Is beneficiary name important in IMPS?
To carry out an IMPS transfer, the details required are beneficiary name, account number, branch name and IFSC code. Customers can also send and receive money through IMPS using a Mobile Money Identification Number (MMID) and mobile number. Customers can send funds using MMID as well as IFSC.
What if beneficiary name is too long?
You’ll need to add the full beneficiary name, as this has to match exactly to the beneficiary account name when making payments to many countries. If the full beneficiary name does not fit in this field, continue the beneficiary name on the next field (which is the first line of the beneficiaries address field).
Is beneficiary name same as account name?
The person to whom the payment is to be made needs to be added as a ‘beneficiary’ and his bank account details provided in order to transfer the funds. These include the name of the beneficiary account holder, account number, bank and branch name, and the IFSC code of the beneficiary bank branch.
Does it matter if the beneficiary name is wrong in Imps?
Sometimes the wrong beneficiary name does not matter in case of IMPS. But mostly in case of NEFT where the beneficiary name is not correct the transaction wont pass through. Bank to Bank transfer within same bank will also require exact name at couple of banks parameters.
How do I transfer funds using IMPS within bank accounts?
Here is how you can transfer funds using IMPS within bank accounts. Select the beneficiary name. If you do not have a beneficiary then add their bank details and it will show up every time you want to do IMPS.
Can money be remitted but show wrong beneficiary name in statement?
However if the account number is correct and IFSC code too then money will be remitted but will show a wrong beneficiaries name in your account statement.
What if the name of the beneficiary is different from account number?
If the name of the beneficiary is different than that of the account number, the transfer request is rejected and the funds are expected to be reversed within 2 hours of the settlement.