Frequently Asked Questions

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.

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How can I access IMPS?

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

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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.

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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.

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How can I transfer funds using IMPS?

There are 2 ways:

 

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

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