If you make online payment, then there is good news for you, because the government has changed the rules for IMPS from 1st February, which will be implemented till today i.e. 1st February 2024. Let us know about this in detail…
National Payment Corporation of India i.e. NPCI has made changes in the new net banking rules, which will come into effect from today i.e. 1 February 2024. These changes were announced in October 2023. This change is for IMPS i.e. Immediate Payment Service. According to the NPCI circular, customers will be able to transfer around Rs 5 lakh from one bank to another without adding a beneficiary. This rule is coming into effect from today.
Instructions given to all banks
In such a situation, all the members of the regulatory body have been instructed to implement the new rule for doing IMPS from mobile number and bank by 31st January. Let us tell you that 24×7 fund transfer facility is available in IMPS service.
Will be able to transfer funds up to Rs 5 lakh
This is online banking account fund transfer facility. This facility allows users to do IMPS up to Rs 5 lakh. This means that users will not need to enter other details like mobile number, bank account, IFSC code to transfer funds.
How to transfer funds
- First of all you have to select IMPS option. This is a new fund transfer facility.
- In this you have to select mobile number and beneficiary bank name.
In this you will not have to enter IMPS number. - Then you have to select the amount of funds you want to transfer. Its limit is Rs 5 lakh.
- After this you have to click on the confirm button.
- After this you will have to enter OTP.
