The Immediate Payment Service or IMPS is one of the best electronic money transfer systems in the country. This amazing system allows its users to always transfer the funds electronically from a particular bank account and that too with the help of mobile devices.
This particular service is also extended to the users with internet banking, services of ATM and some others. The National Payments Corporation of India is responsible for the management of this transfer system.
It is built on the National Financial Switch that exists and is carried out by 4 different banks which are the members. The launch of the program happened in the month of November in the year 2010. There are about 78 banks which have signed up for this particular service.
One of the most important reasons for the popularity of this amazing fund transfer system is that it makes it very easy for people to have some cashless transactions. With the help of IMPs, the transactions take place irrespective of the public holidays and weekends.
Not just that but these fast transactions happen every single day at any time of the day. However, the outward process of transactions might have some restrictions. One needs to have the IFSC code as well as the account number in order to avail the IMPS services.
SBI IMPS Timings: What You Need To Know
An important thing to keep in mind about the IMPS services is that it is available in SBI any time of the day but then there are some things that one needs to know. For example, the SBI IMPS service has got some fixed timings for the users. When you are using the SBI IMPS Services, there are some details which are very important. Here we are going to provide some details so that you can have a clear idea about the process.
Timings For Activating Beneficiary Details Which Are Added By The User
There are many users who have their accounts in SBI. For those users who need to use the services of SBI IMPS, there is a way to approve and add only a single beneficiary. However, the details of the beneficiary will have its activation through the system of internet banking just within 4 hours.
This is only after the details have been approved by the users with the help of a One Time Password and that too between 6 AM and 8 PM. In case the details of the beneficiary are approved after 8 PM, these details will have their activation the very next day in the morning at 8 AM. The users will be able to initiate the transactions with their new beneficiary only after their details have been activated.
IMPS Remittance Initiation and Receiving Times
When it comes to the services of SBI IMPS Inward and Outward transactions are available 24X7. There are no holiday restrictions on IMPS inward and outward transactions. However, the IMPS transactions don’t really have any fixed timings and are available for the users throughout the day for the entire year. If there is an outward transaction, the users will be able to send an amount of 200000 Rupees in total in the time limit.
So, that is all you need to know about IMPS Services in SBI. We hope this article was useful to you.