Now Transfer Money To Any Bank via Mobile Phone At 10p

By March 15th, 2011 AT 11:45 AM

In a bid to boost the Mobile Banking services in India, National Payments Corporation of India (NPCI) has reduced the transaction fee for Mobile Money Transfers via Inter-Bank mobile payment service (IMPS) to 10 paisa from the existing 25 paisa per transaction to the remitting bank.

In case of SMS based remittance, the account holder will be charged Rs. 2 per SMS, which NPCI is trying to get waived-off by talking to mobile phone operators.

According to Reserve Bank India (RBI)’s Mobile Banking regulations the maximum amount to be remitted through mobiles at Rs. 50000 a day.The new rates will be effective from 1st April 2011.

National Payments Corporation of India (NPCI) commercially launched the “Interbank Mobile Payment Services in November 2010. It is India’s first instant, real-time, 24*7 fund transfer facility in the retail payment sector. IMPS is co-created by NPCI along with its partners, participating banks, their service providers, MPFI and IDRBT.

This service has been available with 7 banks viz. State Bank of India (SBI), Bank of India (BOI), Union Bank of India, ICICI Bank, HDFC, AXIS Bank and Yes bank. Seven more banks are in the process of activating the IMPS and 22 others are expected to join the IMPS network soon.

How To Avail the Service : check this post- Now Transfer Money To Any Bank via Mobile Phone in India.

Leave a Reply

Photo and Image Files
14 Comment threads
0 Thread replies
Most reacted comment
Hottest comment thread
13 Comment authors
Indra Bdr ThapaMd abdus samimAbhayankar OjhaKamlesh kunar gainMrutyunjaya Behera Recent comment authors
newest oldest most voted
Indra Bdr Thapa
Indra Bdr Thapa

What is the fund transfer charging rate in SBI to SBI on IMPS and IFSC but not MMID ?

Md abdus samim

I want to mobile from SBI money transfer

Recent Posts

Bharti Airtel Data Add-Ons for Prepaid Users Start at Rs 28: Pricing and Benefits Detailed

Bharti Airtel is currently providing five data add-ons to its prepaid subscribers in the country. The prices of these data...

BSNL Annual Broadband Plans Above Rs 399 Will Now Ship With Free Amazon Prime Membership

State-run telco, BSNL, today officially announced that its annual broadband plans priced over Rs 399 will now ship with Amazon...

Forthcoming Android Version Will Just Be Called ‘Android 10’

Google, which named its operating system versions after tasty treats like Lollipop and KitKat, has announced that it will just...