Now you can transfer ₹5 lakh in a day via IMPS
- The new
IMPS limitis ₹5 lakh per day, up from the previous limit of ₹2 lakh.
- The new limits come into effect from today, October 8, although banks have not updated their portals with these new limits yet.
- Check out the latest news and updates on Business Insider.
The increase in the IMPS limit was announced at the RBI Monetary Policy Committee meet today.
IMPS, short for Immediate Payment Service, is one of the options available to instantly transfer money from one bank account to another. It is a 24x7 service that can be availed from your bank’s net banking portal or mobile apps. It is available throughout the year.
AdvertisementHow to transfer money using IMPS
To transfer money using IMPS, follow these simple steps:
- Login to your bank’s net banking portal or mobile app.
- Click on Payments and Transfer or a similar option.
- Now enter the details of the recipient, like the account number, IFS code and name.
- Now enter the amount and remarks, if any.
- Authenticate and complete the transaction.
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