New IMPS rule from Feb 1: How much money can you send between banks accounts using IMPS - New rule (2024)

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New IMPS rule from Feb 1: How much money can you send between banks accounts using IMPS - New rule? ›

New IMPS rule from Feb 1: How much money can you send between banks accounts using IMPS. From February 1, you will be allowed to move money between bank accounts up to Rs 5 lakh without designating a recipient.

The Reserve Bank of India (RBI) in October 2021 updated the guidelines for IMPS transactions and increased the daily transfer limit from ₹2 lakhs to ₹5 lakhs for individuals. This per transaction limit for Immediate Payment Service (IMPS) is applicable for all channels except SMS and IVR.

New IMPS rule from Feb 1: You can transfer up to Rs 5 lakh without adding a beneficiary - BusinessToday.

New IMPS rules will be implemented from February 1, 2024. This will facilitate fund transfers using a mobile number and bank name.

The maximum transfer limit of funds through IMPS is Rs. 5 lakh.

In order to simplify money transactions, the National Payments Corporation of India (NPCI) has set a deadline of February 1, 2024 for banks to enable users to complete Immediate Payment Service (IMPS) transactions using just the recipient's bank account number and mobile number.

There is no maximum or minimum limit on the amount of funds that could be transferred through NEFT. With NEFT, you can initiate transactions to transfer funds from one bank account to another throughout India.

The Reserve Bank of India (RBI) has revised its October 2011 framework related to 'Domestic Money Transfer'. The new norms will come into effect from November 1, 2024. For cash pay-out service, the revised framework said, "The remitting bank shall obtain and keep a record of the name and address of the beneficiary".

Is IMPS free now? ›

Charges are applicable only for outward IMPS transaction. There are no charges for inward IMPS transactions. With effect from 15th March 2021, IMPS Fund Transfer Service is free for all Imperia & Preferred Customers.

New simplified IMPS: What has NPCI proposed? NPCI has announced the introduction of a simplified version of IMPS, offering a more user-friendly experience for transactions. Users can now perform transactions by inputting the recipient's mobile number and bank name, with real-time beneficiary name validation.

1) Pay using a mobile number and select the beneficiary bank name, no need for an account number/IFSC. 2) Real-time beneficiary validation before authorising transaction. Lesser scope of incorrect or wrong account transfer.

Through home branch, you have to take a cheque and fill the NEFT/RTGS application with the beneficiary details also. The amount will be transfered within an hour. For NEFT No minimum amount and 10 Lakh Maximum wherein RTGS minimum amount is 2 Lakh and Maximum no limits.

Due to security reasons, the maximum limit is set to Rs. 2 Lakhs per day. Above 2 lakhs, you need to perform either NEFT or RTGS. If you're familiar with online banking, then you don't even need to visit your bank branch to perform an NEFT/RTGS transaction.

“A retail customer can transfer up to a maximum of ₹20 lakh in a day using both mobile and internet banking channels such as RTGS, NEFT, IMPS and UPI. Customers can always use the branch channel for transferring money beyond this limit.

Timings: If you want to make an instant transfer, then choose IMPS. You can make NEFT transactions but the transfers are successfully credit after about 2 hours. Charges: NEFT and IMPS both charge the payer for sending funds. However, NEFT and IMPS don't charge the payee for receiving funds.

All customers can use IMPS with an Indian Bank account. Through IMPS, account holders can transfer up to Rs. 2 lakh daily.