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SBI IMPS

SBI IMPS Details

Last Updated 30th Oct 2020

SBI IMPS or Immediate payment service is the inter-banking facility based on a real-time fund transfer system from SBI to another bank.

SBI IMPS Transfer Modes Offline- ATM
Online- Mobile/ Net Banking
SBI Fund Transfer Limit ₹ 2 Lakhs
SBI Fund Transfer Charges Mobile and Internet Banking - Nil
Bank Branch - Up to ₹1000- Nil, ₹1001 to ₹10,000 - ₹1 + GST, Rs.10,001 to ₹1,00,000 - ₹2 + GST, ₹1,00,001 to ₹2,00,000 - ₹3 + GST
SBI Fund Transfer Timings 24*7
    Apply for Savings Account

    SBI Immediate Payment Services

    SBI Immediate Payment Service or IMPS is a real-time fund transfer system from SBI to another bank initially started through mobile phones and is now extended to net banking and ATM. If you want to transfer money through SBI IMPS, you need the recipient's account number and IFSC or Aadhaar number. You can also make payments through IMPS using a Mobile Money Identification Number (MMID) and mobile number.

    SBI IMPS Charges

    If you are making payments through SBI IMPS, the beneficiary does not have to pay any transfer charges to receive money through IMPS; however, you will have to bear the charges as mentioned below:

    Transaction Type IMPS Charges
    Mobile and Internet Banking Nil
    Bank Branch Up to ₹1000- Nil, ₹1001 to ₹10,000 - ₹1 + GST, Rs.10,001 to ₹1,00,000 - ₹2 + GST, ₹1,00,001 to ₹2,00,000 - ₹3 + GST

    How to Register for SBI IMPS?

    • To make payments or receive payments or transfer funds from one account to another through SBI IMPS, you need to have a mobile banking/net banking account.
    • You can apply for the registration of the same at the time of opening of your SBI account and receive your 7-digit MMID.
    • You can also generate MMID through the mobile application, through SMS or by calling SBI customer care.
    • Once you have successfully registered for mobile banking and received an MMID, you can download the mobile application or log in to your net banking account.

    How to Transfer Money Using SBI IMPS with IFSC?

    To transfer money using SBI IMPS with IFSC code, follow the below-mentioned steps:

    • Login to your SBI portal by using your user name and password.
    • Now, Click on Payments Transfer and then on 'Fund Transfer' as you go to 'IMPS Funds Transfer'.
    • Next, choose the 'Person to Account' option and click Proceed.
    • Now, add beneficiary details such as name, account number, IFSC code, etc
    • Enter the amount that you need to transfer and click on the Submit button.
    • Verify all the details and click on Confirm.
    • Finally, use the mobile-based OTP authentication to approve the transaction.

    How to Transfer Funds Using SBI IMPS with MMID?

    To transfer money using SBI IMPS with MMID, follow the below-mentioned steps:

    • Login to your SBI portal by using your user name and password.
    • Now, Click on Payments Transfer and then on 'Fund Transfer' as you go to 'IMPS Funds Transfer'.
    • Next, choose the 'Person to Person' option and click Proceed.
    • Now, provide the MMID and mobile number.
    • Enter the amount that you need to transfer and click on the Submit button.
    • Verify all the details and click on Confirm.
    • Finally, use the mobile-based OTP authentication to approve the transaction.

    How to Get MMID for SBI IMPS?

    MMID or Mobile Money Identification Number is a 7-digit number used to transfer funds through IMPS mode from one account to another through mobile banking or net banking.

    • As you open an SBI account by visiting the SBI bank branch, you can request for mobile banking registration and get an MMID number for making and receiving payments.
    • You can also generate MMID using your SBI mobile banking account as you log in the account.
    • An MMID number can also be generated by calling SBI customer care or by request through SMS.
    • Finally, you can also get MMID through an ATM. To generate MMID, you need to swipe your SBI card, opt for mobile registration and follow the steps as instructed.

    How to Add Payee for SBI IMPS?

    If you want to add beneficiary/payee for SBI IMPS fund transfer IFSC code, you need to follow the below-mentioned steps:

    • Firstly, log in to the SBI portal.
    • Now, under the profile tab, click on 'Manage Beneficiary' and then on 'IMPS Beneficiary'.
    • Next, enter the payee name, MMID number, country, mobile number and click on the 'Submit' button.
    • Finally, you can approve the details of payee through mobile-based OTP verification.

    Benefits of SBI IMPS

    You can get the following features and benefits by using SBI IMPS facility for making and receiving payments.

    • Instant service: Unlike any other modes of fund transfer, the transactions done through SBI IMPS are not settled batch-wise and will always reach the payee instantly.
    • 24*7: You can do SBI IMPS transactions on a 24/7 basis, including on bank holidays. Thus, customers can conveniently initiate fund transfers anywhere and at any time.
    • Multiple channels: SBI IMPS transactions can be done through various channels such as internet banking, mobile banking and also through an ATM facility.
    • SMS-based verification: The transactions through SBI IMPS are safe and reliable. Any transactions carried out through IMPS will receive mobile-based confirmation.

    Top Banks Providing IMPS Facility

    SBI IMPS Transfer Limits

    While you can transfer up to ₹ 2 Lakhs on SBI IMPS, through SBI Internet Banking. However, to transfer money through SBI IMPS by visiting the bank branch, the charges are imposed subject to the date of period of using the IMPS facility.

    On the day of activation Upto ₹ 10,000
    Cooling period Upto ₹ 1 Lakh
    After the cooling period Upto Rs ₹ 2 Lakh

    SBI IMPS Timings

    You can transfer money 24*7 through SBI IMPS facility at any time of the day, unlike other modes of money transfers. The facility is available for both IMPS Inward and Outward transactions.

    Top Applications Offering UPI Facility

    FAQs

    What is IMPS transfer in SBI?

    SBI IMPS transfer facility is the instant inter-banking transfer facility that allows you to do transactions 24*7 through multiple channels like mobile/net banking or through ATMs.

    Does SBI charge for imps?

    No, SBI does not charge any fees for IMPS transfers through multiple channels.

    How can I transfer money through IMPS in SBI?

    You transfer money through SBI IMPS using MMID code or IFSC code using multiple channels such as mobile/internet banking or ATM.

    How long does an IMPS transfer take on SBI?

    While you can transfer funds through SBI IMPS 24*7, however, you can add and approve only one beneficiary in a day. The same can be activated within 4 hours, from 6.00 AM to 8.00 PM (IST). If you have approved the beneficiary after 8.00 PM, it will be activated on the next day after 8.00 AM (IST).


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