Thursday, May 26, 2022
HomeFinanceIMPS Limit: How To Transfer Money In IMPS, Charges & Uses

IMPS Limit: How To Transfer Money In IMPS, Charges & Uses

Want to know the IMPS limit of Your Banks? Here we've mentioned the uses of IMPS, What Is The Limit Of Transferring Fund? How To Transfer Money In IMPS.

IMPS Limit: Do you still go to the banks and stand in the long queue for transferring the funds from one account to another? 

Nowadays, users find ease in transferring funds from one bank account to another through mobile banking and internet banking.

The NPCI has introduced the IMPS to transfer the funds quickly. Before IMPS, there were RTGS and NEFT for transferring the funds. 

Whether you are transferring money to your friend or paying a bill in a restaurant, etc., IMPS works efficiently.

Now, you must be thinking of what IMPS is, so let’s understand a bit about IMPS.

WHAT Is IMPS?

IMPS stands for Immediate Payment Services. It is basically for the registered users for mobile and internet banking.

IMPS is the easiest way to transfer funds electronically. The fantastic thing about IMPS is that they provide 24*7 service to the users. In IMPS, you require a beneficiary account number, IFSC code, MMID, beneficiary mobile number, etc.

Doing IMPS doesn’t charge any fees while transferring and receiving the funds. A user can transfer from Rs.1 to Rs.500,000 through IMPS.

Earlier, the limit was Rs.200,000; now, it has extended up to Rs.500,000/-.

USES OF IMPS 

IMPS is used for various purposes such as-

  • Transferring payments
  • Receiving Payments
  • Checking Aadhar Status linked with bank account.
  • To make Merchant Payments
  • Mobile Banking

What Is The Limit Of Transferring Fund?

In IMPS, users can transfer the funds from Rs.1 to Rs.500,000 to the beneficiary account number. But IMPS charges additional fees such as Rs.2 and Rs.5 for transferring the funds to the beneficiary account.

Earlier, the limit of transferring the funds was Rs.200,000, but as the users of IMPS have increased, the demand from the users has risen to extend the limit, So RBI has increased the limit upto Rs.500,000.

Overview of IMPS details

ParticiularsIMPS Details
Least amount to transferRs. 1
Uttermost amount to transferRs. 5 Lakh
Timing for transferImmediately
Mode for transferringOnline
Availability of service24*7 
Settlement TypeOne-On-One Settlement

Transfer of Funds

  • By Using Mobile Banking and MMID
  • By Using Account Number and IFSC Code 

1. By Using Mobile Number And MMID number,

The “Sender and Receiver” need to register themselves for mobile banking. They will get a unique ID number called MMID (Mobile Money Identifier) Number.

  • You can generate your MMID number at once only.
  • You can transfer your funds to the beneficiary using their mobile number and MMID seven-digit number.

Note: You can generate different MMID numbers on the same number.

2. By Using Account Number & IFSC Code

If the user and beneficiary are not registered for mobile banking, they can transfer the funds through account number and IFSC code.

While using the account number and IFCS code for making transactions, the user doesn’t require the beneficiary’s mobile number and MMID number.

Important Things That Need For IMPS Transaction

While doing transactions, users need to have the following beneficiary details;

  • Beneficiary MMID number (Mobile Money Identifier)
  • Sender’s Mobile Number
  • Sender’s MMID number
  • Beneficiary’s account number
  • Beneficiary’s IFSC code
  • Beneficiary’s Aadhar number.

How To Transfer Money In IMPS?

As we are discussing the IMPS and the relating things about IMPS, but as many of us don’t know how to transfer money in IMPS, here is the complete guide for transferring of funds;

For Sender,

  • Log in to the application on your mobile phone.
  • Then select the IMPS menu and click on the SMS facility if your bank gives this facility.
  • Enter the beneficiary Mobile number, MMID number, Amount, and MPIN.
  • After sending, you will receive an SMS from the bank of the Amount debited.
  • Save the transaction reference number.

For Receiver,

  • The Receiver has to share their Mobile number and MMID number.
  • Then ask the Sender to send the money on the given details.
  • Check the SMS from the bank crediting the Amount.
  • Save the transaction reference number.

Charges For IMPS Transaction:

The charges for transferring funds from one account to another vary from bank to bank. Every bank has its set of fees for transferring money immediately.

 The below-given table will show the prices for transferring the Amount.

The list goes on, and you need to verify it with your bank. These are the few banks and the IMPS charge I have listed.

BankMinimum Amount TransferredMinimum IMPS ChargesMaximum Amount
Transferred
Maximum IMPS Charges
State Bank of IndiaNilNilNilNil
HDFC BankRs.0- 1000.Rs.1001- 10000Rs.3.50+ GSTRs.5+ GSTAbove 10,000
Rs.15+ GST
ICICI BankUpto Rs.1 LakhRs.5+ GSTAbove Rs.1 Lakh
Rs.15+ GST
AXIS BankUpto Rs.1,000Above Rs.1000 to Rs.1 Lakh Rs.2.5+ GSTRs.5+ GSTAbove Rs.1 Lakhs to Rs.2 Lakhs
Rs.15+ GST
RBL BankUpto Rs.1 LakhsRs.5+ GSTAbove Rs.1 Lakhs
Rs.15+ GST
India Overseas BankUpto Rs. 1 LakhRs.5+ GSTAbove Rs.1 LakhsRs.15+ GST
Bandhan BankUpto Rs. 1 LakhRs.5+ GSTAbove Rs.1 LakhsRs.15+ GST

The list goes on, and you need to verify it with your bank. These are the few banks, and the IMPS charge I have listed.

CONCLUSION

Nowadays, everything has become easy; the banking system also makes the transactions and transfer of payments easy through Internet banking mobile banking.

IMPS, RTGS, NEFT, are the leading services banks provide to their customers for transferring money from one account to another. 

In that, NEFT takes two hours to process the payment, and in RTGS, you can’t transfer the Amount under Rs.2 lakhs, and in IMPS, you can transfer the Amount from Rs.1 to Rs.5 lakhs within a fraction of seconds.

Other Important Articles Related to Banking & Finance

Top 10 Banks With the Highest Interest Rate on Saving Account24 Different Types of Bank Accounts in India
13 Key Difference Between NBFC and BanksTop 10 Best Cooperative Banks in India
List of Top 18 Leading Private Banks in IndiaList of Top 10 Nationalised Banks in India
Top 10 Most Reliable and Leading Foreign Banks in IndiaHow to Withdraw EPF Online – Eligibility & Process Explained
How to Invest in Mutual Funds: Simple 24-Step GuideTop 10 Best Life Insurance Companies in India
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments