Immediate Payment Service (IMPS)
FAQs for Customers:
  1. What is IMPS?
    Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS facilitates customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds therefrom.

  2. Presently, how are interbank fund transfers made using mobile phone?
    The interbank remittance request initiated from a mobile is processed by the beneficiary bank as a National Electronic Fund Transfer (NEFT) transaction. The status of such payment request is therefore not known instantly because NEFT payments are processed in batches from 9 am to 7 pm. The NEFT transactions are charged by banks and charges vary from bank to bank

  3. Does the customer need to have a bank account for availing IMPS?
    Yes, the customer needs to have a bank account with the bank which has enabled this facility.

  4. Does the customer need to register to remit the funds through IMPS?
    Yes. Customer should enroll for Mobile Banking Service with the Nainital Bank where customer has an account. The registration process shall be as per bank’s laid down procedures.

  5. Is the beneficiary customer also required to register for IMPS?
    The beneficiary customer should have their mobile numbers registered with the bank where he/she maintain the account and where he intends to receive the credit and should have a valid MMID provided by the bank. No need to specifically enroll for Mobile Banking Service of the bank.

  6. What beneficiary details does the customer need to affect an IMPS remittance?
    The beneficiary details required are:
    • Beneficiary’s mobile number
    • MMID of the beneficiary customer

  7. What is MMID?
    Mobile Money Identifier (MMID) is a seven digit random number issued by the Nainital Bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer.

  8. Can a customer link more than one account to the same mobile number?
    Yes. The customer can link the same mobile number to more than one account.

  9. Incase if the customer has more than one account linked to his / her mobile number how does he select the account from which he / she intends to pay?
    The bank allocate a Mobile Money Identifier (MMID) for each account of the mobile banking customers. The customer can select the account using this MMID allocated to him / her.
    The combination of mobile number and MMID helps as a mistake proofing step for the remitter and tries to mitigate the risk of wrong credit incase the remitter enters erroneous mobile number.

  10. What is the Process flow of IMPS?
    Step 1 : Remitter sends instruction from his/her mobile through his/her bank provided application or SMS.
    Step 2 : Remitting bank validates the details of the remitter and debits his/ her account. This transaction is sent by the remitting bank to NPCI.
    Step 3 : Transaction is passed by NPCI to the beneficiary bank. Beneficiary Bank validates the details of the beneficiary customer, credits the account, sends confirmation NPCI about transaction status and sends a SMS to the beneficiary customer informing him of the credit.
    Step 4 : NPCI sends the transaction status to remitting bank which in turn informs the status of the transaction to the Remitter.
    Step 5 : Remitting bank send a SMS confirmation of the transaction to the remitting customer.

  11. Is there any limit on the value of transactions in IMPS?
    The limit is defined by RBI in the Mobile Payment Guidelines issued to banks. The customer can transact on IMPS subject to a daily cap of Rs. 5,000/- per customer overall for transactions through mobile for the funds transfer.

  12. Does the customer require a mobile handset of a particular model or make or features to enable this service?
    No. For doing IMPS transaction on SMS channel there is no need a mobile handset of a particular model or features.

  13. Can customer withdraw and / or deposit money using IMPS?
    Presently, the customers cannot withdraw and / or deposit money using IMPS.