Immediate Payment Service

Immediate Payment Service (IMPS) enables you to instantly transfer funds online from your bank account to other bank accounts. This service is available 24x7 through Net Banking and Mobile Banking. This service is brought to you by the National Payments Corporation of India (NPCI) in collaboration with member banks.

IMPS fund transfer can be done in the following ways:

  • Fund Transfer using account number and IFSC
  • Fund Transfer using mobile number and MMID (Mobile Money Identifier)

You can use IMPS Merchant Payments Service to make instant payments to merchants / enterprises. This facility is available only through Mobile Banking.

  1. Send and receive money instantly
  2. Available 24X7
  3. Safe & secure
  4. Instant confirmation to sender and receiver
  5. Absolutely free of cost
 

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What is Immediate Payment Service (IMPS)?

Immediate Payment Service (IMPS) is an instant, 24X7 electronic funds transfer service. With this service, Kotak Bank customer(s) can send money instantly to any other person/account registered for IMPS in any of the participating banks (including Kotak Mahindra Bank), using Kotak Mahindra Bank's Mobile Banking or Net Banking.

How can I access IMPS?

IMPS can be accessed through Kotak Mahindra Bank’s Net Banking and Mobile Banking.

Who can use IMPS?

All resident current and savings account holders of the bank who are registered for Net Banking or Mobile Banking are eligible for this service.

What is MMID?

MMID stands for Mobile Money Identifier. MMID is a 7 digit code issued by participating banks to their customers for availing IMPS. MMID is issued to only those customers whose preferred mobile number is registered with the bank. A customer will have different MMIDs for different accounts and all these can be linked to a single mobile number.

How can I transfer funds using IMPS?

There are 2 ways:

  • Beneficiary Mobile Number and MMID
  • Beneficiary Account Number and IFSC

What are the steps for IMPS fund transfer via Net Banking?

Fund Transfer using account number and IFSC:

You can transfer funds to other bank accounts instantly. With this 24X7 facility, money can be transferred anytime, even on bank holidays.

Steps to add a beneficiary:

  • On Net Banking, click on Transfers and Payments
  • Click on Add / Manage Beneficiaries and add beneficiary details
  • Click Add Transfer Type and select IMPS
  • Select the IMPS transfer type and enter the required details
  • Verify the details and click on Confirm
  • Activation code will be sent to your preferred mobile number
  • Enter the code and the beneficiary gets activated for transfer

Steps to transfer money using account number and IFSC:

  • On Net Banking, click on Make a Transfer
  • Select Immediate Payment Services (IMPS) and select IFSC
  • Enter the mandatory details and click on Submit Transaction
  • Verify the transaction details and click on Confirm & Transfer

Fund Transfer using mobile number and MMID:

To transfer funds, first you need to add beneficiary.

Steps to transfer funds using mobile number and MMID:

  • On Net Banking, click on Make a Transfer
  • Select Immediate Payment Services (IMPS) and select MMID
  • Enter the mandatory details and click on Submit Transaction
  • Verify the transaction details and click on Confirm & Transfer

Please note: Transfer of funds via IMPS can be done only between banks participating in IMPS.

What are the steps for IMPS fund transfer via Mobile Banking?

Steps to transfer funds using mobile number and MMID:

  • On Mobile Banking, click on Banking > IMPS > IMPS Fund Transfer
  • Select MMID tab
  • Enter the mandatory details and click on Pay Now
  • Verify the transaction details and click on Confirm

Please note: Transfer of funds via IMPS can be done only between banks participating in IMPS.

How can I get MMID for my account?

You can send an SMS "K MMID B" to 9971056767 or 5676788 (Here B is the last four digits of the account number) from your preferred mobile number registered with us. MMID for the account will be sent to you via SMS and email. Also, you can view MMID in your Kotak Mobile Banking application.

What is OTP?

OTP stands for One Time Password generated by customer at the time of making payments at merchant websites via IMPS. It is a six digit number valid for a single transaction (success or failure) and will expire within an hour of generation.

How can I generate OTP for Merchant Payment?

OTP can be generated through following three channels.

  • Mobile Banking application
  • SMS banking
  • Customer Contact Center

Steps to be followed for OTP generation through Mobile Banking application

  • Login to Mobile Banking with user id and Password
  • Click on Banking ->IMPS Menu ->Generate OTP.
  • OTP will get generated and the same will be displayed on the Mobile banking screen and will also be sent as an alert (email and SMS) to customer's preferred email ID and Mobile Number registered with the bank.

Steps to be followed for OTP generation through SMS Banking

  • Send SMS K<space>OTP<space>MMID to 5676788 or 9971056767 from registered mobile number
  • The OTP will be sent to the customer's registered mobile no. and email ID

OTP generation by calling Customer Contact Center

  • Call customer contact centre toll free number at 1800 102 6022
  • OTP will be sent to customer's preferred email ID and mobile number

Do I need to register for IMPS separately?

