SBI IMPS - Transfer Money Immediately

Steps to Initiate an IMPS Transfer from SBI YONO

To transfer money via IMPS using the SBI YONO app:

• Log in to the SBI YONO mobile app.
• Go to the “Quick Transfer” or “YONO Pay” section.
• Choose “IMPS” as the transfer mode.
• Enter the beneficiary’s account details or mobile number with MMID.
• Enter the amount and remarks.
• Authenticate with OTP or MPIN and complete the transaction. An SMS confirmation will be sent upon successful transfer.

How to Transfer Money Using SBI IMPS with IFSC?

Step 1: Log in to the SBI website by providing username and password

Step 2: Tap on 'Payments Transfers', go to 'IMPS Funds Transfer' and click 'Funds Transfer'

Step 3: Click on the 'Person to Account (Using IFSC)' option and click Proceed

Step 4: Add beneficiary details such as name, account number, IFSC code, etc

Step 5: Key in the amount to be transferred and click 'Submit'

Step 6: Verify details and click 'Confirm'

Step 7: Mobile-based OPT authentication can be used to approve the transaction.

How to Transfer Money Using SBI IMPS with MMID?

Step 1: Log in to the SBI portal by providing username and password

Step 2: Tap on 'Payments Transfers', go to 'IMPS Funds Transfer' and click 'Fund Transfer'

Step 3: Click on the 'Person to Person (Using MMID)'

Step 4: Provide the MMID and mobile number

Step 5: Key in the amount to be transferred and click 'Submit'

Step 6: Verify details and click 'Confirm'

Step 7: Mobile-based OPT authentication can be used to approve the transaction.

How to Add a Beneficiary in SBI IMPS Instantly?

Step 1: Log in to the SBI portal.

Step 2: Click on 'Manage Beneficiary' under the profile tab.

Step 3: Click on 'IMPS Beneficiary'.

Step 4: Enter the payee/beneficiary name, MMID number, country, mobile number and click 'Submit'.

Step 5: The beneficiary can be approved through mobile-based OPT verification.

SBI IMPS Limitations You Should Know

1. Transaction fee: Unlike UPI transactions, where there is generally a fee levied. There is a transaction fee for each IMPS transaction.
2. Beneficiary needs to be added: It is must to add a beneficiary/payee before initiating any kind of fund transfer process using IMPS using IFSC code. Also, transfers cannot be made unless the beneficiary has been activated. This comes with a certain wait period and it may sometimes become a hassle for customers.

Charges for SBI IMPS

Benefits of SBI IMPS

1. Instant service: One of the main advantages of IMPS is that funds sent through this mode will always reach the payee instantly. Unlike other types of fund transfer methods, such as NEFT, etc, there is no batchwise settlement of transactions.
2. Available 24/7: The service is available on a 24/7 basis and even on bank holidays. This gives customers the ease and convenience of initiating fund transfers from anywhere and at anytime.
3. Various channels can be used: IMPS transfers can be initiated through various channels such as internet banking, mobile banking and funds can also be sent through an ATM facility.
4. SMS-based verification: This is a safe and reliable service and all customers will receive mobile-based verification for all transactions that are carried out using IMPS.

How to Track SBI IMPS Transaction Status

To track your IMPS transaction:

1. Via SBI YONO App: Go to “Transaction History” > Filter by IMPS
2. Via Internet Banking: Navigate to “IMPS Inquiry” under “Payments/Transfers”
3. Via SMS: Use the transaction reference number to raise a status inquiry via SMS or contact customer care. You’ll receive SMS/email notifications for successful, failed, or reversed transactions.

Timings for SBI IMPS

IMPS services can be availed on a 24/7 basis. Fund transfers can be made even on bank holidays and weekends. Please note that outward remittances should be ideally made between 8.00 a.m. to 8.00 p.m.

*Additional tax may be levied.

How to Register for SBI IMPS?

This facility is available to SBI customers who use the mobile or internet banking services of SBI. If a customer wants to carry out mobile banking using IMPS then a mobile banking registration process has to be initiated.

1. Register the mobile number with the bank account and make a request for MMID
2. Download the mobile banking app.

How to Get an MMID for SBI IMPS?

1. Go to ATM, swipe card
2. Tap 'Mobile Registration', enter ATM PIN
3. Choose 'SMS' and secure code
4. Select IMPS , enter mobile number and confirm. The MMID will be sent to the user through SMS after he/she registers the respective mobile number.