Kotak Mahindra Bank provides IMPS i.e. Immediate Mobile Payment Service to its account holders. This facility allows instant transfer of funds online in safe way from one’s bank account to other accounts maintained by Kotak Mahindra Bank or other banks involved in IMPS service.
Customers are able to get this service 24×7 and even on any bank holiday or Sunday with the help of internet banking and mobile banking. Only you require a valid MMID in case of mobile banking and device connected to internet and net-banking service offered by Kotak Mahindra Bank, Mobile banking and SMS banking facilities.
Ways to Do IMPS
Individuals may perform IMPS fund transfer in any of the two ways mentioned here-
- Fund transfer by the help of IFSC code and account number
- Fund transfer with the help of MMID i.e. Mobile Money Identifier and mobile number
- Other than this, net or mobile banking users would also be able to use IMPS Merchant Payment Service to pay instantly to business enterprises and merchants.
IMPS Steps by Using Net Banking Facility
In order to use this 24×7 facility for transfer of funds, you have to follow two major steps and there on, systemic guidelines as given here-
Addition of a Beneficiary
Step 1 :- Choose for net banking option and later on, click on payments and transfers
Step 2 :- Click on add or manage beneficiaries and fill details of the beneficiary, which include account number, account holder name, IFSC code and similar others
Step 3 :- Click on the Add Transfer Type and choose for the option of IMPS
Step 4 :- Select IMPS and enter the respective details
Step 5 :- Verify the entered details and click on the Confirm button
Step 6 :- On doing this, you will get an activation code on the registered mobile number.
Step 7 :- You should enter the code and wait for activation of the beneficiary for transaction procedure.
Money Transfer via IFSC and Account Number
Step 1 :- Go to the option of net banking and click on the option of Make a Transfer
Step 2 :- Select for the IMPS i.e. Immediate Mobile Payment Service and choose for the option of IFSC of the respective beneficiary.
Step 3 :- Enter the compulsory details and click on the option of Submit
Step 4 :- Now, in order to verify the details of transaction, you should click on Confirm and Transfer.
IMPS incorporates following important features-
- Gives confirmation of both credit and debit to sender as well as receiver involved in money transaction procedure
- Secured and safe money transaction
- 24X7 availability of the service including on bank holidays and Sundays
- Transfer of funds within less possible span of time
How IMPS is Beneficial
Until now, IMPS service offered by Kotak Mahindra Bank has benefitted its users in following ways-
- IMPS service is of simple and easy to use
- Allows transaction in hassle free manner
- Provides accessible, inexpensive, secured and safest possible transaction process
- Eliminates the requirement to go to banks for money transfer to beneficiaries