Indian Bank is one of the most trusted banking organizations in India which has gathered a strong reputation among its customers. With modern ways taking hold in today’s time, Indian Bank has evolved its banking services to comfort its customers in the best possible manner. One of the recent developments achieved by the bank is the launch of the mobile banking application called IndPay. This app is compatible with Android, Windows and iOS operating systems for mobile phones.
What does IndPay do?
This mobile-friendly banking application permits the customers to view mini-statement, add and delete the beneficiary account, enquire details about the bank account and transfer funds to other accounts, without any hassle. Moreover, customers can even request for last transaction enquiry and even receive the status of issued cheques via Indian Bank Mobile Banking application. According to Reserve Bank of India, the customer is allowed to transfer a maximum of Rs. 50,000/day using mobile banking facility.
IndPay is available for all Indian Bank active customers, whereas the new customers are required to submit a request to their particular branch for accessing the service.
Procedure to download IndPay
Customer can download IndPay application using their Android / iOS / Windows devices. Open the play store / app store on your device, search IndMobile and click on ‘Download’.
Different Features of Indian Bank Mobile Banking App
IndPay is the official mobile banking application launched by Indian Bank. This facility is loaded with a variety of options which are mentioned below:
- Indian Bank Mobile Banking app allows you to access balance enquiry for all accounts connected with your CIF Number
- Receive mini statement for last five transactions
- Access fund transfer within bank through one account to another
- Access fund transfer to other bank accounts using NEFT
- Access fund transfer to other bank accounts via IMPS
- Manage services like MTPIN and change MPIN
- IndPay app can be used anytime, anywhere by all Indian Bank customers. Different banking operations can be managed 24×7 with few clicks.
It is important to note that, IndPay service is available for customers holding an operative savings bank.
Customer Registration Process
In order to proceed with the registration process, the customer will have to enter the CIF Number. After this, the OTP would be sent to the customer’s registered mobile number. He/she is required to enter the OTP and register using the Net banking log in or access the existing Mobile Banking service (if available). Once the Net banking credentials are authenticated, the customer will be asked to set the MTPIN and MPIN. Make sure that, the MTPIN and MPIN shouldn’t be the same. This concludes the registration process after which you can enter the MPIN to login.
Indian Bank Mobile Banking Options in Detail
The mobile banking login PIN is called as MPIN, which is a four-digit number. In order to access your mobile banking application, it is required to enter the MPIN. Make sure that you do not share this pin with anyone.
The MTPIN is basically mobile banking PIN for making transactions. This is also a four-digit number which is required during fund transfer. Make sure your MTPIN and MPIN stay safe only with you.
Fund transfer with IndPay
The below mentioned transactions types can be managed using IndPay:
- Transfer money to self-managed accounts
- Transfer funds to other accounts managed in different Indian bank branches
- Send funds to accounts of other banks
- Send funds to accounts managed in Indian Bank or other banks via IMPS
Essentials of Fund Transfer using Mobile Banking at Indian Bank
Transfer funds to IB accounts of other customers
It is essential to add a beneficiary through the Manage Beneficiary Option available in your mobile banking. Add details such as beneficiary name and account number.
Transfer Funds to Different Customer Bank Accounts
There is a requirement to add a beneficiary with the help of the Manage Beneficiary Option. Fill up the vital details such as beneficiary name, account number and IFSC Code. Later on, you can easily transfer funds to these added accounts.
Immediate Payment System (IMPS)
IMPS or Immediate Payment System allows you to send funds to any different bank with the help of the beneficiary’s bank IFSC code and Account Number.
Transaction Limit and Cost
It is interesting to know that fund transfer can be availed without giving away any fee. It is only your data plan for accessing internet service that is seen as the primary cost.
Mobile Banking Insights
According to the Reserve Bank of India, there have been active measures to support mobile banking across the nation. It is believed that, in the coming days more people would start accessing the facilities offered by mobile banking.
Every individual using mobile banking should keep in mind certain precautions and risks. Below mentioned are several advantages and disadvantages to keep in mind before using mobile banking.
Advantages of Mobile Banking
- The customer can transfer funds using his/her bank account to another bank account via smartphone access. The internet is the only source required for allowing mobile banking to function on your phone from anywhere.
- This service is available for all 24 hours and serves as a convenient banking mode even in the rural areas.
- The facility of mobile banking is believed to be more protected and risk-free as compared to Internet Banking.
- Using mobile banking, the user can transport funds, check account balance, pay bills, analyze recent transaction, etc. It is a cost-effective service which provides you with various benefits without asking anything in return.
Disadvantages of Mobile Banking
- The service of Mobile Banking isn’t available for all mobile phones. It is necessary to install apps on your mobile device for accessing the Mobile Banking feature. Hence, this is specifically restricted to high-end smartphones.
- Making a banking transaction such as transfer of funds can only be managed using high-end phones.
- It is analyzed that mobile banking users are targeted with high risk linked to fake SMS messages as well as scams.
The customers are requested to never save any sort of passwords or PIN details on their mobile phones. Similarly, sharing sensitive information with friends, family or relatives should be avoided. As an essential safety measure, try to change your mobile banking password after a few weeks or monthly basis.