With the modernisation of the Indian banking system, manual funds transfers have become a thing of past. There are numerous easily accessible modes for Electronic Fund Transfers (EFT) that has made everyone’s life easier. These new methods include NEFT, IMPS, RTGS, UPI, AePS, etc. Among them, IMPS is the most popular, offering several unique features and benefits.
IMPS stands for Immediate Payment Service. This service was launched by the Indian government in 2010 and is facilitated by the National Payment Corporation of India (NPCI). As the name suggests, it completes every transaction instantly. IMPS allows the user to make payments using his registered mobile number. It is also a secure method to transfer funds from one account to another. The best thing about IMPS is that it is available round the clock and throughout the year regardless of national and bank holidays. At the moment, almost every Indian bank is a part of the IMPS network.
How IMPS Actually Works
When a customer sends funds to anyone through IMPS, it connects the customer to his bank account using the registered mobile number. Unlike RTGS and NEFT, IMPS does not transfer the amount directly to the recipient’s account. Instead, it transfers the amount from the user’s account and attaches it to their mobile number. Next, the amount is transferred from the user’s mobile number to the beneficiary’s mobile number. Finally, the amount is “sent” from the beneficiary’s mobile number to the linked bank account.
A user just needs a beneficiary’s account number and IFSC or registered mobile number and Mobile Money Identifier (MMID) code to transfer the funds. IMPS is the quickest way to transfer funds without entering the complex and tiresome account details for executing what is essentially a simple transaction. This minimises incidences of failed transfers resulting from erroneous and incorrect data input.
How to Generate MMID for ICICI
The MMID is a unique 7-digit code provided by the banks to its customers for IMPS transactions. It is a combination of account holders’ account number and registered mobile number. Banks only provide MMID codes to its customers when they ask for it. Customers can generate MMIDs from their respective banks using different methods. ICICI bank offers three methods to generate this code. The following steps will guide you on how to generate MMID for ICICI on various platforms for seamless IMPS transactions.
- Mobile Banking App: ICICI’s mobile banking app, iMobile, offers a fast and easy way to generate your MMID. First, ensured you are logged in with your credentials. Select Bank Account > Desired Bank Account > IMPS > Generate MMID. Your MMID code will be displayed instantly!
- SMS: You can also get your MMID code through an SMS. Type “MMID” followed by the last 4-digits of your bank account number and send the SMS to 9222208888. You will shortly get a reply SMS containing your 7-digit MMID code that you can use for IMPS transfers.
- Internet Banking: You can use your internet banking credentials to get your MMID. Just login to your online banking account and follow these steps. Click on Retrieve/Generate MMID on the left-hand side menu. Select the account for which you want to generate an MMID. Click on Retrieve/Generate MMID. Your MMID code will be displayed instantly.
Transfer Funds Using ICICI IMPS
ICICI bank offers IMPS facility to its customers at all times. Further, it is a two-way service meaning money can be both sent as well as received. It is easy, quick and convenient. Several banks have made it their primary method for their customers’ money transfers, often providing easy access to the facility. ICICI Bank customers can use this service on different channels such as mobile banking and internet banking as well.
Fund transfer to and from ICICI through IMPS is effortless through the ICICI iMobile banking app.
- Start by selecting the ‘send money’ option.
- Enter the beneficiary’s 10-digit registered mobile number and associated 7-digit MMID code.
- Enter the amount and confirm the transfer.
- Although you can use the beneficiary’s account number and registered mobile number, MMID and mobile number is the safest way to transfer funds.
- The transaction will be cancelled automatically if any of these details are incorrect.
Benefits of Using IMPS
- IMPS is a real-time money transfer tool. Even though the actual process sounds complex, funds are credited to the receiver’s bank account within a few seconds.
- It is a secure, safe and cost-effective mode to transfer funds from your account to others.
- There is no minimum amount limit defined by the banks for money transfer with IMPS. You can even transfer ₹ 1.
- It is an anytime-anywhere service. Customers can avail the IMPS facility 24x7x365 regardless of national and bank holidays.
- IMPS can help you make intra-bank as well as inter-bank transactions without any hassles.
- The account number and IFSC are not mandatory to transfer funds using IMPS. You can also use the registered mobile number and MMID of the beneficiary for transactions.