By Understanding and utilizing the Immediate Payment Service (IMPS) for fund transfers involves a straightforward process. Here’s a simplified guide:
1. Accessing Mobile Banking: Initially, users need to access their mobile banking application.
2. Initiating Transfer: Within the app, navigate to the ‘Fund Transfer’ section.
3. Selecting IMPS: Choose ‘IMPS’ as the preferred method for the fund transfer.
4. Recipient Details: Provide the mobile number of the recipient. There’s no need to enter the recipient’s bank account number or IFSC code.
5. Enter Amount: Specify the transfer amount, which should be within ₹5 lakh.
6. Confirmation: After entering the necessary details, click ‘Confirm’.
7. Completing Transfer: Finally, enter the One Time Password (OTP) received to complete the transaction.
About IMPS: IMPS, introduced in 2010 by the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI), offers a reliable way to transfer funds between bank accounts. For effective use, linking your mobile number with your bank account is essential. Mobile banking services typically provide a PIN for secure transactions.
This guide provides a user-friendly pathway to harnessing the efficiency of IMPS in digital banking.
