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Introduction

Indian Bank is a public sector bank that has been recently merged with the Allahabad Bank. This has grown the resultant bank to have a huge network of more than 6000 branches across the country and provide more efficient products and service to cater to its millions of customers across the country. Indian Bank offers digital banking among its many banking solutions to all its customers. Digital Banking over the period of years has evolved drastically and has brought the banks literally to the palm of the customers.

There are many aspects or segments in the banking sector like retail banking or corporate banking, treasury or other banking services and digital banking is an indispensable part of each such segment. There are many forms of digital banking available for the customer to benefit from and each is important in its own manner. Following are the forms of digital banking available to the customers.

Among the above digital banking services, the UPI service of Indian Bank is part of the mobile banking application and is known as IB UPI APP or BHIM IndianBank UPI. Given below are the details pertaining to the UPI app of Indian Bank.

Overview of Indian Bank UPI

Indian Bank Upi

UPI is the acronym for Unified Payments Interface that is unique to the customers and banks in India. It enables the customers to create a single UPI user id or a Virtual Payments Address (VPA) which can be linked to multiple bank accounts (whether held in Indian Bank or any other bank) held by the customer. This ensures that the customers get to access multiple bank accounts under a single roof.

UPI is the brainchild of National Payments Corporation of India (NPCI) and is regulated by the central Indian Bank i.e., Reserve Indian Bank (RBI). It is a facility that is available to all the Indian Banks as well as certain foreign banks having a massive presence in the country. Indian Bank UPI does not mandatorily require the customers to provide any bank account details to start a new UPI account. Customers can open a new UPI account by providing any of the following details

  • Valid and active mobile number which is corresponding to the bank account to be linked to the UPI account
  • Valid and Active savings bank or current bank in India
  • Android smartphone
  • Active debit card relating to the bank account to be linked to the UPI account.

UPI functions on the IMPS technology which ensures the facility of instant funds transfer i.e., in real time, unlike other funds transfer modes like NEFT/ RTGS. UPI application of Indian Bank can be used to either make payments to any bank account within India or any merchant at point of sale transactions.

Like other forms of digital banking, mobile or internet banking, UPI is also available 24x7 for the benefit of customers and can be accessed from anywhere and at any time.

Registration Process for Indian Bank UPI

Indian Bank UPI application is available only on android phones. Before getting to the registration process of Indian Bank UPI, customers have to ensure that they meet the basic pre-requirements for such registration. Only after that customers can proceed with this process.

The steps to create a UPI account with Indian Bank are detailed below.

  • The first step as mentioned above is to download the UPI application from the Google Playstore.
  • Post opening the application after downloading it, customers will be asked to select their preferred language to proceed.
  • Next step is to tap ‘SEND SMS’ which will verify the mobile number of the customer before proceeding further.
  • Once the mobile number is duly verified, customers will get the profile registration screen displayed.
  • It has to be duly filled in with all the required details to create UPI id.
  • Next step is to select a user name for the UPI account and set a password.
  • The password for the UPI account is of 4 digits which have to be re-entered to confirm it
  • After this the UPI Id of the user will be created
  • Next step is to link the bank accounts of the customer to the UPI account created above.
  • For this, customers will have to provide the last 6 digits of the debit card of the bank account to be linked to the UPI Id of the customer.
  • After successful creation and addition of the required bank accounts of the customers, they will receive a notification confirming the same.
  • Post receiving such notification, customers are free to carry out any banking transaction facilitated by the Indian Bank UPI application.

Features and Benefits of Indian Bank UPI

Indian Bank UPI portal is designed keeping in mind to provide maximum banking services instantly and efficiently on this portal. Hence it makes it a better option in many cases as compared to the other modes of digital banking of Indian Bank. Following are some of the features of Indian Bank UPI.

