South Indian Bank IMPS Charges
IMPS is an abbreviation for "Immediate Payment Service". It is an instant interbank electronic fund transfer service that helps you access your bank account and transfer funds immediately, cost-effectively and securely. IMPS (Immediate Payment Service) is a payment system developed by the National Payments Corporation of India (NPCI).
Immediate Payment Service (IMPS) was launched on 22nd November 2010 by Smt. Shyamala Gopinath, Deputy Governor, RBI at Mumbai. IMPS facility is provided by National Payments Corporation of India (NPCI) through its existing NFS switch.
Type | Size |
---|---|
About South Indian Bank IMPS | It is an instant interbank electronic fund transfer service |
South Indian Bank IMPS Timings | Available 24x7, 365 days |
South Indian Bank IMPS Limit (Minimum) | Re. 1 |
South Indian Bank IMPS Limit (Maximum) | Rs. 5 Lakh |
South Indian Bank IMPS Charges (outward) | Charges vary between Rs.5 to Rs.15 based on amount to be transferred |
South Indian Bank IMPS Transfer Modes |
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Eligibility for South Indian Bank IMPS
All resident current and savings account holders of the South Indian Bank who are registered for Net Banking or Mobile Banking or having a valid MMID (Mobile Money Identifier) are eligible for this service.
Services Available under South Indian Bank IMPS
- Funds Transfer
- Receiving Money
- Make merchant payments
- Query Service on Aadhaar Mapper: It helps user in knowing their Aadhaar Seeding status with their bank account
Participants of IMPS
- Remitter (Sender) of funds: Who transfers the funds
- Beneficiary (Receiver) of funds: Who receives the funds
- Banks: Plays a significant role in conducting IMPS transactions like fund transfers between users across India in a quick and secure manner.
South Indian Bank IMPS Timings
IMPS transactions can be sent and received 24X7, (round the clock), including on holidays.
How to Register for South Indian Bank IMPS?
- For fund transfers through IMPS, one needs to have IFSC & Bank account number (OR) MMID & Mobile number
- You should have a mobile banking or net banking account
- You can register for net banking at the time of opening your account or later on
- You can get your MMID generated by visiting your branch or calling bank customer care or through mobile app
How to Register the Beneficiary using South Indian Bank Net Banking?
- Login to South Indian Bank Net Banking
- Click on Transfers and Payments
- Click on Add / Manage Beneficiaries
- Add the beneficiary details
- Click Add Transfer Type
- Choose IMPS
- Select the IMPS transfer type and enter the required details
- Verify the details
- click on Confirm
- Activation code will be sent to your registered mobile number
- Enter the code and the beneficiary will be added
How to Get the MMID for your Account?
- Visit your South Indian Bank bank branch personally. You can request for mobile banking registration and get an MMID number for making and receiving payments
- Log in your South Indian Bank Net Banking Account and generate MMID using your South Indian Bank mobile banking account as you log in the account
- Send request for generation of MMID through SMS from your registerred mobile number bank. The MMID for the account will be sent to you via SMS and email alerts
- Call your South Indian Bank Customer Care Centre and get your MMID generated
How to Send Money through South Indian Bank Internet Banking using Mobile Number & MMID?
- Login to South Indian Bank Net Banking using your user name and password
- Click on Payments and Transfer
- Click on Fund Transfer
- Select IMPS (Immediate Payment Services) Fund Transfer
- Select MMID i.e. 'Person to Person (P2P)' option
- Enter the mandatory details such as amount to be transferred, etc.
- Click on Submit Button
- Verify the transaction details
- Click on Confirm
How to Send Money through South Indian Bank Internet Banking using Account Number & IFSC?
- Login to South Indian Bank Net Banking using your user name and password
- Click on Payments and Transfer
- Click on Fund Transfer
- Select IMPS (Immediate Payment Services) Fund Transfer
- Select IFSC i.e. 'Person to Account (P2A)' option
- Enter the mandatory details such as amount to be transferred, etc.
- Click on Submit Button
- Verify the transaction details
- Click on Confirm
IMPS Vs NEFT
IMPS Vs RTGS
IMPS Vs RTGSHow to Receive Money using IMPS?
You need to share your account number and IFSC or mobile number and MMID with the sender to receive money through IMPS.
