Immediate Payment Service - Frequently Asked Questions

What is IMPS?

Immediate Payment Service is a new facility added to Mobile Banking Service. It facilitates funds transfer to an account of the beneficiary with a participating bank, based on beneficiary's Mobile Number & MMID or Account No & IFSC.
What is MMID?

Mobile Money Identification Number (MMID) is a seven-digit number of which the first four digits are the unique identification number of the bank offering IMPS.
Is IMPS facility through RINB/YONO/YONO Lite available to all customers?

The facility is available to all registered users of RINB/YONO/YONO Lite having transaction rights on one or more accounts.
How I can add IMPS Beneficiary through RINB/YONO?

RINB (OnlineSBI):

a. Log on to 'www.onlinesbi.sbi'

b. Visit 'Profile' section and click on Manage Beneficiary.

c. Select 'IMPS Beneficiary'

d. Add details for the beneficiary like, beneficiary name, Beneficiary MMID, Mobile number and fund transfer limit through IMPS.

e. Approve the beneficiary using OTP (one time password) received on your registered mobile number.

YONO:

a. Log on to YONO Mobile app

b. Go to YONO Pay.

c. Go to Bank Transfer to own/other account

d. Click on pay a new beneficiary

e. Enter INB Profile password

f. select pay using Beneficiary's mobile number

g. Enter details like beneficiary name, Mobile number MMID Maximum transaction limit.

h. Enter amount details for transfer to new beneficiary.

i. Approve the transaction by using OTP (one time password) received on your registered mobile number.

j. Beneficiary gets added automatically after successful transaction.
What beneficiary details the customer requires to effect an IMPS remittance from Person to Person?

Following beneficiary details are required :

a. MMID of the beneficiary,

b. Mobile number of the beneficiary

c. Name of the beneficiary

Please note that you have to add such beneficiary using Interbank Beneficiary option given in the Profile section of onlinesbi.sbi or in Fund Transfer journey of YONO Mobile app
What beneficiary details the customer requires to effect an IMPS remittance from Person to Account?

The beneficiary details required are:

a. Name of the beneficiary

b. Account Number of the beneficiary

c. IFS Code of the beneficiary bank

Please note that you have to add such beneficiary using Interbank Beneficiary option given in the Profile section of onlinesbi.sbi or in Fund Transfer journey of YONO Mobile app.
What are the restrictions for activation of a beneficiary added by a user?
You can add and approve only eight beneficiaries (four interbank and four intra bank) in a calendar day, which will be activated by the internet banking system within 1 hour, if approved by you using OTP during the period from 6.00 AM to 8.00 PM (IST). Beneficiary approved after 8.00 PM will be activated on the next day after 6.00 AM (IST). You can commence funds transfer to the new beneficiary only after its activation. During the first 4 days after activation, you can transfer a total sum of Rs.5,00,000/- to a new beneficiary if activated by Internet banking system.

Is there any limit on the value of transactions in IMPS? Please give some examples.

Ramu a user of internet banking with transaction rights, wishes to transfer money to Shyamu using IMPS.

Date	Activity	Amount Limitation
Sep 1	Ramu added and activated Shyamu as IMPS beneficiary	Rs.5,00,000 can be transferred to Shyamu on the day of activation of the beneficiary.
Sep 2 - 4	Shyamu in cooling period	A total sum of Rs.5,00,000 can be transferred to Shyamu during the period from Sep 1 to Sep 4.
Sep 6	Shyamu out of cooling period	Per transaction limit of Rs.5,00,000/-. Up to per day transaction limit of Rs.25,00,000/- can be transferred to Shaymu after setting required third party limit (path: Log on to 'www.onlinesbi.sbi'> Go to profile section and chose Define Limit > provide Profile password > go to " Set per day Third party Transaction limit (NEFT/RTGS/IMPS, General category Merchant)) , provided the total amount transferred on any given day by Ramu through online mode does not exceed Rs.25,00,000/- or third party limit set whichever is lower

How can a user remit money using IMPS?

Person to Account:

RINB (OnlineSBI):

a. Log on to 'www.onlinesbi.sbi'

b. Go to payments/Transfers

c. Go to Other Bank transfer and chose IMPS or go to IMPS Fund Transfer

d. Go to option Person to Account (Using IFSC)

e. Select the debit account

f. Enter amount and select purpose

g. Select beneficiary account

h. Accept the Terms & Condition and authorise the transaction by OTP

YONO:

a. Log on to YONO Mobile app

b. Go to YONO Pay.

c. Go to Bank Transfer to own/other account

d. Select other accounts

e. Select other bank beneficiary

f. Enter amount details for transfer to selected beneficiary.

g. Select mode of payment as IMPS

h. Select purpose

i. Approve the transaction by using OTP (one time password) received on your registered mobile number.

