IMPS Money Transfer: For this, NPCI had issued a circular on 31st October and now from 1st February, there is going to be a change in the rules of IMPS which will make it very easy for you to send money.
IMPS Money Transfer: If you send money online then there is good news for you and you can easily send not just Rs 1-2 lakh but up to Rs 5 lakh. The method is the same – your well-known IMPS i.e. Immediate Payment Service, and you do not even need to add a beneficiary in your phone banking or net banking for this. If you just have the name and mobile number of the person to whom you want to send money, your work will be done.
Know what is the full news
According to the current rules, to send large amount through IMPS, it is necessary to enter the beneficiary name, bank account number and IFSC code. This process takes a little more time but after the implementation of the new rules, you will not have to do such a long process and you can transfer payment up to Rs 5 lakh only through the mobile number and name registered in the bank account.
This change is going to happen from 1st February
For this, NPCI had issued a circular on October 31 and now from February 1, the rules of IMPS are also going to change on the basis of which a person can transfer funds up to Rs 5 lakh without adding the name of any beneficiary. Currently, funds cannot be transferred until the beneficiary details are added.
What will be the benefits?
Now you can transfer funds up to Rs 5 lakh from one account to another just by adding the mobile number of the bank account holder. Obviously you will need the name of the beneficiary but you will be saved from lengthy processes and will be able to easily transfer large amounts of money in less time.
How can you send money through IMPS?
- Open your mobile banking app.
- You will have to click on the ‘Fund Transfer’ option by going to the main page.
- Use ‘IMPS’ method for fund transfer for further processing.
- Enter the MMID (Mobile Money Identifier) and MPIN (Mobile Personal Identification Number) of the beneficiary.
- Enter the amount of money you want to transfer in the app.
- After checking all the details, click on Confirm to proceed further.
- You will receive an OTP and enter your registered mobile number to authenticate this transaction.
- OTP will come on your phone and you can complete your transaction by entering it.
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