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IMPS Fund Transfer through Online SBI

State Bank of India is having a feature called IMPS Fund Transfer. Its an Instant Money Transfer Feature for all indian banks and Payment was handled by NCPI (National Payment Corporation of India).

IMPS Fund transfer is the only fastest way of payment that can be done to other IMPS Enabled Bank Account. This Articles will let you know about IMPS Money transfer using State bank of India to ICICI Bank using Internet Banking.

Fund Transfer between same bank (ICICI to ICICI (or) AXIS to AXIS) is always instant using internet banking, but the problem comes in three situation.

  1. Fund transfer to Other Bank Account (Bank1 to Bank2) Using NEFT or RTGS is always a bit slow.
  2. Bank Holidays including Sundays.
  3. Persons Account was not added and approved in Internet banking.

How IMPS was Quick

For all the above problem only solution just available is IMPS. (You can check about ATM card to Card Fund Transfer using ATM Machines). 

Adding and Approving an IMPS Payee

For OnlineSBI you need to add and approve the IMPS Payee Name separately (Even though if the same account number is already added in Interbank Beneficiary List).

Adding an IMPS Payee is Simple. By Knowing 

Detail Needed 1
  • Account Number
  • Branch Name or IFSC
Detail Needed 2
  • Beneficiary Mobile Number
  • Beneficiary MMID (7 Digit)
By Knowing the details specified above like Account number and Branch Name or Beneficiary Mobile Number and MMID you can Easily add and approve a payee.

Approval Need

Time : 4 Hours
Bank Activation : No (only System Activation available.)

Step 1: Click on Payment / transfer Menu and choose IMPS Payment
Choose which method you want to add a payee.
  1. Person to Account ( You Need Beneficairy Account Number and Branch Name or IFSC)
  2. Person to Person (Their Mobile number and MMID of that person)

Then Choose Click here to add a new Inter-Bank Beneficiary and add the detail.

Added a Person Detail using Method 2 ( PERSON to PERSON )

Beneficiary Approval was Pending

Beneficiary was approved using High security Password SMS Code
Now You need to wait for 4 Hours to get it approved.

IMPS Fund Transfer Through SBI

IMPS Payment transfer work instantly for bank holidays also.

Transfer Time : 2 Mins
Transfer Charges : 5 Rs (for SBI)
Receiving Charges : Free
Max Transfer Limit : 50,000

Once you have added an IMPS beneficiary and approved it, after 4 hours you can see the name inside payment and transfer -> IMPS Page. Now you can make IMPS Payment Instantly.

Step 1: Click on Payment and Transfer Menu.

Step 2: Choose IMPS Payment.

Step 3: Choose the Mode of payment (Person to Account or Person to Person).

Step 4: Enter the Details like below.
This transfer was charged 5Rs from my sbi account separately.

Money Transferred on 12:01AM 28-07-2013 Sunday

Received in my ICICI at 12:11AM 28-07-2013
Money transferred On : 12:01 AM 28-07-2013 Sunday
Money Received in ICICI : 12:03 AM 28-07-2013

It was so quick, even on sunday the payment was done in 2 minutes. But the only limitation is 50,000Rs can only be transferred in a day.

Thats it.

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