SBI IMPS - How to Register & Transfer Money Using SBI IMPS (2024)

FAQs

SBI IMPS - How to Register & Transfer Money Using SBI IMPS? ›

Step 1: Log in to the SBI net banking portal with your credentials (User ID and password). Step 2: Navigate to the 'Payments/Transfers' section and click on 'Add & Manage Beneficiary'. Step 3: Now select the 'IMPS Beneficiary' option. Step 4: Add the beneficiary details and click on 'Submit'.

Step 1: Visit your nearest SBI branch. Step 2: Submit an application form to activate the IMPS facility. Step 3: You will get your 7-digit MMID after the activation. Moreover, you can also use the MMID for SBI IMPS transactions.

Register yourself with the mobile banking service of the bank. Get Mobile Money Identifier (MMID) and MPIN from the bank. Download Software (Application) for mobile banking (ensure the compatibility of mobile with the application) or use the SMS facility in your mobile if your bank provides IMPS on SMS.

Limitations of SBI IMPS

Beneficiary needs to be added: It is must to add a beneficiary/payee before initiating any kind of fund transfer process using IMPS using IFSC code. Also, transfers cannot be made unless the beneficiary has been activated.

Even if you are transferring funds through IMPS using the web, you need to have the MMID of both parties and it cannot be generated without mobile banking. IMPS through net banking requires beneficiary information such as bank details, IFS code, mobile number of the receiver, name of the receiver, and MMID.

A 7-digit MMID will be issued which has to be used in order to receive funds. You need to complete a few basic steps before you can send funds through IMPS: Send and SMS "MBSREG" to 9223440000 or 567676 to get your User ID and default MPIN. Download the SBI mobile banking application on your phone.

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones/ ATM / Internet banking /Branch.

The IMPS Reference Number is provided after you complete an IMPS transaction. It acts as a tracking code to monitor the status of your transaction. The reference number is a combination of alphabets and numbers generated by the bank for processing an IMPS transaction.

If you have access to internet banking or mobile banking, log in to your account and navigate to the transaction history section. Look for the specific IMPS transaction in question and locate the sender details associated with it. The sender's name and/or account number will be displayed in the transaction details.

How to find IMPS wallet number in SBI? ›

Send SMS to 9223440000 typing 'MMID SBI account number' to retrieve the MMID for your particular account. Send SMS to 9223440000 typing 'MMID SBI' to retrieve MMID number for all your SBI accounts. You can also retrieve MMID number for your State Bank of India account by placing an application at home branch.

Timings: If you want to make an instant transfer, then choose IMPS. You can make NEFT transactions but the transfers are successfully credit after about 2 hours. Charges: NEFT and IMPS both charge the payer for sending funds. However, NEFT and IMPS don't charge the payee for receiving funds.

State Bank of India allows its account holders to transfer funds from one bank account to other (both within SBI and other banks) quickly using SBI Quick Transfer. The biggest advantage of using this fund transfer method is that funds can be transferred instantly without even adding the beneficiary to the account.

In case of IMPS transactions, the Account Number & IFSC code are important. Sometimes the wrong beneficiary name does not matter in case of IMPS. But mostly in case of NEFT where the beneficiary name is not correct the transaction wont pass through.

MMID can be generated by selecting the 'Requests' option and then selecting the 'Generate MMID' option in State Bank Freedom App. You can also send “MMID<space>UserID” or “MMID<Bank Code><11-digit account number>” to 9223440000. Internet banking can also be used to generate MMID.

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.