IMPS | Kerala Grameena Bank

Immediate Payment Service (IMPS)

Immediate Payment Service - lightning speed fund transfer through mobile phones.

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones in India. KGB Customers can do IMPS transactions through our Mobile banking application - KGB mPay

Overview

IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays. Customers can transfer and receive funds via IMPS through Mobile Banking using their registered Mobile number and Mobile Money Identifier (MMID) or using their Account number and IFSC code.

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Features & Benefits

IMPS services is available 24/7 throughout the year including bank holidays.
The funds will be credited into the beneficiary account immediately.
The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
On receiving the amount, the beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.

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Types of IMPS & How it Works?

IMPS fund Transfer can be of two types: IMPS remittance from Person to Person and IMPS remittance from Person to Account
Details required for IMPS remittance from Person to Person:
Beneficiary Name
Beneficiary MMID
Beneficiary Mobile Number
Details required for IMPS remittance from Person to Account
Beneficiary Name
Beneficiary Account Number
Beneficiary IFS Code
For transferring funds using IMPS users can opt any of the above methods.

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What is MMID in IMPS?

MMID stands for Mobile Money Identification Number
It is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.

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Transaction Limit & Timing

Inward and Outward IMPS transactions are available 24X7.
There are no holiday restrictions on IMPS outward and inward transactions.
Outward IMPS transactions are allowed upto an amount of Rs.50,000/- per day with per transaction limit of Rs.50,000/-
Monthly limit of IMPS is 5 Lakhs

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Rates & Charges

For Rates & Service charges Click Here

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FAQs

What is IMPS?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service available 24x7, throughout the year including Sundays and any bank holiday. Customers can transfer and receive funds via IMPS using their registered Mobile number and Mobile Money Identifier (MMID) or Account number and IFSC code.

Does the customer need to have a bank account for availing IMPS?

Yes, the customer needs to have a bank account with the bank which is enabled with this facility.

What is MMID?

Mobile Money Identifier (MMID) is a seven digit random number issued by the bank for every mobile banking registered customers. Both the Remitter (customer who wants to send money) and Beneficiary (customer/merchant who wants to receive the money) should have this number for doing IMPS transactions using Mobile number and MMID.

What are the timings for initiating and receiving IMPS remittances?

IMPS services is available 24/7 throughout the year including bank holidays.

What are the charges for IMPS?

Currently KGB does not charge its customers for IMPS transactions.

How long does it take for the remittance to get credited into the beneficiary account number?

The funds are credited to the beneficiary immediately.

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.

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.

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.

Does the customer need to register to remit funds through IMPS using Mobile Number and MMID?

Yes. Customer needs to register for Mobile Banking for remitting funds through IMPS using Mobile Number and MMID.
The beneficiary should have his mobile number registered with the bank where he/she maintains the account.The beneficiary should also have a valid MMID provided by the bank if he/she intends to receive funds through IMPS using Mobile number and MMID.

What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to make a remittance from customer's account?

At the time of mobile banking registration, customer can set his/her MPIN (Mobile Personal Identification Number) for accessing the mobile banking facility. An IMPS remittance will not be possible without a MPIN.

What happens in case the remitter enters a wrong beneficiary mobile number for remittance?

The beneficiary details required for making a remittance are mobile number and MMID. The transaction will get declined in case anyone of these two numbers is erroneous and transaction will get reversed instantly.

What happens in case the remitter enters a wrong account number and correct/incorrect IFSC for remittance?

Customers should take extreme care in providing the account number of the beneficiary. In the case of IMPS transactions, the credit will be given to the customer’s account solely based on account number provided.

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.