Send More Money through IMPS from February 1: Key Details

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The National Payments Corporation of India (NPCI) announced new changes for the Immediate Payment Service (IMPS) online bank transaction system in October 2023. As per NPCI’s circular shared in October, customers will be able to transfer up to Rs 5 lakh between bank accounts without adding a beneficiary starting February 1. The regulatory body has also asked all members to comply with the directive for initiating and accepting fund transfers via mobile number and bank name on all IMPS channels by January 31.

What is IMPS

IMPS is a 24×7 instant domestic funds transfer system. This online bank account transfer system has played a crucial role in transforming the financial landscape of India. To ensure both accuracy and speed, it facilitates real-time fund transfers with a deferred net settlement between banks.

How this will help users

With the new changes implemented, users will soon be able to transfer up to Rs 5 lakh using IMPS. For such transactions, users won’t need to input recipient details like mobile numbers, bank account names, account numbers or IFSC codes.
The recent update is set to eliminate the need for users to input tedious beneficiary details during transactions. Users will be able to execute fund transfers with a simplified process that only requires the recipient’s mobile number and bank name.

How to use the new version of the IMPS online transfer system:

Open the mobile banking app of your bank
Navigate to the ‘Fund Transfer’ section.
Select ‘IMPS’ as the chosen method for fund transfer.
Input the recipient’s mobile number and select the beneficiary bank name (there’s no need to enter an account number or IFSC with new changes)
Specify the amount you wish to transfer, with a limit of Rs 5 lakh.
Provide the required details and confirm the transaction by clicking ‘Confirm.’
Finalise the transaction after receiving the one-time password (OTP).

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