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