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IMPS Update: Starting February 1, Send up to Rs 5 Lakh with Limited Beneficiary Details

National Payments Corporation of India (NPCI) is going to change the rules for Immediate Payment Service (IMPS) from February 1. According to the NPCI circular shared in October, customers will be able to transfer up to Rs 5 lakh. According to the rules, starting from February 1, money will be sent to the bank account with limited details of the beneficiary.

What is the new IMPS?

Immediate Payment Service (IMPS) is a 24×7 instant domestic fund transfer system. This online bank account transfer system has played an important role in changing the financial landscape of India. It allows customers to transfer funds in real time between banks with accuracy and speed in less time.

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Will be able to send Rs 5 lakh

With this new change, from February 1, customers will get the facility to transfer Rs 5 lakh through IMPS. To ensure such a transaction, the sender of money will not need to enter many details of the recipient. Rather, you will be able to send money using the bank name and mobile number only.

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How to use IMPS

To use it you have to follow some steps.

Step 1– Open the mobile banking app.

Step 2– Here navigate to the fund transfer option and click on it.

Step 3– Here IMPS has to be selected.

Step 4– Here the recipient’s mobile number and bank name have to be entered.

Step 5– The limit for sending money through IMPS is up to Rs 5 lakh.

Step 6– Option to confirm will appear.

Step 7– After this the option to enter OTP will appear.

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