Sunday, June 30, 2013

Instant Money Transfers across banks

Disclaimer: Below information in this blog post is shared to just help others based on my personal experience. Do it at your own risk. Am not liable or responsible for any consequences whatsoever.

Yesterday, was shocked and enthused to know about the different instant money transfer options available with banks online. We all know about instant transfers between accounts of same bank, but only yesterday i got to understand the alternates to NEFT. NEFT, which is not an instant transfer and additionally limited to working days and working hours is not useful during emergencies.
I though heard or seen this IMPS, used to think its complicated and transfers only to a mobile number and recipient receives cash through an ATM. But, that is only one part of the story. 'Need' lead to discovery for me. When the salary credits on a weekend and you have to do many transfers to different accounts across banks, well you start your quest just like I did.
So this is what i found, below are the different options available for instant transfers available across some banks which works 24x7 and all 365 days.
IMPS - Immediate Payments Service (as per NPCI)
NPCI - National Payments Corporation of India.
1. IMPS with IFSC and Account number - If you have the recipient's account number and his bank's IFSC code, you can instantly transfer
2. IMPS with MMID and Mobile number : If the recipient and sender of the money have their mobile number registered with their respective accounts, they can use this. They can use their unique MMID associated with their account which could be provided by their bank along with the registered mobile number to transfer money to the recipient's account. Please read again, that the money is transferred to the recipient's bank account instantly.
3. IMT with Mobile Number only - Transfer money to recipient through only his mobile number and the recipient can retrieve the money through ATM
4. IMPS Merchant Payments- Transfer money to merchants using his Mobile Number and MMID

Have used personally the first 2 options mentioned above and found to work perfect.

Note that not all the above options are available across all banks and through all channels(Internet, Mobile, SMS, USSD). Please check with your respective bank or its website to know the actual details. Also check NPCI website ( for more details

Also, not that there could be a transaction fee associated with every IMPS transaction specific to banks.

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