Immediate Payment Instruction (IPI) implementation in the UAE
The Central Bank of the UAE has introduced Immediate Payment Instruction (IPI), which will enable you to make an immediate payment or transfer to another bank account in the UAE in real time, 24/7, 365 days a year and without any cut-offs. With IPI, you can now make time-sensitive payments immediately, wherever and whenever necessary.
At NBF, IPI is available via the NBF Direct online and mobile banking app and NBF Corporate Access mobile banking app. Please note a daily limit of AED 25,000 applies.
- What is IPI?
IPI stands for Immediate Payment Instruction which enables you to make an immediate payment in AED to another bank account in the UAE immediately.
- Are immediate payments applicable for all bank accounts in UAE?
Immediate payments are applicable for all AED-denominated bank accounts in UAE. However, please check if the receiving bank also enables immediate payment instructions, or alternatively when making a payment transfer on NBF Direct online and mobile banking app, you may click on the IPI tab under Transfer to check if the bank/beneficiary is listed.
- Will my bank account be debited immediately?
Yes, your bank account will be debited immediately.
- Will the receiving party receive funds immediately?
The receiving party is expected to receive funds immediately however, this may depend on the receiving bank. Any delay should be followed up by the receiving party with their banks.
- Is this service available 24 hours a day?
Yes, you can make immediate payments at any time, any day of the week via the NBF Direct online and mobile banking app.
- Is there a transaction limit for immediate payments?
Yes, there is a limit of AED 25,000 per transaction for immediate payments.
- Can I make immediate payments from my company account?
Yes, payment can be made from your company account
- Can I make immediate payments from my USD account or other foreign currency accounts?
No, this service is currently only available for AED-denominated accounts.
- Can I make immediate payments towards my credit card bill?
No, currently immediate payments are only applicable for account to account payments (current/savings accounts).
- Can I recall an immediate payment?
No, immediate payments cannot be recalled, so please ensure that the details you enter for payments are correct.
- What are the charges for immediate transfers?
Please click here for the latest Retail Banking and Corporate Banking Schedule of Charges.
For more info, please call 8008NBF(623).