YONO Lite:

a) Log in to YONO Lite.

b) Click on Fund Transfer -->> Other Bank Account.

c) Select Debit Account, Mode of Transfer as IMPS and Beneficiary Account.

d) Enter the amount to be transferred and click on Submit.

e) Click on Confirm button.

f) Approve the transaction using OTP (one time password) received on your registered mobile number by clicking on Submit button.

However, through Quick Transfer funds up to Rs.50,000/- can be transferred without adding beneficiary (Cumulative Quick transfer allowed across RINB/YONO/YONO Lite through Person to Account and Person to Person is Rs.50,000/- per day).

Person to Person:

RINB (OnlineSBI):

a) Log on to 'www.onlinesbi.sbi'

b) Go to payments/Transfers

c) Go to Other Bank transfer and chose IMPS or go to IMPS Fund Transfer

d) Go to option Person to Person (using MMID)

e) Select the debit account

f) Enter amount and select purpose

g) Select beneficiary account

h) Accept the Terms & Condition and authorise the transaction by OTP

YONO:

a. Log on to YONO Mobile app

b. Go to YONO Pay.

c. Go to Bank Transfer to own/other account

d. Select other accounts

e. Select other bank beneficiary (added with MMID)

f. Enter amount details for transfer to selected beneficiary.

g. Select mode of payment as IMPS

h. Select purpose

i. Approve the transaction by using OTP (one time password) received on your registered mobile number.

However, through Quick Transfer funds up to Rs.50,000/- can be transferred without adding beneficiary (Cumulative Quick transfer allowed across RINB/YONO/YONO Lite through Person to Account and Person to Person is Rs.50,000/- per day).

YONO Lite:

a) Log in to YONO Lite.

b) Click on Fund Transfer -->> IMPS-Mobile No & MMID.

c) Select Debit Account and beneficiary Account.

d) Enter the amount to be transferred and click on Submit.

e) Click on Confirm button.

f) Approve the transaction using OTP (one time password) received on your registered mobile number by clicking on Submit button.
What happens in case the remitter enters wrong beneficiary details for remittance?

If the beneficiary details required for making a remittance (such as MMID, mobile number) are wrong, there is every possibility of the transaction getting credited to wrong beneficiary. If you are remitting money using account number, please check the account number as amount will be credited on the basis of account number only. As per RBI instructions credit will be provided in beneficiary account solely based on account number and MMID.
What are the timings for initiating and receiving IMPS remittances?

IMPS Inward and Outward transactions are available 24X7. There are no holiday restrictions on IMPS inward and outward transactions.

IMPS Outward transactions (up to Rs.5,00,000/-each) through online channel like RINB/YONO/YONO Lite are allowed to transfer cumulative amount up to Rs. 25,00,000/- or third party limit set whichever is lower
If the transaction is not completed, will the customer get his / her money back? When?

Yes. In case the IMPS transaction is not completed for any reason - technical or business, the reversal of the remitter funds will happen immediately. If such a transaction becomes a subject matter of reconciliation wherein the fate of transaction is not determined immediately, the reversal of funds will happen in T+1 days.
What are the charges for the customer sending and receiving remittances using IMPS?

The charges for remitting money through IMPS using RINB/YONO/YONO Lite

Amount Slab Proposed IMPS Charges

Rs. 1 - 5,00,000 NIL
Are there any subscription charges for the customers to avail this facility?

Currently, there is no subscription charge for Online Banking channel like RINB/YONO/YONO Lite users.
How long does it take for the remittance to be credited into the beneficiary account number?

The funds should be credited into the beneficiary account immediately.
Is it necessary to have sufficient account balance to initiate a remittance?

Yes, the customer should have sufficient account balance to initiate a fund transfer. Also customer should have set up required third Party transaction limit as explained in point 8
How does the remitter come to know that his account is debited and funds have been credited in the beneficiary's account

Bank sends a confirmation SMS to the remitting customer about the transaction initiated by him / her.
How does a beneficiary come to know of funds being credited to his / her banks account?

The beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.
Can a customer receive remittance using the mobile number & MMID other than the one registered with the bank?

The customer can receive funds using the registered mobile number & MMID only. In case he / she need to receive funds using the other mobile number, he / she will have to regenerate MMID afresh after completing the process of changing the registered mobile number for mobile banking either through Internet banking or by visiting the branch. However, customer can also receive IMPS credit using IFSC and Account number.
When can the beneficiary use the funds received through IMPS?

The beneficiary can use the funds immediately on receipt of credit in the account. The funds received through IMPS are clear funds and can be used immediately upon credit.