SBI Bank IMPS Charges
| Type | Size |
|---|---|
| About SBI IMPS | It is an instant interbank electronic fund transfer service |
| SBI IMPS Timings | Available 24x7, 365 days (including Sunday & Bank Holidays) |
| SBI IMPS Limit (Minimum) | Re. 1 |
| SBI IMPS Limit (Maximum) | Rs. 2 Lakh |
| SBI IMPS Charges (outward) | NIL |
| SBI IMPS Transfer Modes |
|
Eligibility for SBI IMPS
All resident current and savings account holders of the SBI who are registered for Net Banking or Mobile Banking or having a valid MMID (Mobile Money Identifier) are eligible for this service.
SBI IMPS Limit
Upto Rs. 2 Lakh per day can be transferred through SBI IMPS
How to Register for SBI 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 Beneficiary for IMPS?
- Log on to 'www.onlinesbi.com'
- Visit 'Profile' section and click on Manage Beneficiary.
- Select 'IMPS Beneficiary'
- Add details for the beneficiary
- Approve the beneficiary using OTP (one time password) received on your registered mobile number.
Beneficiary Details Required to effect an IMPS remittance from Person to Person (P2P)
- The beneficiary details required are:
- MMID of the beneficiary
- Mobile Number of the beneficiary
- Name of the beneficiary
IMPS Vs NEFT
IMPS Vs RTGS
IMPS Vs RTGSBeneficiary Details Required to effect an IMPS remittance from Person to Account (P2A)
The beneficiary details required are:
- Name of the beneficiary
- Account Number of the beneficiary
- IFSC Code of the beneficiary bank
How to Send Money through SBI Internet Banking using Mobile Number & MMID?
- Log on to SBI Anywhere Personal.
- Click on Fund Transfer -> IMPS-Mobile No & MMID.
- Select Debit Account and Credit Account.
- Enter the amount to be transferred and click on Submit.
- Click on Confirm button.
- Approve the transaction using OTP (one time password) received on your registered mobile number by clicking on Submit button.
How to Send Money through SBI Internet Banking using Account Number & IFSC?
- Log on to SBI Anywhere Personal.
- Click on Fund Transfer -> Other Bank Account.
- Select Debit Account, Mode of Transfer as IMPS and Beneficiary Account.
- Enter the amount to be transferred and click on Submit.
- Click on Confirm button.
- Approve the transaction using OTP (one time password) received on your registered mobile number by clicking on Submit button.
How to Send Money through Mobile Banking using Mobile Number and MMID?
- Open SBI Mobile Banking App
- Click on Banking -> IMPS -> IMPS Fund Transfer
- Select MMID tab
- Enter the mandatory details
- Click on Pay Now
- Verify the transaction details
- Click on Confirm
How to Send Money through Mobile Banking using Account Number and IFSC?
- Open SBI Mobile Banking App
- Click on Banking -> IMPS -> IMPS Fund Transfer
- Select IFSC tab
- Enter the mandatory details
- Click on Pay Now
- Verify the transaction details
- Click on Confirm
How to Receive Money using IMPS?
There are following 2 options available for receiving money using IMPS:
- Option 1:Share your Account number and IFSC with the sender to receive money through IMPS
- Option 2:Share your Mobile number and MMID with the sender to receive money through IMPS
How to Get the MMID for your Account?
- Visit your SBI branch personally. You can request for mobile banking registration and get an MMID number for making and receiving payments
- Log in your SBI Net Banking Account and generate MMID using your SBI 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 SBI Customer Care Centre and get your MMID generated
Merits of SBI IMPS
- Send money any time of the day
- Instant confirmation of fund transfer to receiver and sender
- Funds reach your beneficiary instantly
- There is very nominal charge for IMPS
- Safe and secure way to transmit money
- Easily accessible and cost effective
- No cap on minimum amount transferred using IMPS
- Available 24x7, 365 days (functional even on holidays)
- It can be operated through multiple channels
- There is NIL transaction fee using IMPS fund transfer
Demerits of SBI IMPS
- Funds can be transferred to the new beneficiary only after its activation
- Daily limit of fund transfer through IMPS is Rs. 2 lakh per day
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
Yes, I can link more than one account to the same mobile number. However each account number will have different MMID.
On successful completion of the transaction, alerts will be sent on your preferred mobile number and email ID registered with the bank.
Daily limit of fund transfer through IMPS is Rs. 50,000/- per day. However, through SMS & NUUP variants, limit is Rs.5,000/- per day and through ATMs limit is Rs.10,000/- per day
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 SBI account is debited and the beneficiary account is not credited, then please contact our 24x7 Customer Care Centre.
Yes. It is mandatory to update your mobile number with your bank.
There are no inward IMPS charges. For outward IMPS, Rs. 5 per transaction is charged. GST of 18% will be applicable on all these charges./p>
No, after initiating the payment request through IMPS, payment cannot be stopped or cancelled.
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 remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
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.
SBI does not charge any fees for IMPS fund transfer.
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.
Mobile Money Identification Number (MMID) is a seven digit unique number for an account, out of which the first four digits are the unique identification number of the bank offering IMPS. The MMID can be generated by SBI customers through Mobile banking, Internet banking & ATMs.
Yes, NRI customers can transfer funds from their NRI account to a resident account using IMPS.
At present, the maximum limit for IMPS transactions through iMobile is Rs 10,000 per customer per day.
The funds get credited into the beneficiary's account instantly.
The funds should be credited into the beneficiary account immediately.
All resident current and savings account holders of the bank who are registered for Net Banking or Mobile Banking are eligible for this service.
The remitting bank sends a confirmation message to the remitting customer about the transaction initiated by him / her.
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.
SBI does not charge any fees for IMPS fund transfer.
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.
Mobile Money Identification Number (MMID) is a seven digit unique number for an account, out of which the first four digits are the unique identification number of the bank offering IMPS. The MMID can be generated by SBI customers through Mobile banking, Internet banking & ATMs.
Yes, NRI customers can transfer funds from their NRI account to a resident account using IMPS.
At present, the maximum limit for IMPS transactions through iMobile is Rs 10,000 per customer per day.
The funds get credited into the beneficiary's account instantly.
The funds should be credited into the beneficiary account immediately.
All resident current and savings account holders of the bank who are registered for Net Banking or Mobile Banking are eligible for this service.
No. There is no subscription charge for the SBI Anywhere Personal users.
No. You cannot transfer money abroad using IMPS. This facility is available for fund transfers made only in India.
The beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account as per SMS Alert policy.