21.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 in about 15-30 seconds.
22.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.
23.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.
24.Is it necessary to have a minimum balance to receive funds through IMPS?
This will be decided by the beneficiary bank.
25.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.
26.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.
27.Can a customer remit and / or receive remittance using the mobile number other than the one registered with the bank?
The customer can remit and / or receive funds using the registered mobile number only. In case he / she needs to remit / 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.
28.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.
29.Are all banks offering IMPS?
This service has been launched as a pilot with five banks viz. State Bank of India, Bank of India, Union Bank of India, ICICI Bank Ltd and Yes bank offering IMPS. However, more banks are adding it to its system.