. Name of the beneﬁciary

The beneﬁciary details required are:

a. Name of the beneﬁciary

b. Account Number of the beneﬁciary

c. IFS Code of the beneﬁciary bank

7. What are the restrictions for activation of a beneﬁciary added by a user?

Date Activity Amount Limitation

9. How can a user remit money using IMPS?

a) Log on to SBI Anywhere Personal.

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

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

d) Enter the amount to be transferred and click on Submit.

e) Click on Conﬁrm button.

a) Log on to SBI Anywhere Personal.

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

c) Select Debit Account and Credit Account.

d) Enter the amount to be transferred and click on Submit.

e) Click on Conﬁrm button.

Proposed IMPS Commission Amount debited from customer +

The funds should be credited into the beneﬁciary account immediately.

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

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