SBI IMPS

If you have an SBI account and need to transfer funds instantly without going to the bank, SBI IMPS is the way to go. IMPS is an instant method of transferring funds online using netbanking or mobile banking services. Let’s find out all about SBI IMPS charges, limits and more.

SBI IMPS Charges

Since SBI is the largest commercial bank in India with the largest customer-base, it has the lowest charges for most of the banking services. This is why, there are no SBI IMPS charges for transferring funds using the Immediate Payment Service.

SBI IMPS Limit

SBI IMPS limit is the same as decided by the NPCI, i.e. Rs 5 lakhs per day. However, the following points must be considering when adding a beneficiary for IMPS transactions:

• Only one beneficiary can be added in a calendar day
• Rs 10,000 can be transferred on the day of adding beneficiary
• There is a cooling period of 4 days in which up to Rs 1 lakh can be transferred
• Post cooling period, maximum SBI IMPS limit of Rs 5 lakh can be utilized

If you want to transfer more than Rs 5 lakhs, you may use the SBI RTGS mode.  

SBI IMPS Timings

SBI IMPS timings for Inward and Outward transactions are 24×7. There are no holiday restrictions on IMPS inward and outward transactions. Since this is an online mode of transferring funds, the window is open throughout.

How to Transfer Funds using SBI IMPS?

There are two ways of using SBI IMPS services, viz.:

Person to Account SBI IMPS transfer

• Login to SBI Anywhere Personal netbanking account
• Click on Fund Transfer > Other Bank Account
• Select Debit Account, Mode of Transfer as IMPS and Beneficiary Account

• Enter the amount to be transferred and click on Submit
• Click on Confirm button
• Enter OTP to authorize transaction

Person to Person SBI IMPS Transfer

• Login to your SBI netbanking account
• Click on Fund Transfer > IMPS – Mobile Number & MMID
• Select Debit Account &Credit Account
• Enter the amount to be transferred and click on Submit
• Click on Confirm button
• Enter OTP to authorize transaction

How to Get MMID Number for SBI IMPS?

There are multiple ways offered by SBI Bank to generate MMID Number. Some of the ways are mentioned below:

Via State Bank of India Home Branch

At the time of opening bank account with SBI branch, you can opt for mobile banking services registration. During this process, bank will issue a 7-digit MMID number for the primary account.

Via SMS

SBI account holders need to send SMS by typing “MMID SBI” to 9223440000 from your registered mobile number.

Via SBI ATM

Follow the below given process to generate MMID Number through State Bank of India ATM:

Step 1: Visit the SBI ATM, Swipe your ATM/Debit Card

Step 2: Click ‘Mobile Registration’

Step 3: Enter your 4- digit ATM PIN

Step 4: Select ‘SMS/Secure Code/IMPS’ option available on the screen

Select 5: Enter your mobile number

Select 6: Click on confirm

Details Required for SBI IMPS Fund Transfer

The following details are required for SBI IMPS Person to Account transfer:

• MMID of the beneficiary,
• Mobile number of the beneficiary
• Name of the beneficiary

The following details are required for SBI IMPS Person to Person transfer:

• Name of the beneficiary
• Account Number of the beneficiary
• IFS Code of the beneficiary bank

Also, check all related details about the IMPS:

SBI IMPS: FAQs