New IMPS rule from Feb 1: You can transfer up to Rs 5 lakh without adding a beneficiary (2024)

FAQs

New IMPS rule from Feb 1: You can transfer up to Rs 5 lakh without adding a beneficiary? ›

IMPS, a 24x7 instant domestic funds transfer system, has played a pivotal role in transforming the financial landscape of India. Effective February 1, 2024, customers will likely be able to transfer up to ₹5 lakh between bank accounts without adding beneficiary details using the Immediate Payment Service (IMPS).

The National Payments Corporation of India (NPCI) has introduced a new rule that allows customers to transfer up to Rs 5 lakh without the need to add beneficiary details such as account numbers or IFSC codes.

Starting from 1 February, users can transfer money through IMPS by just adding the receiver's mobile number and bank account name, eliminating the need to add a beneficiary or IFSC code. The online mode has made money transfers from one bank to another hassle-free.

From February 1, you will be allowed to move money between bank accounts up to Rs 5 lakh without designating a recipient. Immediate Payment Service (IMPS) has been streamlined by the National Payments Corporation of India (NPCI) to facilitate error-free and simpler bank account transactions.

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.

– NEFT transfer limits

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.

In case of IMPS transactions, the Account Number & IFSC code are important. Sometimes the wrong beneficiary name does not matter in case of IMPS. But mostly in case of NEFT where the beneficiary name is not correct the transaction wont pass through.

As per NPCI, from October 2021 the IMPS limit is Rs. 5 Lakh per day with any number of transactions. 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.

Limitations of SBI IMPS

Beneficiary needs to be added: It is must to add a beneficiary/payee before initiating any kind of fund transfer process using IMPS using IFSC code. Also, transfers cannot be made unless the beneficiary has been activated.

IMPS service is used to transfer funds within INDIA with denominations of INR only. As per NPCI circular, the maximum amount that can transferred is Rs 2 Lakhs per transaction. Any transaction more than Rs 2 Lakhs will not get processed and will be credited back into your account.

What are the new bank transfer rules? ›

Cash-based remittance

Besides, banks are also permitted to allow such customers to transfer funds to a Bank account of a beneficiary through BCs, ATMs, etc. up to a maximum amount of Rs. 5,000 per transaction with a monthly cap of Rs. 25,000.

Immediate Mobile Payment Services(IMPS) is a real-time instant inter-bank funds transfer system managed by National payment corporation of India.

To use SBI IMPS, register at the branch or online, add beneficiaries, and set transaction limits. Transactions can be done 24/7, and security features include OTP and encrypted channels. The daily limit for SBI IMPS is Rs. 5 lakh.

IMPS Transaction Limit

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

IMPS timings – It is available 24×7, 365 days. It can also be used on Sundays and any bank holidays. It does not have any minimum limit on transactions.

Every successful IMPS transaction can be tracked by RRN Number or Transaction reference number. Login to your Internet Banking Account > Payments & Transfer > Transaction Status > View Completed Transactions.

50,000/- per transaction and Rs. 50,000/- per day. No Service charges are levied for Quick transfer service through Yono Lite application. Terms of Usage of Quick Transfer service: User can transfer funds to the Beneficiary without registering the Beneficiary details.

1) Payment Gateway transaction limit is up to 10 lakh per day / per transaction. 2) Own account fund transfer — No limit (up to the available balance in debit account). 3) IMPS to registered beneficiary - up to Rs 5 Lakh per day/per transaction. 4) NEFT to registered beneficiary per day - up to Rs.

Transfer Money From One Bank to Another Bank Account via NEFT. Step 1: Log in to your internet banking account using your credentials. Step 2: On the main page, locate and click on the 'Fund transfer' option. Step 3: From the drop-down menu that appears, select 'NEFT' (National Electronic Funds Transfer).

When you send money from one account to another, you'll be required to provide the recipient's account number, title or name, and routing number. No bank will process your transaction without these details since they verify the recipient's account through the information you provide.