Domestic Money Transfer - India Post Payments Bank
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FAQs – Domestic Money Transfer
Q. What is the Direct or Instant Money Transfer (DMT/ IMT)?
A. Direct Money Transfer (DMT) is a unique product that can be used to send money instantly to any Bank’s account holder within India. The cash to account fund transfers will now be made easy with IPPB DMT services. Through this product any Indian citizen can walk in with cash-in-hand to any nearest Post office/ IPPB Access Point (Post Office), fill in few details and have the money transferred to loved ones, anywhere in the country.
Q. How Domestic Money Transfer (DMT) is different from traditional Fund Transfers?
A. For remitting funds through Direct Money Transfer (DMT) the customer should not have an active account with the IPPB and can remit to any bank account holder, which is in contrast to the existing traditional fund transfer services.
Q. Who is eligible for requesting Direct Money Transfer(DMT)?
A. An Indian citizen, who is having a valid mobile number and don’t held any active account with the IPPB.
Q. Does the Direct Money Transfer (DMT) service available only during branch hours?
A. Since this service is through assisted mode, DMT can be availed during branch banking hours only.
Q. From where can the customer obtain Direct Money Transfer (DMT) services?
A. Across all IPPB Access Points (Post Offices) and also at the customer Doorstep through Postman/ Gramin Dak Sevaks. This will be available on CBS as well as on IPPB M-ATM channels.
Q. What are the pre-requisites for initiating a Direct Money Transfer (DMT) transaction?
A. The remitter should provide self-details and also must have a mobile no. Account Details of the Beneficiary
Q. Is Mobile number mandatory to initiate a Direct Money Transfer (DMT) transaction?
A. YES, Mobile number is the mandatory to initiate a DMT request
Q. Is the customer needs to submit any physical identity proof (OVD) for conducting Direct Money Transfers (DMT)?
A. NO, the customer does not have to submit any physical identity proof (OVD) for processing the request.
Q. Will customer receive any notification from Bank regarding DMT remitter profile registration?
A. YES, SMS notification will be sent to customer for DMT registration along with DMT customer ID (if successful).
Q. Is there any limit for remitter to add number of beneficiaries?
A. NO, there is no limit as such for beneficiary addition
Q. What all details required to register the Beneficiary in DMT?
A. One needs to have the beneficiary name, account number and the IFSC of the account.
Q. What is an IFSC code and is it mandatory?
A. YES, IFSC Code is mandatory. IFSC is short for Indian Financial System Code and represents the Bank. This 11-character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
Q. Is there any cool-off period for transferring funds through DMT after registration?
A. NO, cooling period is not applicable for DMT.
Q. What happens in case customer provided wrong beneficiary details while sending money?
A. The funds will be remitted to the account details provided by the customer and the bank will not be liable for any wrong credit to the beneficiary as the bank relies completely on the details shared by the customer.
Q. How long does it take for the money to get credited into the beneficiary account?
A. Mostly money gets credited into the beneficiary account instantly.
Q. Will customer receive any intimation from the bank for completion of transaction?
A. On successful completion of the transaction, alerts will be sent on customers registered mobile number with the bank.
Q. How to take refund for failed transactions?
A. For any reason, if the DMT transaction has not processed, customer has to approach IPPB access Point to initiate refund process.
Q. Will the DMT can be initiated for deleted beneficiary?
A. NO, on deleting the beneficiary, customer will not be able to transfer funds to that beneficiary unless added again.
Q. Towards which Bank’s DMT can be initiated from IPPB?
A. To all the Banks offering IMPS to their customers across India. List of member banks providing the IMPS services is available on http://www.npci.org.in/bankmember.aspx
Q. If the customer changes Mobile number, they again need to register for Direct Money Transfer(DMT)?
A. Customer needs to register as a new DMT customer with new mobile number in case of Low KYC. Full KYC customers can just update their mobile number.
Q. Where can customer register a complaint with reference to the DMT transaction?
A. Customer can lodge complaints pertaining to DMT transactions through IPPB access points. Beneficiaries have to reach to their respective banks for any complaint while receiving the fund once successfully remitted by the remitter.
Q. Is the facility of Stop Payments being available on Direct Money Transfer (DMT)?
A. NO, DMT is an immediate fund transfer service. After initiating the payment request, payment cannot be stopped or cancelled.
Q. Is the beneficiary customer also required to register for DMT or IMPS?
A. NO separate registration required for the beneficiary.