In today’s fast-paced world, transferring money quickly and securely is essential. The Instant Money Payment System (IMPS) has revolutionized banking by enabling instant fund transfers across banks in India. With IMPS, there’s no need to wait for working hours or bank approval; your money is credited in real time, any day of the week.
If you are a Bank of Baroda customer, the bob World mobile banking app makes the IMPS transfer process seamless. Whether it’s a small payment or an urgent transfer, the app provides a user-friendly interface to complete your transaction with just a few taps. In this guide, we’ll explain what IMPS is, its benefits, and how you can use it step-by-step on the Bank of Baroda mobile banking app.
What is IMPS, and How Does It Work?
The Instant Money Payment System (IMPS) is a 24/7 banking service that facilitates interbank money transfers instantly. Unlike NEFT or RTGS, which are time-bound, IMPS is available round the clock, even on weekends and public holidays.
Key Features of IMPS
- Real-Time Transfers: Funds are credited within seconds of initiating the transaction.
- Always Available: Operates 24/7, including non-banking hours.
- Secure Process: Multi-layered authentication ensures safe and reliable transactions.
- Wide Reach: Works across all participating banks in India.
- Limit: Transfer up to 5 lakh to any bank account
This service is especially useful for urgent payments where time is of the essence, ensuring hassle-free and prompt fund transfers.
How to Transfer Money via IMPS on Bank of Baroda Mobile Banking
To transfer money using IMPS, ensure that the recipient’s bank account is added as a beneficiary in the bob World mobile app. Follow the steps below to initiate your transaction.
Step 1: Tap on the “Transfer” Option
Log in to the bob World app, and on the home screen, select the Transfer option.
Step 2: Select the Beneficiary
Choose the recipient’s account from the list of added beneficiaries.
Step 3: Start a New Transfer
Tap on Start New Transfer to initiate the transaction.
Step 4: Select IMPS as the Payment Method
Choose IMPS from the list of available payment methods.
Step 5: Enter Transfer Details
On the next screen:
- Enter the amount you wish to transfer.
- Add a reason for the transfer in the remarks field.
- Tap on Transfer to proceed.
Step 6: Confirm the Details
Verify all the transaction details displayed on the confirmation screen and tap on Confirm Transfer.
Step 7: Authenticate the Transaction
Enter your transaction PIN to authorize and complete the transfer.
Step 8: Transaction Complete
Once the transaction is successful, you will receive a confirmation message, and the funds will be credited instantly to the beneficiary’s account.
Conclusion
IMPS is a game-changing feature for anyone needing quick and reliable fund transfers. With Bank of Baroda’s bob World app, the process is efficient, secure, and user-friendly. Whether you’re paying bills, transferring funds to family, or handling urgent financial needs, IMPS ensures your money reaches its destination without delays. Start using IMPS today and experience the convenience of real-time banking!