IMPS (Immediate Payment Service) is a real-time interbank electronic fund transfer system in India, managed by the National Payments Corporation of India (NPCI). It allows you to instantly transfer funds 24/7 through various channels like mobile banking, internet banking, and ATMs.
Key features of IMPS:
- Instant transfer: Funds are credited to the beneficiary account immediately.
- 24/7 availability: Works round the clock, including weekends and holidays.
- Secure: Transactions are authenticated and encrypted.
- Convenient: Accessible through multiple platforms.
Regarding The Ankola Urban Co-Operative Bank LTD:
The Ankola Urban Co-Operative Bank LTD likely offers IMPS services to its customers, allowing them to send and receive money instantly to and from accounts at other banks that are also part of the IMPS network.
To use IMPS with The Ankola Urban Co-Operative Bank LTD, you would typically need:
- To have your mobile number linked to your bank account.
- To register for mobile banking or internet banking services with the bank.
- For Person-to-Person (P2P) transfers using mobile number and MMID (Mobile Money Identifier), both sender and receiver need to have their mobile numbers linked to their respective bank accounts and have an MMID. You can obtain your MMID from the bank.
- For Person-to-Account (P2A) transfers, you will need the beneficiary's account number and IFSC code. The IFSC code for The Ankola Urban Co-Operative Bank LTD is UTIB0STAUCB.
Transaction Limits and Charges:
- The per-transaction limit for IMPS is generally up to ₹5 lakh, as per NPCI guidelines. However, individual banks, including The Ankola Urban Co-Operative Bank LTD, may set their own limits within this range.
- Transaction charges for IMPS vary from bank to bank. You should check with The Ankola Urban Co-Operative Bank LTD for their specific IMPS charges.
