The new IMPS rule comes into effect on February 1

Do you know that you can now transfer up to ₹5 lakh using IMPS without recipient details such as mobile numbers, bank account names, account numbers, or IFSC codes?

The National Payments Corporation of India (NPCI) circular dated October 31, 2023, states, ''All members must comply with the directive for initiating and accepting fund transfers via mobile number + bank name on all IMPS channels by January 31, 2024.'' The 24x7 instant domestic funds transfer system IMPS has brought a paradigm shift in the Indian financial landscape. It has gotten utmost convenience to people, allowing instant transfer of funds with precision and speed. The latest updation of IMPS transaction rules and regulations will save people from the herculean task of entering beneficiary details in the transaction. According to the IMPS transfer limit update 2024, with just the recipient's bank name and mobile number, we can now send up to 5 lakhs of money hassle-free.

Here's how you can carry out the transaction post-February 1st IMPS policy changes:

Step 1

Open your respective bank's mobile banking app

Step 2

Go to the 'Fund Transfer' section

Step 3

Select the IMPS method for fund transfer

Step 4

Enter the recipient's mobile number and select the beneficiary's bank name. Note that you need not enter their account number or IFSC code

Step 5

Enter the amount you want to transfer, the maximum being 5 lakh

Step 6

Confirm the transaction by clicking Confirm after providing the required details

Step 7

The transaction is successful after receiving the one-time password (OTP)

The latest IMPS guidelines for fund transfer limits will save you from lengthy processes and allow you to transfer large amounts of money in less time quickly.