Heard about mobile banking? "Yes," pat comes the reply from Mumbai-based Supriya Pandit.She was issued a Mobile Money Identifier by her bank, two months back. But the 30-year old graphic designer doesn't know how to use it.
MMID is a seven-digit number issued by your bank for transactions through mobile banking.
There will be different MMIDs for different savings accounts but all these can be linked to one mobile number.
Axis Bank, Federal Bank and Kotak Mahindra Bank, recently launched Interbank Mobile Payment Service or mobile banking. "The idea is to enable quick transfer of funds through mobile phones," a senior official at State Bank of India said.
While mobile banking is available free of cost for the consumer, a transaction cost (of 10 paise) for availing IMPS is levied by National Payments Corporation on the bank from which the money is transferred.
You can transfer money across banks, provided the beneficiary bank is registered for mobile banking.
As per the Reserve Bank of India norms, an individual can transfer up to Rs. 50,000 per day but you can receive an unlimited amount.
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