In the era of digital payments, Immediate Payment Service (IMPS) stands out as a swift interbank electronic fund transfer option, making transactions instantaneous and hassle-free. For State Bank of India (SBI) account holders, leveraging IMPS through mobile banking offers a convenient way to transfer funds securely. This article provides a comprehensive guide on how to carry out IMPS transactions seamlessly via SBI Mobile Banking.
Understanding IMPS and Its Significance
IMPS, as defined by the National Payments Corporation of India (NPCI), is a real-time, 24×7 interbank electronic fund transfer service accessible through various channels, including mobile phones, internet banking, ATMs, and SMS. With 816 live members, IMPS ensures safe and economical fund transfers across banks in India.
Steps to Carry IMPS Transactions Through SBI Mobile Banking
1. Adding Beneficiaries:
- Log on to ‘www.onlinesbi.com‘
- Visit the ‘Profile’ section and click on Manage Beneficiary.
- Select ‘IMPS Beneficiary’ and add beneficiary details.
- Approve the beneficiary using OTP received on the registered mobile number.
2. Person to Account Transactions:
- Log on to SBI Anywhere Personal.
- Click on Fund Transfer >> Other Bank Account.
- Select Debit Account, choose IMPS as the Mode of Transfer, and select the beneficiary account.
- Enter the amount and confirm the transaction using OTP.
3. Person to Person Transactions:
- Log on to SBI Anywhere Personal.
- Click on Fund Transfer >> IMPS-Mobile No & MMID.
- Select Debit Account, choose Credit Account, enter the amount, and confirm the transaction using OTP.
Important Guidelines and Restrictions
- Customers can add and approve only one beneficiary in a calendar day.
- Activation of a beneficiary takes up to 4 hours if approved between 6.00 AM to 8.00 PM (IST).
- The total transfer limit to a new beneficiary within the first 4 days is Rs 1,00,000/-.
- IMPS Inward and Outward transactions are available 24×7 with no holiday restrictions.
- IMPS Outward transactions are limited to a collective transfer of Rs. 5,00,000 to IMPS beneficiaries.
What Happens if the Transaction is Not Completed?
- Reversal of remitter funds occurs immediately in case of incomplete IMPS transactions.
- If a transaction’s fate is not immediately determined, the reversal of funds will happen within seven days.
In A Nutshell
IMPS transactions through SBI Mobile Banking provide users with a quick, secure, and accessible method for fund transfers. Understanding the steps, guidelines, and restrictions ensures a smooth experience, making IMPS a reliable choice for instantaneous financial transactions.
