IMPS requires MMID and mobile number or bank account number with IFSC code. Customers can transfer funds 24*7 online through mobile banking or bobibanking.
Bank of Baroda Immediate Payment Service (IMPS)
- 1 Bank of Baroda Immediate Payment Service (IMPS)
- 1.1 Who can use Bank of Baroda IMPS?
- 1.2 Advantages of Bank of Baroda IMPS
- 1.2.1 User friendly services for the new clients to encourage digital banking.
- 1.2.2 Immediate exchange of funds to the recipient’s record.
- 1.2.3 The users gate a 24×7 access to IMPS.
- 1.2.4 This service can be utilized even on bank holidays.
- 1.2.5 This service can be utilized subsequent to bank’s operating hours.
- 1.2.6 Any client with a bank account can utilize IMPS.
- 1.2.7 The clients get a facility to link more than one account to a similar mobile number with independent MMIDs.
- 1.3 Features of Bank of Baroda IMPS
- 1.4 Step by step instructions to Transfer Money by utilizing Bank of Baroda IMPS Service
- 1.5 Exchanging Funds
- 1.6 Accepting Funds
IMPS, the Immediate Payment Service, is a straightforward and simple approach to make bank transfers whenever and from anyplace. IMPS is an instant inter bank electronic fund transfer system that is utilized by various banks over the nation. Any bank who has selected to be in the IMPS system can offer this service of its clients to send and get funds from their accounts. The administration is to a great degree convenient for clients to make cashless transfers to their recipients. Utilizing IMPS requires a MMID and mobile number, or the bank account number and the IFSC code. Clients can utilize this service to transfer funds 24×7 through the net banking and mobile banking facility. IMPS is like a NEFT exchange with the exception of that the payment is done instantly, paying little heed to bank timings and holidays.
Who can use Bank of Baroda IMPS?
Clients who wish to utilize the IMPS can use their cell phones to make a fund transfer to the recipient by straightforwardly crediting their bank account. Clients stand to benefit by the funds being exchanged very quickly on an ongoing premise. In the event of emergencies, and payments that should be made instantly, IMPS is the best choice as there are no delays. At the point when the IMPS exchange has been finished, BOB will send an affirmation message. The beneficiary’s bank will likewise send them an affirmation of the credited sum.
Advantages of Bank of Baroda IMPS
IMPS accompanies various advantages to clients. Some of the advantages include:
User friendly services for the new clients to encourage digital banking.
Immediate exchange of funds to the recipient’s record.
The users gate a 24×7 access to IMPS.
This service can be utilized even on bank holidays.
This service can be utilized subsequent to bank’s operating hours.
Any client with a bank account can utilize IMPS.
Features of Bank of Baroda IMPS
IMPS is a facility offered by banks that makes exchanging funds and making payments through your bank account in a simple and instant step. The features of IMPS include:
- This facility is available only on Mobile Banking and Internet Banking.
- This service makes use of MMID and mobile number.
- Confirmation messages are sent to both remitter and beneficiary.
- The exchange limits are Rs.50,000 every day and Rs.2.5 lakhs every month for a single bank account.
- There are at present no charges levied for this service.
Step by step instructions to Transfer Money by utilizing Bank of Baroda IMPS Service
One-time registration of recipient:
You should enlist your Payee under the IMPS facility. This is a one-time process and the information of the payee will be stored for future use.
- On the mobile banking application, select Menu option “Fund Transfer”.
- Click on “Other Bank” and decide on “Beneficiary Registration”.
- Select “Online Fund exchange (IMPS)”.
- You need to enter the Payee’s MMID and Mobile Number.
- Enter a nickname for the recipient as you like.
- Confirm the registration.
Exchanging funds are straightforward and quick through IMPS.
- Register for Baroda M-Connect and get your MMID.
- You need to get the recipient’s mobile number and MMID.
- After signing into the mobile application, you have to choose “Funds Transfer”.
- Select “Other Bank” and after that “IMPS”.
- If you’ve enlisted your Payee, you can choose the Payee or you can pick “Beneficiary Registration” and click on “Payment”.
- Enter the mobile number of the payee and the MMID.
- You can also enter a purpose behind the exchange.
- Enter the transaction amount carefully.
- Choose which account you might want to debit with the desired amount.
- Click on “OK” to finish the transfer.
- Once the exchange is successful, an affirmation SMS will be sent both to the client and recipient.
- Simply share your MMID and mobile number to the individual who needs to send you money.
- The remitter should do whatever is left of the procedure.
- You will get an affirmation message once the exchange has been finished.
- You will likewise get an exchange reference number which you can put something aside for future inquiries.
This was a complete guide on how to use the IMPS facility of Bank of Baroda. We hope it was useful. Thank You.
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