IMPS (Immediate Payment Service) is a funds transfer facility where one can send or receive money instantly 24*7, that too all year round i.e. 365 days. It allows users to send and receive funds from their savings bank account in real-time. It facilitates inter-bank transactions with the help of Internet and Mobile banking. Due to its 24*7 availability, it has become highly flexible and dependable. IMPS is also available on public and gazette holidays.
Features of HDFC IMPS
Mentioned below are the features of HDFC Bank IMPS:
- Flexible: IMPS is highly flexible.
- Available: There is no need to stand in long queues to transfer funds. IMPS is available 24*7.
- Multi-Platform Support: Though IMPS is typically designed for mobile banking, it supports net banking as well.
- Versatile: IMPS can be used for many other purposes apart from money transfers. As payments can be classified into 2 modes i.e. P2P and P2M, IMPS also allows users to make payments for online shopping, online utility payments, insurance premium payments, OTC payments, travel, and hotel bookings, and many more.
- Easy to Use: As compared to other modes of funds transfer, IMPS is quite easy to use as only a mobile number and unique MMID are required to transfer the money.
- Quick Transfer of Funds: It is an instant transfer of funds that facilitates funds in real time.
- Security: IMPS is one of the safest modes of funds transfer as the servers of the bank are well protected through firewalls. Also, the data traveling on the web are well encrypted which is not possible to crack.
- Notifications: The moment the funds are transferred, both the sender and receiver get text messages from the bank as alerts.
HDFC IMPS Charges
Mentioned below are the HDFC IMPS Charges:
| Applicable charges w.e.f 1st Oct’2020 | |
| Transaction Amount (In Rupees) |
Charges |
|
INR 3.50 + applicable GST |
|
INR 5 + applicable GST |
| >100000 | INR 15 + applicable GST |
Note:
- These charges are applicable only on outward IMPS transactions and not on inward IMPS transactions.
- W.e.f 15th March 2021, IMPS Fund Transfer Service is free for all Imperia and Preferred Customers.
How to Register for HDFC IMPS?
Mentioned below are the steps to register for HDFC IMPS:
- One can apply for IMPS registration at the time of account opening only with the help of a unique 7-digit MMID.
- This 7-digit MMID is received at the time of account opening only. Also, it can be generated via mobile app, SMS, or by calling HDFC Customer Care.
- Once the registration is completed, the HDFC mobile app can be used to transfer funds.
How to Generate MMID?
Mentioned below are the different ways to generate MMID:
- Internet Banking:
Step 1: Log in to Internet banking.
Step 2: Under “Request Section” Click on “Generate MMID transaction.
Step 3: Enter the details and click on “Confirm” to generate MMID.
- Mobile Banking:
Step 1: Log in to the mobile banking app of HDFC.
Step 2: Click on ‘Accounts”.
Step 3: Click on Generate MMID.
- Phone Banking:
Step 1: Search for the phone banking number of your region and call.
Step 2: Select language, 1 for Banking, 6 to talk to the agent.
Step 3: Request for IMPS registration will be taken and MMID will be sent to the registered mobile number by the next day.
Benefits of HDFC IMPS
Mentioned below are the benefits of HDFC IMPS:
- IMPS can be done 24*7 i.e. even on bank holidays.
- The funds can be transferred from anywhere and at any time.
- Funds up to INR 2 lakh can be transferred each time instantly to the selected beneficiary.
- A track of several funds can be maintained of the funds transferred with the help of an SMS alert.
- The IMPS charges are quite nominal.
How to Add a Beneficiary?
To transfer funds online, the initial step is to add a beneficiary. Both the Net Banking Facility and Third-Party Transfer facilities should be enabled. In case one is not registered with the bank, he/ she is just required to fill out a form at any nearest branch.
Mentioned below are the steps to add a Beneficiary to make a funds transfer via IMPS:
Step 1: Log in to HDFC Net Banking or Mobile Banking with the help of Customer ID and Password.
Step 2: Click on the tab “Funds Transfer”.
Step 3: Under the Request tab, click on “Add a Beneficiary” and then select beneficiary type “Transfer to other banks”.
Step 4: Fill out the details (Account No. and IFSC or Mobile No. and MMID).
Step 5: Click on “Add’ and then “Confirm”.
Step 6: At the secure access step, authenticate yourself and wait for a confirmation message.
Note:
- Beneficiary will get added in 30 minutes after which the funds can be transferred up to below mentioned limits:
- One can transfer INR 50,000 in the first 24 hours after which Third Party limits will apply.
- One can transfer INR 5000 per day per Customer ID using MMID via Net Banking or Mobile Banking.
Different Ways to Transfer Funds using HDFC IMPS
Mentioned below are the different ways to transfer funds using HDFC IMPS:
- Transfer Funds using HDFC IMPS with IFSC:
Step 1: Open the official website of HDFC using your Username and Password.
Step 2: Click on Pay and then on Money Transfer. After that choose “IMPS”.
Step 3: Click on Transfer money to anyone option.
Step 4: Enter the beneficiary details like Name, Account number, IFSC Code, etc.
Step 5: Enter the amount to be transferred and then click on “Submit”.
Step 6: Verify the details entered and click on “Confirm”.
Step 7: Enter the OTP to authenticate and approve the transaction.
- Transfer Funds using HDFC IMPS with MMID:
Step 1: Open the official website of HDFC using your Username and Password.
Step 2: Click on Pay and then on Money Transfer. After that choose “IMPS”.
Step 3: Click on the “Person to Person” option and click on “Proceed”.
Step 4: Enter the MMID and mobile number.
Step 5: Enter the amount to be transferred and then again click on “Submit”.
Step 6: Verify the details entered and click on “Confirm”.
Step 7: Enter the OTP to authenticate and approve the transaction.