  • Indian Bank UPI provides facility of instant transfer funds in real time
  • Customers do not need to add a payee prior to making such transfer request as against the funds transfer as through NEFT or RTGS modes
  • Customers can transfer funds as well as make payments in real time (also without any cooling period) by submitting their UPI PIN thereby making a preferred option for funds transfer as compared to the traditional modes like NEFT/RTGS which required the customer to wait for some time for the payments to be processed.
  • Indian Bank UPI does not require the customers to share their critical banking data with strangers for accessing or receiving funds from third parties. This in turn reduces the or even eliminates the threat to the account of the customer (like identity theft of loss of funds).
  • The registration process for Indian Bank UPI as mentioned above is hassle free and prompt.
  • Customers can link multiple bank accounts through Indian Bank UPI application under a single VPA. This ensures that customers get access to their multiple bank accounts within the same app, which is beneficial in saving time while doing their banking transactions.
  • It is a card free application and virtually at zero cost. It thus eliminates the risk or chances of loss or theft of the card and thereby a risk to the safety of the application.
  • Indian Bank UPI also allows the customers to register complaints through the application and track them based on their complaint or query id.
  • This application also facilitates the customers to de-register through the application anytime by simply selecting the option for the same in the main menu.
  • Customers can also manage or delete the payment address through the settings menu of the application.

Benefits of Indian Bank UPI

The benefits of Indian Bank UPI are multiple and some of them are enlisted below.

  • The transaction limit for Indian Bank UPI up to a maximum of Rs. 25,000 per transaction and Rs. 1,00,000 per day with no minimum transaction limit.
  • UPI helps boost the cashless economy vision of the Government of India of making India a cashless economy by making it reach in every part of the country even at grass root levels.
  • UPI application functions on the single click single-click 2 factor authentication along with providing the UPI PIN for every transaction through the portal making it a very secure payments gateway.
  • Other transactions that can be done through the UPI application of the bank are,
    • Managing a bank account registered with the application
    • Managing payee or beneficiaries (adding or deleting them easily anytime)Payment of utility bills
    • Online shopping
    • Setting payment reminders
    • Recharging the DTH account or mobile recharges
    • Getting a detailed history of transactions
    • Payments to merchants for point of sale transactions
    • Checking the balance of a registered bank account
    • Deleting the application
    • Starting a new fixed deposit
    • Funds transfer through scanning the QR code

FAQs – Indian Bank UPI

1. What are the steps to receive payments through the UPI application?

The steps to receive payments through the UPI application of the Bank are mentioned below.

  • Open the Indian Bank UPI application
  • Next step is to enter the 6 digit password to login to the account.
  • After logging in, customers will have to select ‘Collect’ to proceed with receiving the payment in the account.
  • Customer will then have to provide the VPA of the payer
  • After that the amount to be received is to be entered and the account in which such amount will be credited has to be selected.
  • Next step is to enter the UPI PIN or the mPIN and then click on submit.
  • Upon successful credit of funds, customers will receive a notification for the same.

2. What is the process to transfer funds through Indian Bank UPI?

The process of sending or paying funds through UPI is similar to that of receiving funds in the UPI account of the Bank.

  • Open the Indian Bank UPI application
  • After that, the customer has to login to the account using the 6 digit password.
  • After logging in, customers will have to select ‘PAY’ to proceed with payment of funds to the desired account.
  • Customer will then have to select the VPA of the payee
  • Next step is to enter the amount to be paid and the account from which the amount will be debited.
  • Customers will have to provide the UPI PIN or the mPIN and then click on submit.
  • Upon successful debit of funds, customers will receive a notification for the same.

3.What is the maximum transaction limit for Indian Bank UPI application?

Indian Bank UPI application allows the customers to transfer up to Rs. 1,00,000 per day through this application.

4. Can a person reset the PIN in case of forgetting it?

Yes. UPI PIN can be easily reset by selecting the option ‘Manage UPI PIN’ or change UPI PIN as the case may be.

5. Can the UPI account be blocked or de-registered?

Yes. If the customer enters an incorrect PIN 3 times then the UOI account will be blocked immediately as a safety measure to protect against theft or loss of funds from the UPI account. Customers can also de-register from the application by simply selecting the said option from the menu of the application.

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