1. What is IMPS?
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.
2. What is MMID?
Mobile Money Identification Number (MMID) is a seven-digit number of which the first four digits are the unique identification number of the bank offering IMPS.
3. Is IMPS facility through VVCC Mobile App available to all customers?
The facility is available to all registered users of VVCC Mobile App having transaction rights on one or more accounts.
4. How I can add IMPS Beneficiary through VVCC Mobile App?
5. What beneficiary details the customer requires to affect an IMPS remittance from Person to Account?
The beneficiary details required are:
6. 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 amount will be credited on the basis of account number only.
7. What are the timings for initiating and receiving IMPS remittances?
• IMPS outward transactions are available between 08:00 AM and 08:00 PM. IMPS inward transactions are available round the clock. 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.
8. 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.
9. How long does it take for the remittance to be credited into the beneficiary account number?
The funds should be credited into the beneficiary account immediately.
10. 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.
11. 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 message to the remitting customer about the transaction initiated by him / her.
12. How does a beneficiary come to know of funds being credited to his / her banks account?
The beneficiary bank sends a confirmation message to the beneficiary customer informing him / her of the credit in the account.
13. What are the charges for the customer sending and receiving remittances using IMPS?
The charges for remitting money through IMPS using VVCC Mobile App
|1||Upto Rs. 25,0000/-||Rs.5/- + GST|
|2||Rs.25,001 to Rs 5,00,000/-||Rs.10/- + GST|
Transaction Limit Per Day
|Account Type||Description||Amount Limit per Day|
|Savings Bank Account||IMPS- P2A (Person to Account using with BANK Account No and IFSC CODE)||Rs. 50,000/-|
|Current / Cash Credit / Hypothecation Account||IMPS- P2A (Person to Account using with BANK Account No and IFSC CODE)||Rs. 2,00,000/-|