Merits of South Indian Bank IMPS
- No cap on minimum amount transferred using IMPS
- Easily Accessible and Cost Effective
- The beneficiary will be credited instantaneously
- Instant confirmation of fund transfer to receiver and sender through SMS
- Available 24x7, 365 days (functional even on holidays)
- It can be operated through multiple channels such as Netbanking, Mobile, ATM & Physical Request to the Bank
- Minimal charges of Fund Transfer
Demerits of South Indian Bank IMPS
- Cap on Maximum Transfer Amount: Only upto Rs. 2 lakh can be transferred through IMPS
- Funds can be transferred to the new beneficiary only after its activation
- Maximum Rs. 10,000 only can be transferred on the first day of activation
- All the banks in India do not participate in IMPS system
- There is a transaction fee per IMPS fund transfer
Where to Register a Complaint of IMPS Transaction?
All the customers of South Indian Bank IMPS can log IMPS complaint with South Indian Bank. They need to give all the details regarding their IMPS transaction such as Beneficiary's Account Number, Beneficiary's Bank Name, Timing of Fund Transfer, Amount, etc.
Important Points Regarding IMPS
- Do not share the OTP received by you on your mobile phone
- Do not share your login password of net banking or mobile banking with anyone
- Do not share your debit card details such as debit card number, expiry date & CVV number
- Do not forward SMSes related to IMPS to any unknown mobile number
- Transaction charges, which are minimal, are levied only for outward IMPS transactions and not for inward IMPS transactions
Which Banks are Offering IMPS?
Bank Name | Mobile No. & MMID | Account No. & IFS Code | Internet | Branch | Mobile | ATM |
---|---|---|---|---|---|---|
Abhinandan Urban Co.op. Bank Ltd | Live | Live | Live | Live | ||
Abhyudaya Co Operative Bank | Live | Live | Live | Live | ||
Adarniya Pd Patil Bank | Live | Live | ||||
Adarsh Co Operative Bank | Live | Live | Live | |||
Adarsh Mahila Nagari Sahakari Bank Ltd.,aurangabad | Live | Live | ||||
Aditya Birla Idea Payments Bank Ltd. | Live | Live | ||||
Ahmedabad District Cooperative Bank | Live | Live | Live | |||
Ahmednagar Merchant's Co Op. Bank Ltd. | Live | Live | Live | Live | ||
Ahmednagar Shahar Sahakari Bank Maryadit | Live | Live | ||||
Airtel Payments Bank Ltd. | Live | Live | ||||
Ajantha Urban Co Op Bank Ltd | Live | Live | ||||
Ajara Urban Cooperative Bank Ltd | Live | Live | Live | |||
Akhand Anand Co Op Bank Ltd(icici) | Live | Live | ||||
Akola District Central Cooperative Bank Ltd | Live | Live | ||||
Akola Janata Commercial Co Operative Bank Ltd | Live | Live |
FAQs
All resident current and savings account holders of the bank who are registered for Net Banking or Mobile Banking are eligible for this service.
On successful completion of the transaction, alerts will be sent on your preferred mobile number and email ID registered with the bank.
Transaction limits for South Indian Bank IMPS transfer are Minimum Re. 1 and Maximum Rs. 2 lakh.
For any reason, if the IMPS transaction is not processed, the money would be credited back to the sender's account instantly. In case the fate of the transaction is not determined immediately, the reversal of funds will happen on the next working day. In case your South Indian Bank account is debited and the beneficiary account is not credited, then please contact our 24x7 Customer Care Centre.
Charges for South Indian Bank IMPS are as follows:
- Upto Rs. 1,00,000: Rs. 5 per transaction
- Rs. 1,00,000 to Rs. 2,00,000: Rs. 15 per transaction
Yes, the customer should have sufficient account balance to initiate a fund transfer using IMPS.
There are 2 ways:
- Beneficiary Mobile Number and MMID
- Beneficiary Account Number and IFSC
The beneficiary should have his mobile number registered with the bank where he has his account and wants to receive the credit.
The beneficiary should have his mobile number registered with the bank where he has his account and he should also have a valid MMID provided by the bank.
MMID stands for Mobile Money Identifier. MMID is a 7 digit code issued by participating banks to their customers for availing IMPS.
The funds get credited into the beneficiary's account instantly.
No. You cannot transfer money abroad using IMPS. This facility is available for fund transfers made only in India.