If you transfer money through Immediate Payment Service (IMPS), then this news is useful for you. Actually, there is going to be a change in the rule of transferring money through IMPS from 1st February.
IMPS money transfer rules: If you transfer money through Immediate Payment Service (IMPS), then this news is useful for you. Actually, there is going to be a change in the rule of transferring money through IMPS from 1st February. Now you will be able to send up to Rs 5 lakh to your bank account through IMPS without adding any beneficiary. If you understand in simple language, now you will not need the beneficiary’s account number and IFSC code to transfer money through IMPS. Now you will be able to send money just by entering the name of the bank and the mobile number of the beneficiary. Let us tell you that till now if a huge amount had to be sent from one account to another through IMPS, then before that the name of the beneficiary, account number and IFSC code had to be entered.
The circular came last year
Last year in the month of October, National Payments Corporation of India (NPCI) had issued a circular. This circular asked to start and accept fund transfers through mobile number + bank name on all IMPS channels by January 31, 2024. According to the circular, banks will provide the option to add the bank name in addition to the successfully validated mobile number as the payee/beneficiary on mobile banking and internet banking channels. According to NPCI, verification can be done on the basis of the name in the beneficiary’s bank account.
It is important to keep this in mind
Whenever you are going to transfer money through IMPS, many things should be kept in mind before that. First of all, confirm the name and mobile number of the person to whom you want to send money, i.e. the beneficiary, more than once. It will be appropriate to send money only after verification. Also do not share your debit card details (card number, expiry date and CVV number) with any unknown person. If you have any kind of one time password i.e. OTP, do not share it. Also do not forward SMS to unknown numbers and do not share your net/mobile banking login password.
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