SBI IMPS Charges - Timings, Limit, How To Do IMPS On SBI?

IMPS, or Immediate Payments Service, is a technology used for instantly transferring funds between bank accounts. The National Payments Corporation of India (NPCI) launched it in 2010. 

If you want to send money via IMPS from your SBI account, you need to know about the IMPS charges for SBI. Let us go through the details of how to use IMPS with your SBI account.

Charges for SBI IMPS

The following are the IMPS charges SBI for doing the transaction from a branch:

How to Register for SBI IMPS?

To register for the SBI IMPS facility, follow the simple steps below:

Step 1: Visit your nearest SBI branch.

Step 2: Submit an application form to activate the IMPS facility.

Step 3: You will get your 7-digit MMID after the activation.

Moreover, you can also use the MMID for SBI IMPS transactions.

How to Transfer Money Using SBI IMPS with IFSC?

Here are the steps you need to follow to do an IMPS transfer using the IFSC code:

Step 1: Log in to the SBI net banking portal with your credentials (User ID and password).

Step 2: Go to the ‘Payments/Transfers’ tab and click on ‘Other Bank Transfer’.

Step 3: Select ‘IMPS’ and click ‘Proceed’. 

Step 4: Select ‘Person to Account (using IFS Code)’ and click on ‘Proceed’.

Step 5: Select your account, enter the amount, select the purpose of the transfer, select the beneficiary account and click on ‘Submit’.

Step 6: Check the transaction details and click on ‘Confirm’.

Step 7: You will receive an OTP on your phone. Enter the same and complete your transaction.

How to Add Beneficiary/Payee for SBI IMPS?

You need to follow the following steps to add a beneficiary for an SBI IMPS transaction:

Step 1: Log in to the SBI net banking portal with your credentials (User ID and password).

Step 2: Navigate to the ‘Payments/Transfers’ section and click on ‘Add & Manage Beneficiary’.

Step 3: Now select the ‘IMPS Beneficiary’ option.

Step 4: Add the beneficiary details and click on ‘Submit’.

Step 5: Complete the OTP verification to approve the beneficiary addition.

However, you need beneficiary MMID to add a beneficiary by following the steps as mentioned above.

If you do not have a beneficiary MMID, follow the below steps to add a beneficiary for IMPS transfer:

Step 1: Log in to the SBI net banking portal with your credentials (User ID and password).

Step 2: Navigate to the ‘Payments/Transfers’ section and click on ‘Add & Manage Beneficiary’.

Step 3: Now select the ‘Other Bank Beneficiary’ option.

Step 4: Add the beneficiary details and click on ‘Submit’.

Step 5: Complete the OTP verification to approve the beneficiary addition.

How to Transfer Money Using SBI IMPS with MMID?

Let us go through the steps for using MMID to transfer money via IMPS:

Step 1: Log in to the SBI net banking portal with your credentials (User ID and password)

Step 2: Navigate to the ‘Payments/Transfers’ tab.

Step 3: Click on the ‘IMPS Funds Transfer’ option.

Step 4: Select the ‘Person to Person (using MMID)’ option and click ‘Proceed’.

Step 5: Enter your MMID and mobile number.

Step 6: Enter the amount you want to transfer and click on ‘Submit’.

Step 7: Verify the transaction details and click on ‘Confirm’.

Step 8: An OTP will be sent to your phone. Enter it to complete your transaction.

How to Get an MMID for SBI IMPS?

Here are the steps you need to follow to get MMID for SBI IMPS:

Step 1: Open the SMS app on your mobile phone registered with SBI.

Step 2: Type the below SMS and send it to 9223440000:

‘MMID SBI XXXXXXXXXXX’ 

Here, XXXXXXXXXXX is your 11-digit SBI account number.

The MMID will be sent to your registered mobile number.

Benefits of SBI IMPS

Before you transfer your money using the SBI IMPS option, make sure to be aware of the following advantages pointed out:

• Instant Transfer: Money sent by IMPS reaches the beneficiary immediately. This is the major advantage of using IMPS.
• Can be Done 24/7: You can use IMPS to transfer money at all times 7 days a week. It can be used even on bank holidays.
• Multiple Routes: Mobile banking, net banking, and ATM are some of the channels you can use to send money using SBI IMPS.
• Security: IMPS is a safe and secure way to transfer money to a beneficiary. The transfer is done through an encrypted channel, so your money transfer remains safe from fraud.
• SMS Updates: You will get updates about transactions done using SBI IMPS via SMS. This is a way of improving transparency related to the transactions.

Limitations of SBI IMPS

However, there are some limitations that you need to keep in mind while opting for an IMPS transfer through SBI:

• Fee: If you go to an SBI branch for the IMPS transfer, then a fee will be applicable on a transfer of over Rs. 1,000.
• Adding Beneficiaries: You have to first add a beneficiary before doing the IMPS transfer. You will have to wait till the beneficiary details have been activated.
• SBI IMPS Limit: You can send up to Rs. 5 lakh per day with IMPS transactions. You will not be allowed to send more money.

Timings for SBI IMPS

SBI IMPS timings are 24/7. You can initiate and receive IMPS transfers at any time in a week. It is better if outward remittances are done between 8 am and 8 pm.

IMPS Charges SBI To Other Bank

There is no separate charge for an IMPS transfer from SBI to another bank account. It will be free if you do it online. Going to a bank branch will attract charges depending on the transaction amount.

How To Create IMPS Account?

Here’s how to create an IMPS account for SBI by calling their customer care number:

Step 1: Call the toll number 1800 425 3800.

Step 2: Listen to the instructions and choose the option for mobile banking.

Step 3: You will be connected with a customer service representative.

Step 4: Tell the representative your mobile number.

Step 5: Confirm details of your SBI account.

Step 6: Your MMID will be sent to your registered number via SMS.

Overall, this article has covered the major benefits of using IMPS with your SBI account. The IMPS charges SBI are nil for the online mode. You can use it 24/7 throughout the year. To get your MMID, you can visit an ATM or go to your nearest bank branch. Overall, it is a fast and convenient way to send money to a beneficiary.

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