State Bank of India, also known as SBI, is the largest government-owned public-sector banking and financial services company in India. Ever since the merger of Associate Banks of SBI with State Bank of India in 2017, it is now one of the top 50 global banks.
SBI has always keenly accepted technological advancements, being one of the first Indian banks to offer internet banking, mobile banking, etc. The bank now has multiple mobile apps for Android, iOS, and Windows users. It was one of the first four banks to have offered the IMPS funds transfer service.
Anyone who holds an SBI account is eligible to use the IMPS SBI service. SBI account holders can send money using IMPS if they have registered for mobile banking and/or internet banking services.
What is IMPS: Brief Synopsis
Immediate Payment Transfer Service (IMPS) is an interbank funds transfer service provided by different banks in India. Unlike other online funds transfer services, the IMPS platform allows customers to make payments instantly on all days of the week even after business hours as well as on bank holidays. With IMPS, customers do not have to wait for the bank to open and are free to transfer funds 24×7.