In the older days banking was a very time-consuming process. You were required to physically visit the Bank branch, take a token, and wait for the cashier will call your number. Thankfully now the era of Digital banking has come and positively transformed everything. Now in this era, if the customer wants cash he just has to visit the nearest ATM and he will get cash in under a minute. With digital banking, you can do transactions with higher speed, convenience, and ease.
Digital banking is done through a digital platform, not using any paperwork like – cheques, pay-in slips, Demand drafts, and so on. With the introduction of digital banking, HDFC has started with two dynamic mechanisms to assist you in financial landscapes with ease I.e. HDFC IMPS and HDFC Passbook. In this article, we will be going through these two mechanisms, their features, and their benefits.
HDFC IMPS
HDFC IMPS (Immediate Payment Service) is a fund transfer facility where you can transfer your money or receive it 24/7. IMPS allows customers to make instant, real-time transfers through various channels such as mobile or internet banking. IMPS is an electronic fund transfer system that has been launched by the National Payments Corporation of India (NPCI).
How to Register for HDFC IMPS?
Mentioned below are the different ways to register for HDFC UPI:
- Via Mobile Banking App:
Step 1: Download HDFC App.
Step 2: Login using your Customer ID and password.
Step 3: Click on ‘Menu>Pay>UPI Payment from the registered mobile number.
Step 4: Enter the desired UPI ID.
Step 5: Enter the bank details to continue with UPI payments.
- Via Google Pay:
Step 1: Download the “Google Pay” app on the smartphone.
Step 2: Enter the mobile number and click on “Next”.
Step 3: After receiving OTP, set the App PIN.
Step 4: Click on “New Payment” and select HDFC.
Step 5: Enter the bank account details.
Step 6: Enter the last 6 digits of the debit card number along with PIN and OTP.
Step 7: Now set the 4-digit UPI PIN.
- Via WhatsApp:
Step 1: Open WhatsApp on your smartphone.
Step 2: Click on “Options”, and then select “Payments”.
Step 3: Add Payment method.
Step 4: Accept Terms and Conditions.
Step 5: Select HDFC Bank.
Step 6: Verify via SMS and phone number.
Step 7: Set up completion process.
- Via Bhim:
Step 1: Download BHIM App.
Step 2: Select the preferred language.
Step 3: Verify the phone number.
Step 4: Set up PIN.
Step 5: Select HDFC Account and get started.
Benefits of HDFC IMPS
Mentioned below are the benefits of HDFC IMPS:
- IMPS can be done 24*7 i.e. even on bank holidays.
- The funds can be transferred from anywhere and at any time.
- Funds up to INR 2 lakh can be transferred each time instantly to the selected beneficiary.
- A track of several funds can be maintained of the funds transferred with the help of an SMS alert.
- The IMPS charges are quite nominal.
HDFC IMPS Charges
Mentioned below are the HDFC IMPS Charges:
| Applicable charges w.e.f 1st Oct’2020 | |
| Transaction Amount (In Rupees) | Charges |
| 0 – 1000 | INR 3.50 + applicable GST |
| 1001- 100000 | INR 5 + applicable GST |
| >100000 | INR 15 + applicable GST |
HDFC IMPS Limit
Mentioned below are the HDFC IMPS Limit:
Maximum: INR 5 lakhs per transaction
- IMPS using Account number
Maximum limit per transaction – INR 5 lakhs
Maximum amount in a day as per the TPT limits - IMPS using MMID
Net Banking and Mobile Banking: INR 5000 per day per Customer ID (on either of the channel)
Please note: A limit of INR 5000 applies on transactions from either of the channels but not from both channels.
HDFC Passbook
HDFC Passbook is a very crucial document that keeps all records of all bank transactions. HDFC passbook is a physical book that keeps a record of all the transactions made through a person’s HDFC bank account. It includes details such as withdrawals, deposits, transfers, and earned interest. However, HDFC Bank provides m passbook which is a digital passbook where you can keep track of all transactions online or mobile app. It provides an up-to-date record of all transactions, eliminating the need to visit a bank branch for passbook updates.
Characteristics of mPassbook:
Mentioned below are the characteristics of mPassbook:
- To view the Savings/ Current/ Deposits account information.
- Once the passbook has been synchronized, there is no requirement for internet access.
- There is no need to visit the branch to update the physical passbook.
- The account statements will be sent to the registered email address.
- To look for a transaction, search and filter.
- For security purposes, use PIN and pattern lock.
Benefits of mPassbook
- Enhanced security with PIN or pattern locks
- Convenient passbook and account statement updates without visiting the bank or using Phone Banking. It saves time also.
- No Internet access is required after initial download and registration, except for updating account transactions
- Easy login without the need to remember customer ID or password
- Personalize transactions with the tagging tool
- Interactive statement function for better categorization of transactions and tracking of income and expenses.
How to access the HDFC passbook
To obtain a passbook, you can follow these steps:
Step 1: Fill out the application form for a new passbook or re-issuance if the previous one is lost. You can either obtain the form from the branch or download it from the bank’s website.
Step 2: Complete the application form by filling up the blank columns.
Step 3: Sign the filled application form.
Step 4: Visit your nearest branch and submit the signed application form to request a new passbook. The bank will issue a new passbook for you.
Conclusion –
IMPS brings the power of instant money transfer service from one account to the other. With support from the Central Bank and the zeal of member banks, IMPS can revolutionize the payment space in India with the help of widespread smartphones.
On the other hand, mPassbook also has the potential to provide affordable, convenient, and secure banking services. The improvement in the accessibility and affordability of digital financial services around the world can help many poor customers.
Write and Win: Participate in Creative writing Contest & International Essay Contest and win fabulous prizes.
