Instant Money Transfer or IMT is an innovative card less cash withdrawal service. Instant Money Transfer service you can send cash to your relatives or friends instantly, anywhere in India; at a very low cost. You could use IMT for domestic money remittance.
Instant Money Transfer gives you freedom to send money to anybody with a mobile phone only.The receiver need not be an account holder with any bank. However, you need to have an account with the Bank of which you are using IMT service. Receiver will get a SMS on his or her mobile number. The SMS will have the details of the Instant Money Transfer. Once receiver receives details of the transactions via SMS, s/he can withdraw money from an Axis Bank or Bank of India ATM, without using a debit card. Now, SBI ATMs are also in the list. SBI has recently launched SBI Instant Money Transfer (IMT) facility for the customers.
Why Instant Money Transfer?
In present banking scenario, only banks can initiate money transfers in the country; subject to compliance of KYC or AML guidelines. A large number of people, particularly the migrant population, do not have access to formal banking channels due to the lack of proof of identity or address. As a result, they face difficulties in using the authorized channels for transferring funds. Therefore, to facilitate fund transfers of small value, subject to monthly ceilings and monitoring, to give impetus to the process of financial inclusion, RBI has launched Instant Money Transfer. Via IMT, funds can be transferred across the length and breadth of the country.
Recommended Read : How to Transfer Money via SBI Instant Money Transfer (IMT)?
When could you use Instant Money Transfer option?
You could use Instant Money Transfer option, if a receiver
- prefers cash
- needs money instantly or needs cash in emergency
- doesn’t have a bank account
- is not within reach to deliver cash or send a cheque by hand
- or, when you don’t know the receiver’s bank account details
IMT could be beneficial for those who find it difficult to transfer money through net banking. For individuals requiring long-distance remittances, parents sending money to children, emergency transfers, etc. Those who are in a habit of leaving wallet at home, or those who has their lost debit cards, etc. could take maximum benefit out of IMT.
Information required to initiate IMT:
You need to have the information below to initiate an IMT:
- Mobile number of the Receiver
- The transaction amount
Information required to receive IMT:
Receiver will get an SMS on his or her mobile number containing the detail of IMT. The details present in the SMS are:
- The IMT amount
- SMS Code
- IMT ID; an unique code referring to your IMT transaction
- IMT Expiry date
The Receiver can withdraw the IMT using the above details at any Axis Bank ATMs, Bank of India ATMs or SBI ATMs, without a debit card.
There is a flat fee of Rs.25.00 per transaction for the sender; inclusive of taxes. While, there will be no charges at the beneficiary end.
Limits of Instant Money Transfer:
The minimum the sender can transfer upto:
- Rs.100.00 per transaction
The maximum the sender can transfer upto:
- Rs.10,000.00 per transaction
- For a walkin customer or migrant workers, limit is Rs.5000.00 per transaction
- Rs.25,000.00 per month
The maximum the receiver can receive upto:
- Rs.10,000.00 per transaction
- Rs.50,000.00 in a calendar year
- maximum number of 10 beneficiaries per sender are allowed
Most relevant point which you should consider are:
- The beneficiary has to withdraw the IMT within T+2 days; else, the money will automatically be refunded back to the sender’s account. However, charges will not be refunded.
- No partial withdrawal allowed to the beneficiary.
- An IMT, once created cannot be cancelled in SBI. However, in Axis, they give this flexibility to cancel a created IMT.
How to check the status of an IMT?
The sender can check the IMT issued by him or her at an Axis Bank ATM, Bank of India ATM or SBI ATM. To check the status of an IMT:
- you need to select IMT,
- next, select STATUS ENQUIRY
- then, provide the IMT ID. This IMT ID is given to the sender during the initiation of the IMT transaction (IMT ID is printed on the ATM receipt and is also sent as an SMS to the sender’s mobile number, if provided).