IMPS Money Transfer Rules Change From Today, February 1
National Payments Corporation of India is bringing changes in the IMPS system, henceforth money can be sent by putting the registered mobile number and bank name of the recipient.
IMPS money Transfer: Some changes in the Immediate Payment Service (IMPS) system will be implemented from February 1. National Payments Corporation of India is bringing changes in the IMPS system, henceforth money can be sent by putting the registered mobile number and bank name of the recipient. IMPS Money Transfer Rules Change From Today (February 1).
In this way money can be transferred up to Rs 5 lakh. Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), IMPS and many other methods are available for fast money transfer in the country. Small amount of money can be sent instantly through UPI.
However, NEFT, Real-time gross settlement (RTGS) and IMPS mode is indispensable for transferring large amount of money. While remittance is instant through IMPS, remittance through NEFT and RTGS takes a few hours. Even though you have to send money through these three methods, you have to enter the details of the beneficiary. Only then can the money be remitted.
Especially in the first 24 hours it is not possible to send large amount of money. Now some changes will be implemented in the Immediate Payment Service (IMPS) method. National Payments Corporation of India (NPCI) is bringing a change in this IMPS system. Name, bank account number, IFSC code etc. of the person to whom the money is currently being sent should be entered in NEFT and IMPS.
However, according to the new rule, there is no need to enter the bank account number and IFSC code. There is no need to add the name of the beneficiary. Just enter the registered mobile number and bank name of the recipient. Money can be transferred instantly. In this way money can be transferred up to Rs.5 lakh. This new rule will be applicable from February 1.
What is Immediate Payment Service (IMPS)?
One of the most common methods of money transfer is ‘Instant Payment Service’ (IMPS), which transfers money through various channels such as internet banking, mobile banking applications, bank branches, ATMs, SMS and IVRS.
What if the same mobile number is linked to multiple accounts?
If the same mobile number is linked to multiple accounts, the funds will go to the primary/default bank account of the beneficiary. It is identified using customer consent. If the customer’s consent is not provided, the bank will decline the transaction.
How to transfer money through IMPS?
Open your mobile banking app
Click on ‘Money Transfer’ option
Select ‘IMPS’ option
Enter the beneficiary’s MMID (MMID – Mobile Money Identifier) and your MPIN (MPIN – Mobile Personal Identification Number)
Enter the amount you wish to transfer
Click on ‘Confirm’ to continue
You will receive an OTP on your registered mobile number.
Enter the OTP and complete the transaction.