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.

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

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

Features

Immediate Payments

Experience instant money transfer online with Immediate Payment Service (IMPS). This service is available 24x7, through Net Banking and Mobile Banking.

Send and receive money instantly

Available 24 X 7,
including Sunday and bank holidays

Instant confirmation to sender and receiver

Debit and credit confirmation to sender and receiver

Steps via Net Banking

With this 24x7 facility, money can be transferred to accounts maintained with other bank participating in IMPS almost 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

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

Steps 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

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

Eligibility

All resident current and savings account holders of the Kotak Mahindra Bank who are registered for Net Banking or Mobile Banking or having a valid MMID (Mobile Money Identifier) are eligible for this service

Type of Merchants

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

Types of Payments

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 the MMID for your account by:

Sending "MMID(space) Last 4 digits of Account Number" as an SMS to 9971056767 or 5676788 from your preferred mobile number registered with the bank. 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
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 OTP(space)(MMID)(space)Last 4 digits of Customer Relationship Number 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 1860 266 2666
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.

Immediate Payments (IMPS)