- What is IMPS?
- Immediate Payment Service or IMPS offers an instant, 24X7 interbank electronic fund transfer service through mobile phones and other channels. IMPS facilitate customers for accessing their banks accounts and remitting funds there from.IMPS can also be used to transfer money to beneficiary accounts within TMB.
Customers can use below facilities to transfer their funds instantly:
> Using Mobile number & MMID (P2P)
> Using Account number & IFS Code (P2A)
> Using Aadhaar number (ABRS)
> Customer Initiated - P2M(Push)
> Merchant Initiated - P2M(Pull)
- How is IMPS working?
- A common infrastructure has been set-up amongst participant banks, in association with the National payment Corporation of India (NPCI), to enable real time funds transfers across banks.
- What is IFSC ?
- IFSC stands for Indian Financial System Code (IFSC). It is a 11digit alphanumeric code that uniquely identifies a bank-branch participating in electronic fund transfer system of India.
This is an 11-character code with the first 4 alphabetic characters representing the bank, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. The 5th character is 0 (zero).
The Beneficiary a/c details are matched with IFSC code of the branch to conduct the transaction.
- What is MMID?
- MMID stands for Mobile Money Identifier. MMID is a 7 digit code issued by a participating bank to their Mobile Banking registered customers for availing IMPS service as a beneficiary. A customer will have different MMID's for different accounts and all these can be linked to a single mobile number.
- How do I know my MMID?
- To get the MMID for your account(s), goto IMPS in TMB mConnect application and click Generate MMID.
- How to send Money using Aadhaar Number?
- Customers have to enter the Aadhar Number in Beneficiary Aadhar No. Field. Account Number which is linked to Aadhar Number will be credited instantly. If there is no account number linked to Aadhaar Number, then Customer will be intimated that no Accounts are linked to this Aadhaar Number and amount will not be debited.
- Do I need to register separately for IMPS?
- If you are a registered mobile banking customer of TMB Bank no more registrations are required.
- What beneficiary details do I need to use to send money?
- The beneficiary details required are:
Beneficiary's bank account number
Beneficiary's Bank Branch's IFSC code (11 digit)
Beneficiary's 10 digit mobile number
MMID of the beneficiary customer (7 digit)
Beneficiary's Aadhaar Number
- Do I need to have a bank account to send/receive money via IMPS?
- Yes, you need to at least have one of the Savings, Current or OD bank account.
- Is there any limit on the value of transactions when I am sending money using IMPS?
- The existing limits of Rs 50,000 per day using TMB M-Banking apply. This is subject to revision as per RBI guidelines.
- What happens in case I enter a wrong beneficiary mobile number or wrong MMID when sending money?
- 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 gets reversed instantly. The customer shall have to ensure both the above two correctly while entering.
- What are the timings for initiating and receiving IMPS remittances?
- IMPS transactions can be sent and received at any time and any day(24*7) of the year. There are no timing or holiday restrictions on IMPS remittances.
- If the transaction is not completed will I get my money back? When?
- Yes. In case, TMB Bank customer's account is debited and beneficiary account is not credited, then the funds will be re-credited back into the TMB Bank customerís account.
- How long does it take for the money to get credited into the beneficiary account?
- For transactions which are successful, funds gets credited into the beneficiary's account immediately.
- Can I send money from an TMB Bank Savings account to another account in any other bank in India?
- Yes, you can transfer money from your TMB Bank account to a beneficiary who has an account within the IMPS participating banks.
- Are all banks a participant of IMPS ?
- For list of participating banks as on Feb 2013, please goto http://www.npci.org.in/bankmember.aspx
- When sending money, how do I come to know that my account is debited and the money has been credited in the beneficiary's account?
- You will get a confirmation receipt on successful completion of the transaction. And also you will receive an sms regarding the debit/credit.
- What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to send money using IMPS in my account?
- The security features of TMB M-Banking will apply in this case as well. For anybody to send money using IMPS, he needs to be registered Mobile Banking customer, have the Login Pin to access the TMB M-Banking application, and know the MPIN to authenticate the transactions. Therefor Customers are advised to maintain the 4 digit Login PIN and 4 digit MPIN in a secret and safe manner.