IMPS Money Transfer New Rules 2024: Attention all users of IMPS (Immediate Payment Service)! We have exciting news for you. The IMPS Money Transfer New Rules 2024 have changed, and now you can enjoy even more convenience when making transactions. Starting from February 1, you will be able to transfer money through IMPS simply by adding the receiver’s mobile number and bank account name. No longer will you need to go through the hassle of adding a beneficiary and IFSC code.
This IMPS Money Transfer New Rules 2024 update comes directly from the National Payments Corporation of India (NPCI), ensuring a seamless and efficient experience for all users. To ensure a smooth transition, we kindly request all members to comply with this new method of fund transfer by January 31, 2024. Remitter banks have been directed to maintain a mapping of Member Bank Names with default MMID and make any necessary UI/UX enhancements. Embrace this change and enjoy the ease of transferring funds through IMPS like never before!
IMPS Money Transfer New Rules 2024 (मोबाइल नंबर और नाम के जरिए पैसे ट्रांसफर)
- Currently, IMPS processes transactions using two transfer modes: P2A (Account + IFSC) and P2P (Mobile Number + MMID).
- When it comes to multiple accounts linked to a mobile number, the beneficiary bank will credit the funds to the primary or default account.
- This account will be determined based on the customer’s consent. However, if the customer does not provide consent, the bank will reject the transaction.
IMPS Money Transfer (Immediate Payment Service)
IMPS, short for Immediate Payment Service, is an electronic funds transfer system used by banks in India. It enables individuals to send and receive money instantly using their mobile phones or internet banking. With IMPS Money Transfer New Rules 2024, users can conveniently and securely make payments, settle bills, send money to friends and family, and conduct various financial transactions in real time.
Features of IMPS
IMPS, being a highly preferred medium of fund transfer in the country, offers a range of features. Here are the key features of IMPS:
- IMPS offers convenient and flexible fund transfers, allowing users to send money anytime and from anywhere using online banking. This service operates seamlessly throughout the year, even on holidays.
- With IMPS, users can easily transfer funds using their mobile phones and securely send money between different banks. Both the sender and receiver receive instant notifications once the transaction is completed.
- IMPS is not limited to just person-to-person transfers but also allows for person-to-merchant payments. It can be used for various purposes such as paying insurance premiums, shopping online, making over-the-counter purchases, paying utility bills, transportation expenses, and educational fees.
- Compared to other electronic fund transfer methods, IMPS is user-friendly and straightforward. It requires mobile banking for quick and hassle-free transactions, and you need to have a mobile facility linked to your bank account through the bank’s mobile application.
IMPS charges and limits 2024
- For every transaction, a nominal fee is applicable based on the amount transferred.
- The IMPS charges vary from Rs. 2.50 to Rs. 25, catering to transactions ranging from Rs. 10,000 to Rs. 5 lakhs.
- The daily transaction limit for IMPS transactions has been enforced by the Reserve Bank of India. Presently, the maximum limit for daily IMPS transactions is Rs. 5 lakhs, although this may differ across different banks.
- The minimum amount that can be transferred using IMPS is Rs. 1.
- Typically, IMPS services are accessible round the clock for transactions. However, certain banks have limited IMPS timings from 8 a.m. to 8 p.m. as a precautionary measure against fraudulent activities and theft.
IMPS Money Transfer 1 February New Rule (IMPS के नये नियम)
If you want to transfer funds through IMPS, here’s what you need to do: –
- Open your mobile banking app or log in to your internet banking account.
- Look for the ‘Fund Transfer’ option on the main page and click on it.
- Select ‘IMPS’ as the transfer method.
- Enter the beneficiary’s MMID and your MPIN.
- Specify the amount you wish to transfer.
- Double-check the details and click on ‘Confirm’ to proceed.
- In some cases, you may receive an OTP on your registered mobile number for transaction authentication.
- Enter the received OTP and follow the prompts to complete the transaction.
FAQs: IMPS Money Transfer New Rules 2024
What is the new IMPS transfer limit?
The maximum limit for fund transfer via IMPS is Rs. 5 lakhs. However, this may differ from bank to bank
What are the terms of IMPS transfer?
Currently, IMPS Person-to-Person (P2P) funds transfer requires the sending customer to transfer funds using the beneficiary mobile number and MMID. To send or receive Money using IMPS both the remitter and the beneficiary need to register their mobile number with their respective bank account and obtain MMID