Federal Bank announced Interbank Mobile Payment Service (IMPS) which is an instant 24 X 7 interbank electronic fund transfer service through mobile phones. IMPS facilitates customers to use mobile instruments as a channel for accessing their banks accounts and remitting funds thereon. It helps you to send or receive money instantly using your federal bank account using your mobile number along with a unique 7 digit MMID (Mobile Money Identifier).
- Instant Interbank fund transfers[advt]
- 24×7 availability
- Confirmation of debit and credit
- Saves time and cost
- Simple and easy to use
- Safe and secure
How IMPS Works
- Register for Mobile Banking Service – All customers who register for mobile banking will automatically be registered for IMPS facility also.
On registering for mobile banking, the customer is provided with the following:
- User ID
- MPIN – The password to log into
- MMID(Mobile money identifier) – This is a unique seven digit number which is the prime requirement for sending money over IMPS. Both the sender and receiver shall have an MMID for successful transfer of funds.
Of the above, User ID or other details required for activation and MMID will be sent to the customer through SMS. The MPIN will be sent to the communication address of the customer.
- The beneficiary customer should have their mobile numbers registered with the bank where he/she maintain the account and where he intends to receive the credit and should have a valid MMID provided by the bank.
How to Send Money?
- Register for mobile banking with your branch to get your MMID and MPIN
- Download and activate the mobile banking application on your mobile
- Initiate the IMPS transaction using beneficiary mobile number and beneficiary MMID
- Check the SMS confirmation for money sent
- You can even transfer funds through SMS
How to Receive money?
- Register your mobile number for your account with the bank
- Get your MMID from your bank
- Share your mobile number and MMID with the sender
- Ask the sender to send money
- Check the SMS confirmation for the money received
Fund Transfer by SMS
- Through SMS you can transfer Rs 1000/- per day and Rs 5000 per month. Just send an sms in the following format to 98950 88888 or 5676762.
- IMPS(space)beneficiary mobile no(space)beneficiary’s full
- MMID(space)Amount to be transferred(space)last 3 digits of MMID of remitter
Fund Transfer by Mobile Banking
Now you can transfer up to Rs 50000/- per day and Rs 200000/- per month using the Fedmobile application using your User ID and MPIN and Chose the option “Instant IMPS” under “Fund Transfer”.