National Payment Corporation of India (NPCI) has offered the Banks and Financial Institutions a new payment service called Immediate Payment Service (IMPS). IMPS would be a product and categorized with RTGS and NEFT. Now the remitting customer would have the options of RTGS, NEFT and IMPS to transfer funds to the beneficiary account in other banks. IMPS offers an instant, 24X7, interbank electronic fund transfer service instantly within banks across India through 1) Mobile 2) Internet 3)ATM 4) Bank Branch which is not only safe but also economical both in financial and non financial perspectives. The IMPS platform today is capable of processing P2P (Person to Person), P2A (Person to Account Number), P2M (Person to Merchant) remittance / payments.
For the present, MRB is one among very few other RRBs which are permitted by NPCI to initiate IMPS OUTWARDs - P2A (Person to Account Number) through our Branches and Mobile Banking App - MRB Mobile Rupaayee. IMPS P2A allows instant funds transfer from one Bank account to another Bank account using Beneficiary Account Number and IFS Code similar to NEFT.
Limits & Charges
No Service / Commison charges.
Failed IMPS Transactions (Timed out Transactions)
In case for any reason, technical or business, the IMPS transaction is not completed the “reversal of the remitters funds will happen in 2 days/ next working day for reversal of funds in the account or credit to beneficiary's account subject to reconciliation” wherein the status of transaction is not determined immediately.
Visit your MRB Branch where you maintain your Bank Account or download our MRB Mobile Rupaayee App from play store.
