Mar 11

BOB Immediate Payment Service (IMPS)

Team Antworks

Bank of Baroda IMPS

Bank of Baroda Customers who wish to use the Immediate Payment Service (IMPS) can use their mobile phones to make a fund transfer to the beneficiary by directly crediting their bank account. Customers stand to benefit from the funds being transferred almost immediately on a real-time basis. In case of emergencies, and payments that need to be made immediately, IMPS is the best option as there are no delays. When the IMPS transfer has been completed, BOB will send a confirmation message. The recipient’s bank will also send them a confirmation of the credited amount.

Who is eligible for Bank of Baroda IMPS?

Anyone with a bank account at Bank of Baroda is eligible to use the Immediate Payment Service facility. You will have to register for Baroda M-Connect service by using your debit/ATM card. Customers who do not have a card can visit their respective BOB branch to apply for Baroda M-Connect. Customers will then be issued a 7-digit MMID which will be linked to the primary bank account. The MMID will be sent via SMS to the registered mobile number. Customers can also use the mobile banking app to generate their MMID. To do this, you need to select “Fund Transfer – Other Bank” and then click on “Know your MMID”.

Benefits of using Bank of Baroda “Immediate Payment Service”

IMPS comes with a number of benefits to users. Some of the benefits include:

User-friendly service.
Immediate transfer of funds to the beneficiary’s account.
24×7 access to IMPS.
Can be used even on bank holidays.
Can be used after banking hours.
Any customer with a bank account can use IMPS.
Link more than one bank account to the same mobile number with separate MMIDs.

Features of Bank of Baroda IMPS

IMPS is a facility offered by banks that makes transferring funds and making payment through your bank account easy and instant. The features of IMPS include:

Available only on Mobile Banking and Internet Banking.
Use of MMID and mobile number.
Confirmation alerts sent to both remitter and recipient.
The transaction limits are Rs.50,000 per day and Rs.2.5 lakhs per month.
There are currently no charges levied for this service.

How to Transfer Money by using Bank of Baroda IMPS Service

One-time registration of beneficiary

You will need to register your Payee under the IMPS facility. This is a one-time process and the payee will be stored for future use.

On the mobile app, select Menu option “Fund Transfer”.
Click on “Other Bank” and opt for “Beneficiary Registration”.
Select “Online Fund transfer (IMPS)”.
You need to enter the Payee’s MMID and Mobile Number.
Enter a nickname for the beneficiary.
Confirm the registration.

Transferring Funds

Transferring funds are simple through IMPS.

Register for Baroda M-Connect and get your MMID.
You need to get the beneficiary’s mobile number and MMID.
After logging into the mobile app, you need to select “Funds Transfer”.
Select “Other Bank” and then “IMPS”.
If you’ve registered your Payee, you can select the Payee or you can choose “Beneficiary registration” and click “Payment”.
Enter the mobile number of the payee and the MMID.
You can choose to enter a purpose of the transfer.
Enter the transaction amount.
Choose which bank account you would like to debit.
Click on “OK” to complete the transaction.
Once the transaction is successful, a confirmation SMS will be sent both to the customer and beneficiary.

Receiving Funds

Simply share your MMID and mobile number to the person who has to send you funds.
The remitter will have to carry out the rest of the process.
You will receive a confirmation message once the transfer has been completed.
You will also get a transaction reference number which you can save for future queries.