If you are registered for Net Banking or Mobile Banking, you do not have to register for IMPS separately.

Do I need to register beneficiary details for sending money using IMPS?

If you are using IMPS through Net Banking, you have to register the beneficiary details. Following steps are to be followed for registering a beneficiary:

  • Login to Kotak Net Banking
  • Click on Transfers and Payments
  • Click on Add / Manage Beneficiaries
  • Add the beneficiary details
  • Click Add Transfer Type and select IMPS
  • Select the IMPS transfer type and enter the required details
  • Verify the details and click on Confirm

Activation code will be sent to your preferred mobile number

  • Enter the code and the beneficiary gets activated for transfer

Beneficiary registration feature is not available on Mobile Banking. However, one time IMPS fund transfer facility on Mobile Banking can be used without registering a beneficiary. All beneficiaries registered on Net Banking will also be available on Mobile Banking.

What details do I need to share with the sender to receive money in my Kotak Bank account?

Depending on the facility provided by the sender bank, you need to share your 10 digit preferred mobile number registered with Kotak Bank and the 7 digits MMID of your Kotak Bank account or your bank account number and IFSC.

What happens in case I enter a wrong beneficiary detail while sending money?

The beneficiary details required to send money are mobile number and MMID or bank account number and IFSC code. Before funds are credited into the beneficiary's account the corresponding details are verified.  Please ensure you enter the correct details of the beneficiary. The bank will not be liable for any wrong credit to the beneficiary as the bank relies completely on the details entered by the customer.

How long does it take for the money to get credited into the beneficiary account?

Money gets credited into the beneficiary account instantly.

Will I receive any intimation from the bank for the IMPS transaction?

On successful completion of the transaction, alerts will be sent on your preferred mobile number and email ID registered with the bank.

When will I get my money back if the transaction is not processed?

For any reason, if the IMPS transaction is not processed, the money would be credited back to the sender's account instantly. In case the fate of the transaction is not determined immediately, the reversal of funds will happen on the next working day.

In case your Kotak Bank account is debited and the beneficiary account is not credited, then please contact our 24 Hours Customer Contact Centre at 1800 102 6022 (toll-free).

What are the charges for using IMPS?

This facility is currently offered free to Kotak Bank customers.

What are the timings for sending and receiving money via IMPS?

You can send and receive money at any time and on any day. IMPS facility is available 24X7 without any holiday restrictions.

When can the beneficiary use the funds received through IMPS?

The beneficiary can use the funds immediately on receipt of credit in the account.

Which are the participating Banks?

Banks live on IMPS funds transfer using mobile number and MMID:
http://www.npci.org.in/impsmerpayp2p.aspx

Banks live on IMPS funds transfer using account number and IFSC:
http://www.npci.org.in/impsIFSC3.aspx

Banks live on IMPS merchant payments:
http://www.npci.org.in/impsmerpay10.aspx


Sr. No. Links to member bank’s IMPS page
1Andhra Bank
2Axis Bank
3Bank of Baroda
4Bank of India
5Canara Bank
6Catholic Syrian Bank
7Citibank
8Corporation Bank
9Development Credit Bank
10Dhanlaxmi Bank
11Dombivli Nagari Sahakari Bank
12Federal Bank
13HDFC Bank
14ICICI Bank
15IDBI Bank
16Indian Bank
17Indian Overseas Bank
18IndusInd Bank
19Karur Vysya Bank
20Kotak Mahindra Bank
21Lakshmi Vilas Bank
22Oriental Bank of Commerce
23Punjab National Bank
24South Indian Bank
25State Bank of Bikaner and Jaipur
26State Bank of Hyderabad
27State Bank of Mysore
28State Bank of India
29State Bank of Travancore
30Syndicate Bank
31Tamilnad Mercantile Bank
32The A P Mahesh Urban Co-operative Urban Bank
33The Greater Bombay Co-operative Bank LTD
34The Thane Janata Sahakari Bank
35UCO Bank
36Union Bank of India
37Vijaya Bank
38Yes Bank

Fund Transfer using account number and IFSC:

You can transfer funds to other bank accounts instantly. With this 24X7 facility, money can be transferred anytime, even on bank holidays.

Steps to add a beneficiary:

  • On Net Banking, click on Transfers and Payments
  • Click on Add / Manage Beneficiaries and add beneficiary details
  • Click Add Transfer Type and select IMPS
  • Select the IMPS transfer type and enter the required details
  • Verify the details and click on Confirm
  • Activation code will be sent to your preferred mobile number
  • Enter the code and the beneficiary gets activated for transfer

Steps to transfer money using account number and IFSC:

  • On Net Banking, click on Make a Transfer
  • Select Immediate Payment Services (IMPS) and select IFSC
  • Enter the mandatory details and click on Submit Transaction
  • Verify the transaction details and click on Confirm & Transfer

Fund Transfer using mobile number and MMID (Mobile Money Identifier):

Mobile Money Identifier (MMID) is a 7 digit code issued by the bank to the customer for availing IMPS service. MMID is issued to only those customers whose preferred mobile number is registered with the bank. A customer will have different MMIDs for different accounts and all these can be linked to a single mobile number.
To transfer funds, first you need to add the beneficiary.

