ICICI MMID

ICICI (Industrial Credit and Investment Corporation of India) is a provider of banking and financial services to its customers. Founded in 1994, ICICI bank allow its customers to transfer funds from one account to another with just few simple clicks. Previously, the process of fund transfer was time-consuming and a bit complex. However, new banking features, such as NEFT (National Electronic Funds Transfer), IMPS (Immediate Payment Service), RTGS (Real Time Gross Settlement) and UPI (Unified Payment Interface) facilitate immediate, as well as easy fund transfer.

One of the key elements in this fund transfer process is MMID (Mobile Money Identifier).

What is Mobile Money Identifier (MMID)?

MMID is a 7-digit code provided by the bank to its customers. This code is necessary when you want to transfer or receive fund using IMPS. Every bank account only has one unique MMID code which is a combination of the user’s account number and mobile number. However, different MMID codes can be linked with the same mobile number.

Use of MMID:

People can transfer the amount through RTGS and NEFT methods using IFSC and bank account details. However, these two transfer methods have some limitation. You cannot get the find transfer facility round the clock with RTGS and NEFT. Therefore, IMPS was devised to sort out this issue.

MMID is based on the principle that two individuals can not have the same mobile number. As such, the mobile number can be used to recognise the user and his/her bank account details. However, a mobile number can be linked with multiple bank accounts. That time, it is a bit confusing to identify the exact account number of an individual. To resolve this problem, the MMID concept came into place. One bank account can only have one MMID code. An individual cannot have same MMID for all their accounts in multiple banks.

For IMPS transfer, an MMID code is required. The person has to enter his registered mobile number and MMID code of the beneficiary for a successful transaction.

How to Get MMID Code?

Each bank account can only have one unique MMID. However, banks do not tell their customers about the MMID codes automatically. They provide the details only when the customer asks for it. To get the MMID, users need to activate their mobile banking first.

To register for mobile banking services, you need to follow the below steps:

• You can visit your home branch to fill the form for mobile banking activation. You will get the MMID code and MPIN (4-digit identification number to get an access to mobile banking) at your mobile number or your communication address.
• You can visit your nearest bank’s ATM to opt for mobile banking as well. Once you complete the process, you will get an SMS containing your MMID and MPIN.
• Some banks also provide facility to generate new MMID by using their mobile app. You can also do the same to get your MMID.
• Just like mobile banking apps, some banks offer the serviceto generate MMID using the internet banking option of the bank.

These are the common ways of registering and getting MMID codes. However, the process may vary from bank to bank. Let us now look at the way to get the code for ICICI Bank.

How to Get the ICICI MMID Code?

ICICI Bank has three different ways for you to get your ICICI MMID code which are as follows:

• Mobile Banking App: ICICI has a mobile banking app named iMobile. Users can generate MMID using this app. After logging in to the iMobile app, pick Smart Keys and Service > Account Services > Show MMID Code. With this process, your 7-digit MMID code will be displayed.
• SMS: Type MMID > last 4-digits of your bank account number and sendit to 9222208888. After this, the bank will send an SMS containing your 7-digit MMID.
• USSD(Unstructured Supplementary Service Data): Not every bank has the option to generate an MMID code through the USSD option but ICICI Bank offers this service to its customers. To get your MMID code, dial *525# and a complete list that contains banking menu will appear on your screen. Now, press 7 from your mobile to get more options. Once the option appears on your screen, press 4 followed by the last 4-digits of your bank account number to generate your MMID. After completing this process, your MMID code will be displayed.

How to Use MMID Code for Fund Transfer?

An MMID code contains the combination of your mobile number and bank account number. It is a smart yet safe replacement of the beneficiary’s account details, such as IFSC and account number. You do not require anything for fund transfer, if you have the registered mobile number and MMID code of the beneficiary. This code is used while availing the IMPS service for fund transfer. To transfer funds using IMPS MMID, you need to follow the below process.

• Log in to the mobile banking app.
• Select IMPS in fund transfer section.
• Enter beneficiary’s registered mobile number and MMID code to initiate the fund transfer.
• You might need to verify the particular transaction with mPIN or a One Time Password (OTP).
• The amount will be deducted from your account and credited to the beneficiary’s account instantly.
• After that, you will get an SMS from the bank containing transaction details. You can keep that SMS for further reference.