What is the process for receiving money through IMPS?
Curious about Immediate Payment Service
To receive money through IMPS (Immediate Payment Service) in India, you can follow these general steps:
1. Ensure Registration: Ensure that you are registered for mobile banking or internet banking services with your bank. If you haven't registered, you may need to visit your bank's branch or follow the registration process provided by your bank.
2. Share Your Account Details: Provide the sender with your bank account details, including your bank account number and Indian Financial System Code (IFSC). You can find these details on your bank statement, passbook, or by logging into your mobile banking or internet banking account.
3. Inform the Sender: Inform the sender that you are ready to receive the money through IMPS. Share your account details with them, along with any additional information they may require, such as your full name, mobile number, or any other details specified by the sender's bank.
4. Wait for the Transaction: Once the sender initiates the IMPS transaction from their bank account, they will need to provide your account details and the transaction amount. The sender's bank will process the transaction and send the funds to your bank account in realtime.
5. Confirmation and Notification: After the funds are transferred to your bank account, both you and the sender will receive confirmation messages or notifications from your respective banks. These messages will confirm the successful completion of the transaction and the credited amount.
6. Check Account Balance: Log in to your mobile banking app or internet banking portal to check your bank account balance. Verify that the funds have been credited to your account. You can also check your bank statement or passbook for the transaction details.
7. Withdraw or Use the Funds: Once the money is successfully received in your bank account, you can use the funds as per your requirements. You can withdraw cash from an ATM, make purchases, pay bills, transfer funds to other accounts, or use any other banking services provided by your bank.
It's important to note that the exact process and timeline may vary slightly depending on your bank and the sender's bank. Different banks may have variations in their mobile banking or internet banking interfaces, but the underlying principles of IMPS remain the same. If you have any specific queries or require assistance, it is recommended to refer to your bank's official instructions, contact their customer support, or visit the bank branch for personalized guidance regarding receiving money through IMPS.