Steps to transfer funds using mobile number and MMID:

  • On Net Banking, click on Make a Transfer
  • Select Immediate Payment Services (IMPS) and select MMID
  • Enter the mandatory details and click on Submit Transaction
  • Verify the transaction details and click on Confirm & Transfer

Please note: Transfer of funds via IMPS can be done only between banks participating in IMPS.

Steps to transfer funds using mobile number and MMID:

  • On Mobile Banking, click on Banking > IMPS > IMPS Fund Transfer
  • Select MMID tab
  • Enter the mandatory details and click on Pay Now
  • Verify the transaction details and click on Confirm

Please note: Transfer of funds via IMPS can be done only between banks participating in IMPS.

IMPS Merchant Payment:

This facility is available only through Mobile Banking. Steps to make a Merchant Payment using IMPS:

  • On Mobile Banking, click on Banking > IMPS > Merchant Payment
  • Enter the merchant’s MMID and Mobile Number
  • Enter the amount to be transferred and click on Pay Now
  • Verify the transaction details and click on Confirm
All resident current and savings account holders of the bank having a valid MMID (Mobile Money Identifier) and who are registered for Net Banking or Mobile Banking are eligible for this service.
  • Mobile top-up / DTH top-up
  • Insurance premium payment
  • Online shopping
  • Over-the-counter payments
  • Fees payments to schools / colleges / universities
  • Utility Bill payments
  • Travel & Ticketing

Customer Initiated Payment: You can make a merchant payment from your Kotak Mobile Banking application.

Steps:

  • Log in to Kotak Mobile Banking - enter User ID and password
  • Click on Banking > IMPS > IMPS Merchant Payments
  • Enter the merchants MMID, Mobile Number
  • Enter Amount
  • Enter Payment Reference Number

Payment Reference is a free-text field of 50-characters that is required to be filled as per merchant instructions. For e.g. to make a LIC payment, customer needs to enter LIC mobile number, LIC MMID (as published by LIC), amount of transaction and policy number (in payment reference field).

For list of all services available for Customer Initiated Payments, click here.

Merchant Initiated Payment: The transaction is initiated through a Merchant application (such as Merchant website, WAP site, IVR, mobile application). The typical steps to follow for making transaction are as follows:

  • Visit merchant application such as website, mobile application, or WAP site
  • Select product / service for which payment is to be made
  • In the payment options available, choose IMPS
  • Enter credentials as follows:
    • Customer mobile number
    • Customer MMID
    • OTP (One-Time Password)

The transaction status is displayed on the screen.
For list of all services available for Merchant Initiated Payments, click here.

Know your MMID:

Know  the MMID for your account by:

  • Sending "K MMID B" as an SMS to 9971056767 or 5676788 from your preferred mobile number registered with the bank. Here 'B' is the last 4 digits of your account number. The MMID for the account will be sent to you via SMS and email alerts.
  • Login to Mobile Banking and click on IMPS.  Click on “View / Modify MMID”.
  • Calling our 24-hour Customer Contact Centre or visiting the nearest Kotak Mahindra Bank branch

OTP generation for Merchant Initiated Payment:

The customer has the option of generating OTP through three channels

  • Mobile Banking application
  • SMS banking
  • Customer Contact Center

Steps to be followed for OTP generation through Mobile Banking application

  • Login to Mobile Banking with user id and Password
  • Click on Banking ->IMPS Menu ->Generate OTP.
  • OTP will get generated and the same will be displayed on the Mobile banking screen and will also be sent as an alert (email and SMS) to customer’s preferred email ID and Mobile Number registered with the bank.

Steps to be followed for OTP generation through SMS Banking

  • Send SMS K<space>OTP<space>MMID to 5676788 or 9971056767 from registered mobile number
  • The OTP will be sent to the customer’s registered mobile no. and email ID

OTP generation by calling Customer Contact Center

  • Call customer contact centre toll free number at 1800 102 6022
  • OTP will be sent to customer’s preferred email ID and mobile number

The transaction limit for OTP generated through mobile banking application, SMS banking and contact center is Rs. 50,000/- per transaction.

Receive Money using IMPS:

Please share your account number and IFSC or mobile number and MMID with the sender to receive money through IMPS.

Banks live on IMPS funds transfer using mobile number and MMID: http://www.npci.org.in/impsmerpayp2p.aspx

Banks live on IMPS funds transfer using account number and IFSC: http://www.npci.org.in/impsIFSC3.aspx

Banks live on IMPS merchant payments: http://www.npci.org.in/impsmerpay10.aspx

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