New IMPS online money transfer rule: What is it? How it works? All details here
Online money transactions have become quite popular in India. With just a few clicks, people can quickly transfer money from one bank to another, saving them the hassles of visiting bank branches and standing in long queues to do the same.
There are various ways in which one can transfer money online including the National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Payment Services (IMPS), among others.
IMPS is one of the most commonly used methods of money transfer.
According to a report in The Economic Times, users will soon be able to transfer money up to ₹5 lakh through IMPS just by using the mobile number and bank account name of the receiver. After the new rule kicks in, this will do away with the process of filling in the beneficiary account number and IFSC (Indian Financial System Code).
IMPS of National Payments Corporation of India (NPCI) is an important payment system providing a 24x7 instant domesticfunds transfer facility and is accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.
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1)IMPS allows users to transfer funds instantly between banks, irrespective of time and location
2)IMPS transactions are subject to a daily maximum limit of ₹5 Lakh.
3)The charges associated with IMPS transactions may vary between ₹5 to ₹15
4)In addition to transaction charges, IMPS transactions may also levy an additional service tax.
-Open your mobile banking app
-On the main page, click on the option called ‘Fund Transfer’
-Choose ‘IMPS’ as the method to transfer funds
-Enter
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