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Union Bank is the first Bank in the Industry to launch IMPS through branches for its Retail and Corporate customers by integrating IMPS platform in its CBS (Core Banking Solution). Under this facility customers can approach any of our branches and request for instant fund transfer. IMPS facility allows customers to instantly transfer funds to any other bank account up to Rs. 5 lacs per day .All that one needs to do is key in beneficiary's valid account number and IFSC code.
What is IMPS?
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service available through mobile phones/ATM/ branch/ internet banking How to avail IMPS?
To avail the facility of IMPS, please register your mobile number with the Bank for mobile banking
Transfer of Funds using IMPS:
You can transfer fund to other bank account through IMPS using the following options
Using this option , you can send money to any bank account by just entering account number and IFSC code of the beneficiary
2. P2P ( Person to person)
Using this option, you can send money to any bank account using mobile number and MMID of the beneficiary.
The list of banks offering IMPS is available in the website of National Payment Corporation of India (NPCI) www.npci.org.in. under the section -https://www.npci.org.in/what-we-do/imps/live-members
In order to use SMS based IMPS, customer needs to send SMS to 09223173921 using the following Keywords
Transaction
Keyword
Register for IMPS
MMID
Beneficiary IMPS
<ADDIMPS><MPIN><Beneficiary MMID><Beneficiary Mobile No><Beneficiary Nick Name>
Payment
<RIMPS><MPIN><Beneficiary Nick Name><Amount>
Deregister for IMPS
MMIDCANCEL
2. Does the customer need to have a bank account for availing IMPS?