PNB IMPS, Immediate Payment Service, works just like a NEFT transfer except that the payment is done immediately, regardless of bank timings and holidays. Using IMPS requires an MMID and mobile number, or the bank account number and the IFSC code
Customers who wish to use the IMPS offered by PNB can transfer up to Rs.50,000 per day. The funds will be transferred almost immediately on a real-time basis. IMPS does not have any delays, so this works great in case of emergencies, and payments that need to be made immediately.
Benefits of Using PNB IMPS
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.
- Can be used after banking hours.
- Can be used even on bank holidays.
- 24×7 access to IMPS.
- Various avenues such as internet, mobile and ATM to carry out transactions.
- Any customer with a bank account can use IMPS.
Features of PNB IMPS
Immediate Payment Service is an easy method of transferring funds and making payment instantly through your bank account. The features of IMPS include:
- Use of MMID and mobile number, or bank account number and IFSC code.
- Transaction limit of Rs.50,000 per day.
- Confirmation alerts sent to both remitter and recipient.
How to Transfer Money by using Punjab National Bank IMPS Service
There are three ways to transfer money using IMPS:
Internet Banking – There are two steps to making an IMPS transfer. You first need to add the Payee to your account and authorize it. The first step is a one-time procedure. Once this is done, it will be stored for future transactions.
Add Beneficiary
- Login into your online PNB account.
- Select “Manage Beneficiary”.
- From the drop-down menu, choose “Add IMPS Payee”.
- You will be required to enter the details required.
- Then click on “Confirm new/modified beneficiary”.
- You will receive a one-time password on your registered mobile number.
- Enter this number to authorize the new payee.
IMPS Transfer
- Once your beneficiary has been added, you can follow these steps to make the transfer:
- Click on “Transaction”.
- Choose “IMPS using IFSC” or “MMID” according to your preference.
- Fill up the details required to make the transaction.
- Click on “Continue”.
- You need to verify the transaction by using your transaction password and the OTP sent to your mobile number. OTP is required only for transactions above Rs.25,000.
Mobile Application – With this method, there are two steps to making an IMPS transfer as well. You first need to add the Payee to your account and authorize it.
Add Beneficiary
- Login into your online PNB account on the mobile app.
- Select “Transfers” and then click on “Manage Beneficiary”.
- Choose “Other banks”.
- You will be required to enter the details required.
- Then click on “Continue”.
- Enter your transaction password to authorize payee.
IMPS Transfer
Once your beneficiary has been added, you can follow these steps to make the transfer:
- Click on “Transfers”.
- Choose “IMPS using IFSC” or “MMID” according to your preference.
- Fill up the details required to make the transaction.
- Click on “Continue”.
- You need to verify the transaction by using your transaction password.
ATM – You can carry out an IMPS transfer at an ATM by using the steps below:
Add Beneficiary
- Visit a PNB ATM and insert your debit card into the designated slot.
- Select “Fund Transfers”.
- Choose “Immediate Payment Service”.
- Choose “Registration”.
- You then need to enter your registered mobile number to receive the SMS alerts. You need to re-enter the number to confirm.
- All bank accounts linked to your card will appear.
- Choose the account you wish to use and submit it.
- If the transaction is successful, a message will appear on the screen. The MMID of the account will be issued on the receipt.
- If the transaction fails in case of invalid information or mobile number, then it will be declined.
IMPS Transfer
Once your beneficiary has been added, you can follow these steps to make three transfer:
- Visit a PNB ATM and insert your debit card into the designated slot.
- Select “Fund Transfers”.
- Choose “Immediate Payment Service”.
- Choose “Fund Transfer”.
- Enter the beneficiary’s mobile number and the MMID.
- Enter the transaction amount and the account type.
- All accounts linked to the account type will be displayed, select the one you wish to use.
- The screen will display the confirmation with the beneficiary’s mobile number, transaction amount and MMID.
- You need to check the details and confirm it by clicking on “Proceed”.
- Once the transaction is complete, a confirmation message will be displayed and printed. The printed receipt will have a reference number which you can keep for future reference.
| Steps | Internet Banking | Mobile Application | ATM |
| Add Beneficiary |
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| IMPS Transfer |
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Beneficiary Details Required for PNB IMPS
The details you will need to get from the beneficiary to make an IMPS transfer are based on the method chosen.
MMID mode – An MMID is a Mobile Money Identification Number. It consists of 7 digits and is a unique number mapped to an account. The first four digits represent a unique code to identify the bank. An MMID can be generated through an ATM, mobile banking or internet banking. To make an IMPS transfer using the MMID mode, you need the following information:
- Name of the beneficiary
- Mobile number of the beneficiary
- MMID of the beneficiary
IFSC mode – IFSC is the Indian Financial System Code. It is an alphanumeric code that is used to identify the bank and the bank branch to which the fund transfer needs to be made. To make an IMPS transfer using the IFSC method, you need the following information:
- Name of the beneficiary
- Account number of the beneficiary
- IFSC of the beneficiary’s bank
| MMID | IFSC |
| Name of the beneficiary | Name of the beneficiary |
| Mobile number of the beneficiary | Account number of the beneficiary |
| MMID of the beneficiary | IFSC of the beneficiary’s bank |
