Mobile Banking

Immediate Payment Service (IMPS)

Mahesh Bank Offers Immediate Payment Service (IMPS), a unique concept of mobile based account to account funds transfer for registered Bank account holders in collaboration with National Payments Corporation of India (NPCI).

What is IMPS?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS would facilitate Mahesh Bank Customers to send money instantaneously to any other person registered for IMPS service in any of participating banks, using application. All IMPS registered customers can also act as beneficiaries to receive money from any participating banks.

Key Features of IMPS

  • Send money to anyone using their mobile number
  • Recipient gets instant credit
  • Receive money instantly from anyone without sharing your account number
  • Available 24x7x365
  • Absolutely free of cost
  • Simple & easy to use
  • Safe & Secure

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IMPS FAQ's

What is IMPS?

Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. IMPS would facilitate Mahesh Bank Customer's to send money instantaneously to any other person registered for IMPS service in any of participating banks ,using application. All IMPS registered customers can also act as beneficiaries to receive money from any participating banks.

How does the IMPS Service work Real Time or Instantaneous ?

A common infrastructure has been set-up amongst participant banks, in association with the National payment Corporation of India, to enable real time funds transfers across banks.

What is MMID ?

MMID stands for Mobile Money Identifier. MMID is a 7 digit code issued by a participating bank to their Mobile Banking registered customers for availing IMPS service as a beneficiary.

A customer will have different MMID's for different accounts and all these can be linked to a single mobile number.

Do I as sender or receiver need to have a bank account for availing IMPS?

Yes, you need to have a Savings bank account with Mahesh Bank.

Do I need to register to send money through IMPS?

If you are a registered mobile banking customer of Mahesh Bank and have the application on the registered mobile number, no more registrations are required.

To send money from please do the following:

  • Login to Mahesh Bank

  • Select Fund Transfer Menu

  • Select Fund Transfer to Other Bank

  • Select InterBank Mobile Payment Service (IMPS)

For sending money, can I link more than one account to the same mobile number?

Yes, this is possible. The same process would be followed that exists for registration for mobile banking service for linking an account to application.

Is the beneficiary also required to register for IMPS?

The beneficiary ( Mahesh Bank or other Bank customer) should have their mobile number registered with their bank where he intends to receive the money. He should also have a valid 7 digit MMID provided by his bank. For each bank account number the beneficiary would have a different MMID. Different customers of a Bank can have same MMID's.

What beneficiary details do I need to use to send money?

The beneficiary details required are: a. Beneficiary's 10 digit mobile number b. MMID of the beneficiary customer

Is there any limit on the value of transactions when I am sending money using IMPS?

The existing limits of Rs 2,00,000 per day using Application and using SMS its Rs 5000/ per day would apply.

Is there any limit on the value of transactions when I am receiving money using IMPS?

You can receive up to Rs 2,00,000 per transaction using IMPS. You can receive multiple such transactions in a day. Total Limit for day per account is Rs.2,00,000/-

What happens in case I enter a wrong beneficiary mobile number when sending money?

The beneficiary details required to send money are mobile number and MMID. Before funds are credited into an account the corresponding mobile number and MMID are verified and only if both match will there be a credit into the account.

What are the timings for initiating and receiving IMPS remittances?

IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.

If the transaction is not completed will I get my money back? When?

Yes. In case, Mahesh Bank customer's account is debited and beneficiary account is not credited, then customer call lodge a complaint with our call center by mentioning:

  • Senders Mobile Number
  • Sender Account Number
  • RRN (Transaction Reference Number)
  • Date of Transaction
  • Beneficiary Bank Name
  • Beneficiary Mobile Number
  • Beneficiary MMID<
  • Amount of Transaction

Customers query will be resolved within 9 working days.

How long does it take for the money to get credited into the beneficiary account?

For transactions which are successful, funds gets credited into the beneficiary's account immediately.

Can I send money from an Mahesh Bank Savings account to another account in any other bank?

Yes, you can transfer money from your Mahesh Bank account to a beneficiary who has an account within the IMPS participating banks.

When sending money, how do I come to know that my account is debited and the money has been credited in the beneficiary's account?

You will get an amount debited SMS on your registered cell phone on successful completion of the transaction.

When can the beneficiary use the funds received through IMPS?

