A 1 Rupee credit via IMPS (Immediate Payment Service) is typically a “penny drop” verification by a financial institution to confirm your bank account details are correct before a larger transaction or account opening. This is a legitimate process, not a fraud, used by banks, lenders, or other firms to ensure they’re sending funds to the right account by checking the name and account number.
What it is:
- Verification: It’s a test payment to verify your name, bank account number, and mobile number are correct and active.
- Security Measure: This prevents money from being sent to a wrong or fraudulent account, protecting both the sender and the recipient.
- Penny Drop: This method is often called a “penny drop” because it involves depositing a very small amount, like ₹1, into your account.
How to identify the sender:
- Check your transaction history: Log in to your internet banking or mobile banking app.
- Find the details: Look for the specific IMPS transaction and check the sender’s name or account details in the transaction history.
What to do next:
- You don’t need to do anything: Since the amount is small and the purpose is verification, no action is required on your part.
- Expect a larger transaction: If the penny drop was a precursor to a larger payment, you can expect the main amount to be credited soon after.
