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FAQS

IMPS is an instant Intra [within the Bank Accounts] and Inter-bank [other Banks Accounts] electronic fund transfer service / facility through mobile phones. It is a simple, easy to use mobile to mobile fund transfer facility. It facilitates customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds in a secured manner with immediate confirmation features.

MMID is a 7-digit code allotted to a particular account so that for doing IMPS customer should use the MMID for doing fund transfer. To get MMID customer should be a registered customer for SMS banking. If he has registered for SMS banking already then an application form available for IMPS should be filled and submitted to his base branch. Once branch enters the details customer will receive MMID allotted for his account no via SMS during core EOD.
If customer is having more than one account then each account will be allotted different MMID. Combination of MMID and mobile will be unique across the Branches.

Yes. The customer can link the same mobile number to more than one account.

Customer should get beneficiary’s mobile number and MMID for doing IMPS - Mobile Number and MMID. In this case Beneficiary should have MMID. Beneficiary has to get MMID from his bank. Even customer can make use of Beneficiary account number and IFSC for making IMPS.

  • IMPS is instant fund transfer, in ideal scenario transaction will be completed in 15-20 seconds i.e beneficiary will receive the amount in 20 seconds.
  • There is no holiday for IMPS like NEFT and RTGS. IMPS works 365 days and 24x7. ( Except during the Core EOD and SOD process)
  • Both the remitter as well as Beneficiary will receive the SMS i.e remitter will receive SMS on debit to his account and beneficiary will receive SMS on credit to his account.
  • Our customer can make IMPS using his mobile ( both SMS based and also through Mobile Banking App)
  • IMPS facility is available through Internet banking also
  • Customer can do IMPS using USSD also.
  • IMPS through SMS (Text) mode or through USSD is Rs.5000/- per day or per attempt.
  • IMPS through Mobile App or through Internet banking is Rs.50, 000/- per day or per attempt.

Yes. In case for any reason, technical or business, the IMPS transaction is not completed the reversal of the remitters funds will happen immediately. In case if such a transaction becomes a subject to reconciliation wherein the fate of transaction is not determined immediately, the reversal of funds will happen on the next working day. For any discrepancy please send mail to mbank@corpbank.co.in.

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