The beneficiary can use the funds immediately on receipt of credit in the account.

How can customer get MMID for there accounts?

SMS: Customers need to send MMID to 9223173095 to generate MMIDs for their accounts.

Does the customer need to register to remit the funds through IMPS?

Yes. The customer has to get his mobile number registered with his/her Mahesh bank for availing IMPS. The registration process shall be as per their bank’s laid down procedures.

Can a customer link more than one account to the same mobile number?

Yes. The customer can link the same mobile number to more than one account.

Incase if the customer has more than one account linked to his / her mobile number how does he select the account from which he / she intends to pay?

The bank will allocate a Mobile Account Selector (MAS) for each account of the mobile banking customers. The customer can select the account using this MAS allocated to him / her.

The combination of mobile number and MAS helps as a mistake proofing step for the remitter and tries to itigate the risk of wrong credit in-case the remitter enters erroneous mobile number.

What beneficiary details does the customer need to affect an IMPS remittance?

The beneficiary details required are:

a. NBIN of the Beneficiary’s Bank,

b. Beneficiary’s mobile number,

c. MAS of his / her account linked to this mobile

What is NBIN?

National Bank Identification Number (NBIN) indicates the unique identification number of the bank offering mobile payment service.

What if IMPS registered mobile is lost or misplaced? Will anyone who comes into possession of mobile be able to make a remittance from customer’s account?

At the time of mobile banking registration, bank would provide the customer with a User id and MPIN (Mobile Personal Identification Number) for accessing the mobile banking facility. An IMPS remittance will not be possible without these two inputs.

What happens in case the remitter enters a wrong beneficiary mobile number for remittance?

The beneficiary details required for making a remittance are NBIN, mobile number and MAS. When a wrong mobile number is entered there is a very high possibility of the transaction getting rejected on the basis of NBIN, mobile number and MAS combination.

What are the timings for initiating and receiving IMPS remittances?

IMPS transactions can be sent and received at any time and any day. There are no timing or holiday restrictions on IMPS remittances.

This is an anytime and anywhere type of channel provided by NPCI.

If the transaction is not completed will the customer get his / her money back? When?

Yes. In case for any reason, technical or business, the IMPS transaction is not completed the reversal of the remitters funds will happen immediately. In case if such a transaction becomes a subject to reconciliation wherein the fate of transaction is not determined immediately, the reversal of funds will happen on the next working day.

How long does it take for the remittance to get credited into the beneficiary account number?

The funds should be credited into the beneficiary account immediately.

Can the remitter transfer funds from his / her to the beneficiary account in other bank?

Yes, the remitting customer can transfer funds to the beneficiary account in other banks.

Is it necessary to have sufficient account balance to initiate a remittance?

Yes, the customer should have sufficient account balance to initiate a fund transfer.

How does the remitter come to know that his account is debited and funds have been credited in the beneficiary’s account?

The remitting bank sends a confirmation sms to the remitting customer about the transaction initiated by him / her.

How does a beneficiary come to know of funds being credited to his / her banks account?

The beneficiary bank sends a confirmation sms to the beneficiary customer informing him / her of the credit in the account.

OPTION

SYNTAX & EXAMPLE

Balance

Balance (or) Balance SB <A/C No.>

Mini

Mini (or) Mini SB <A/C No.>

IMPS

IMPS <Benificiary Mobile No> <B.MMID> <Amount> <OTP Pin + last three digits of sender MMID >

OTP

OTP <M Pin>

O Pin

O Pin <old> <new>

SMS has to be sent to

9248077450

 

Basic Savings

Features

No Minimum Balance, No initial deposit to open the account.

No restrictions like Age, Income Criteria for opening BSBD Account.

All provisions of KYC, AML, PML are applicable.

Passbooks are given free.

Maximum of Four withdrawals in a month including ATM withdrawals;

RuPay ATM Cum Debit Card with Accidental Insurance of Rs. 1.00 Lac free

No charges for all the above facilities

PMJDY

PMJDY

The Hon’ble Prime Minister in his Independence Day Speech on 15th August, 2014 announced a comprehensive program of Financial Inclusion targeting the large number of people who are currently deprived of even rudimentary financial services. The PradhanMantri Jan DhanYojana (PMJDY) sets out to provide a basic Bank account to every family who till now had no account.