How to do BOB IMPS Funds Transfer: You can use BOBIBANKING feature to transfer fund instantly (IMPS) to another account. Bank of Baroda is one of the most prestigious banks, which provides lots of services for the customers. Now the bank is also offered internet bank mobile payment service (IMPS), this is a different idea, which is a mobile based account to account funds transfer for registered bank account holders in association with National Payments establishment of India (NPCI).
- What is IMPS or Immediate Payment Service?
- What is MMID?
- Features of IMPS
- About BOB IMPS Funds Transfer
- Eligibility for BOB IMPS Funds Transfer
- Benefits of using BOB IMPS Funds Transfer
- Steps to make BOB IMPS Funds Transfer
- BOB IMPS Funds Transfer using mobile number and MMID
- BOB IMPS Funds Transfer using Mobile Banking
What is IMPS or Immediate Payment Service?
Immediate Payment Service (IMPS) enables you to instantly and safely transfer funds online from your bank account to accounts maintained with other banks participating in IMPS. This service is available 24×7 to help you in an emergency situation, even on Sundays and any Bank holidays through Net Banking and Mobile Banking. All you need is a Valid MMID (for mobile banking) and a device connected to the internet and Bank of Baroda Netbanking and Mobile banking facility. In short, IMPS is a platform which offers an interbank electronic fund transfer service through register mobile numbers.
What is MMID?
Mobile Money Identifier (MMID) is a Seven digit unique code issued by a participating bank on their Mobile Banking registered customers for availing IMPS service as a beneficiary. Every account will have a unique MMID. Sender (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 through Mobile Number and MMID.
Features of IMPS
IMPS is a facility offered by banks to their resident current and savings account holders that help us to make transferring funds and making payment through your bank account easy and instant.
- Available on Mobile banking and Net banking
- To Use IMPS you need MMID (Mobile Money Identifier )and mobile number.
- Confirmation alerts sent to both sender and receiver.
- The transaction limits are Rs.50,000 per day and Rs.2.5 lakhs per month.
- There are currently no charges levied for this service.
About BOB IMPS Funds Transfer
Customers of BOB who wish to use the IMPS fund transfer facility can use their registered mobile to make a fund transfer to the beneficiary by directly crediting their bank account. The IMPC funds being transferred facility are so immediately. Therefore, IMPS is the best option in case of emergencies and when payments need to be made immediately as there is no better option than IMPS. When the IMPS transfer has been completed, BOB will send a confirmation message. The recipient’s bank will also send them a confirmation of the credited amount. BOB Immediate Payment Service (IMPS) enables you to instantly transfer funds online safely from your bank account to accounts maintained with other banks participating in IMPS. All you need is a Valid MMID and device connected to the internet and BOB Net banking, SMS banking or BOB Mobile banking facility.
Eligibility for BOB IMPS Funds Transfer
All resident current and savings account holders of the Bank of Baroda who are registered for Net Banking or Mobile Banking or having a valid MMID (Mobile Money Identifier) is eligible for this service. In case you do not have a card visit their base branch of BOB to apply for Baroda M-Connect. Then, you will get a 7-digit MMID which will be linked to the primary bank account via SMS to the registered mobile number. You can also use the mobile banking app to generate their MMID and for this, you just need to select “Fund Transfer – Other Bank” and then click on “Know your MMID”.
Benefits of using BOB IMPS Funds Transfer
There is a number of benefits and feature of using IMPS, which help you to complete instant transactions and Simple to use.
Benefits of using IMPS
- User-friendly service.
- Instant confirmation to sender and receiver
- Immediate transfer of funds to the beneficiary’s account.
- 24×7 available.
- Can be used even on bank holidays and after banking hours.
- Customers can Link more than one bank account to the same mobile number with separate MMIDs.
- Hassle free transaction
- Avoidance of going to banks branch for transferring the money to the beneficiary.
- Inexpensive, accessible, safe and secure
Steps to make BOB IMPS Funds Transfer
Add Beneficiary (If not already added)
To make BOB IMPS Funds Transfer, you need to Add Beneficiary in BOB first (if you have not added). Check out steps
- Login to Net Banking, click on Transfers and Payments
- Click on Add Beneficiaries and enter the beneficiary details
- Click Add Transfer Type and select IMPS
- Select the IMPS transfer type and enter the required details
- Verify the details and click on Confirm
- After that, Activation code will be sent to your preferred mobile number
- Enter the code and the beneficiary gets activated for transfer
- Login to Net Banking, click on Make a Transfer
- Select Immediate Payment Services (IMPS) and select IFSC
- Enter all the mandatory details and click on Submit Transaction
- Verify the transaction details
- Click on Confirm & Transfer
BOB IMPS Funds Transfer using mobile number and MMID
First, you need to add a beneficiary. After that follow the Steps to transfer funds using a mobile number and MMID:
- On Net Banking, click on Make a Transfer
- Select Immediate Payment Services (IMPS) and select MMID
- Enter the mandatory details and click on Submit Transaction
- Then, Verify the transaction details and click on Confirm & Transfer
BOB IMPS Funds Transfer using Mobile Banking
- On Mobile Banking, click on Banking > IMPS > IMPS Fund Transfer
- Select MMID tab
- Enter the mandatory details and click on Pay Now
- Verify the transaction details and click on Confirm
Steps to make BOB IMPS funds transfer using Baroda M-CONNECT APP
- Firstly, you will have to open the Baroda M–connect application through user ID and application password.
- Then, you need to select fund transfer > other banks > beneficiary registration > payment.
- Select account type.
- After that, just select beneficiary, insert amount and your four digit mPIN.
- Finally, you will get transaction successful message on your screen of the inbox.
So this is the complete procedure for making BOB IMPS Fund Transfer with the help of Baroda M-Connect app.
Note: Transfer of funds via IMPS can be done only between banks participating in IMPS.