How to Use IMPS for Money Transfers in Bank of India

Immediate Payment Service (IMPS) is a real-time payment system that allows for instant money transfers between bank accounts, facilitating seamless transactions through mobile devices, online banking, and ATMs. This article will guide you through the process of using IMPS to transfer money in Bank of India.

Steps to Transfer Money Using IMPS in Bank of India

The process of using IMPS for transfers in Bank of India is straightforward but requires a few steps. Below are the detailed steps to ensure a smooth transaction.

Ensure Eligibility

Before you begin the transfer, make sure your Bank of India account is activated for IMPS. This may involve registering for mobile banking or internet banking, if you haven’t done so already.

Obtain Beneficiary Details

To complete the transfer, you will need the beneficiary's mobile number linked to their bank account, or their bank account number and IFSC code. IFSC (Indian Financial System Code) is a unique identifier for banks and branches in India.

Using Mobile Banking

Log in to your Bank of India mobile banking app. Navigate to the IMPS or Fund Transfer section. Select IMPS as the transfer method. Enter the beneficiary's mobile number or account number and IFSC code. Enter the amount you wish to transfer. Confirm the transaction and enter your MPIN (Mobile Banking PIN) for authentication. You will receive a confirmation message once the transaction is successful.

Using Internet Banking

Log in to your Bank of India internet banking account. Go to the Payments/Transfers section. Select IMPS Fund Transfer. Fill in the required details such as the beneficiary's details, amount, and purpose. Confirm and authenticate the transaction using your internet banking credentials. A confirmation message will be sent to your registered mobile number.

Using ATMs

Visit a Bank of India ATM. Select the IMPS Transfer option. Follow the on-screen instructions to enter the beneficiary details and the amount. Confirm the transaction using your ATM PIN.

Additional Information

Transaction Limits: Check for any limits on the amount you can transfer through IMPS. These limits may vary based on your account type and the bank's policies. Fees: Be aware of any applicable charges for IMPS transactions, which may vary based on the amount and the bank’s policies. Instant Confirmation: IMPS transactions are processed instantly, and you will receive a confirmation via SMS.

For any specific queries or issues, contact Bank of India's customer service or visit their official website for detailed guidance. Efficient use of IMPS can save you time and effort, especially in urgent financial transactions.