When can the beneficiary use the funds received through IMPS?



The beneficiary can use the funds immediately on receipt of credit in the account. The funds received through IMPS are good funds and can be used immediately upon credit.

Can a customer receive remittance using the mobile number other than the one registered with the bank?

The customer can receive funds using the registered mobile number only. In case he/she need to receive funds using the other mobile number, he/she will have to approach the bank and complete the process of changing the registered mobile number for mobile banking.

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

The funds should be credited to the beneficiary account immediately.

What are the charges for the customer for sending and receiving remittances using IMPS?

The charge for remitting money through IMPS using OnlineSBI is;
AmountCharge
Upto 1000NIL
RS 1,001 -10,0002/- per Transaction + Service Tax
RS 10,001 -1,00,0004/- per Transaction + Service Tax-
RS 1,00,001 -2,00,00012/- per Transaction + Service Tax-


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

Yes. In case the IMPS transaction is not completed for any reason - technical or business, the reversal of the remitters funds will happen immediately. If such a transaction becomes a subject matter of reconciliation wherein the fate of transaction is not determined immediately, the reversal of funds will happen in seven days.

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What are the timings for initiating and receiving IMPS remittances?

IMPS Inward and Outward transactions are available 24X7. There are no holiday restrictions on IMPS outward and inward transactions. IMPS outward transactions are allowed to transfer collective of Rs.40,000.00 between 08:00 PM and 08:00 AM.

What happens in case the remitter enters wrong beneficiary details for remittance?



If the beneficiary details required for making a remittance (such as MMID, mobile number) are wrong, there is a very high possibility of the transaction getting rejected. If you are remitting money using account number, please check the account number as the amount will be credited on the basis of account number only.

How can a user remit money by using IMPS?




  1. Log on to 'www.onlinesbi.com'.
  2. Visit Payment /Transfer section and click on IMPS fund transfer.
  3. Please select 'Person to Person' if the beneficiary has been added as IMPS Beneficiary or 'Person to Account' if the beneficiary has been added as Interbank Beneficiary.
  4. Input the amount a user wishes to remit.
  5. Approve the transaction using OTP (one time password) received on your registered mobile number.

Is there any limit on the value of transactions in IMPS? Please give some examples.


Mr. Richard a user of internet banking with transaction rights wishes to transfer money to Mr. Junior using IMPS


DateActivityAmount Limitation
Sep 1Richard added and activated Junior as IMPS beneficiaryRs. 1,00,000 can be transferred to Junior on the day of activation of the beneficiary.
Sep 2 - 4Junior in cooling periodA total sum of Rs.1,00,000 can be transferred to Junior during the period from Sep 1 to Sep 4.
Sep 6Junior out of cooling periodEvery day of Rs. 2,00,000/- can be transferred to Junior, provided the total amount transferred on any given day by Richard through IMPS does not exceed Rs.2,00,000/-

How I can remit money using IMPS through OnlineSBI?
What beneficiary details the customer requires to effect an IMPS remittance from Person to Person?
What beneficiary details the customer requires to effect an IMPS remittance from Person to Account?
What are the restrictions for activation of a beneficiary added by a user?
Is there any limit on the value of transactions in IMPS? Please give some examples.
How can a user remit money by using IMPS?
What happens in case the remitter enters wrong beneficiary details for remittance?
What are the timings for initiating and receiving IMPS remittances?
If the transaction is not completed, will the customer get his / her money back? When?
What are the charges for the customer for sending and receiving remittances using IMPS?
Are there any subscription charges for the customers to avail this facility?
How long does it take for the remittance to be credited into the beneficiary account number?
Is it necessary to have sufficient account balance to initiate a remittance?
How does the remitter come to know that his account is debited and funds have been credited to the beneficiary's account
How does a beneficiary come to know of funds being credited to his / her bank's account?
Can a customer receive remittance using the mobile number other than the one registered with the bank?
When can the beneficiary use the funds received through IMPS?

What are the restrictions for activation of a beneficiary added by a user?

You can add and approve only one beneficiary in a calendar day, which will be activated by the internet banking system within 4 hours, if approved by you during the period from 6.00 AM to 8.00 PM (IST). Beneficiary approved after 8.00 PM will be activated on the next day after 8.00 AM (IST). You can commence funds transfer to the new beneficiary only after its activation. During the first 4 days after activation, you can transfer a total sum of Rs. 1,00,000/- to a new beneficiary if activated by the system.



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