IMPS is a real time fund transfer mechanism that offers a 24*7*365 interbank electronic fund transfer service which can be accessed on multiple channels like Mobile, Internet, Bank Branches, ATMs and SMS services. IMPS allows instant fund transfer service within banks across India.
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IMPS Transaction Limit Per Day
As per NPCI, from October 2021 the IMPS limit is Rs. 5 Lakh per day with any number of transactions.
The Reserve Bank of India (RBI) in October 2021 updated the guidelines for IMPS transactions and increased the daily transfer limit from ₹2 lakhs to ₹5 lakhs for individuals. This per transaction limit for Immediate Payment Service (IMPS) is applicable for all channels except SMS and IVR.
Please note that your bank determines the IMPS limit per day, which may differ based on your account type and transaction history.
IMPS limits include the maximum transaction limit, minimum transaction limit, and the limit per day.
Here is an overview of the IMPS transfer limits:
Maximum Transaction Limit | As per RBI, the daily IMPS transaction limit is Rs. 5 Lakh for individuals. Your bank or payment service provider usually sets the maximum amount you can transfer through IMPS. Depending on the bank, it can range from ₹ 2 lakhs to ₹ 5 lakhs. |
Minimum Transaction Limit | The minimum amount you can transfer through IMPS is typically around ₹1. Some banks or payment service providers may have a higher minimum limit, so it’s best to check with your specific provider. |
IMPS Limit Per Day | Your bank or payment service provider often sets the daily transfer limit for IMPS transactions. It usually ranges around ₹5 lakhs. This limit applies regardless of how many transactions you make during the day. |
IMPS Timing and Charges | IMPS transfers can be initiated 24/7, including weekends and holidays. However, remember that some banks may have specific cut-off timings for processing transactions. Generally, the charges on IMPS transactions range from around ₹2.5 to ₹15. |
Remember to check with your specific bank or payment service provider for accurate information regarding the IMPS transfer limits, as they may vary based on individual policies.
IMPS Transfer Time
IMPS fund transfer service is available 24*7*365 for any account holder of any bank, including weekends and public holidays. This means you can transfer funds through IMPS at any time of day or night. The funds are transferred to the beneficiary instantly after the sender’s bank approves the transaction. In certain rare cases, it can take up to 5 working days if your transaction is void, has failed, or gets timed out during the process.
IMPS Charges
Banks usually charge a fee for IMPS service. The additional charge vary depending on the transaction amount. The below table provides the IMPS transaction charges:
Transfer Amount | Charges |
Up to Rs. 10,000 | Rs. 2.50 plus GST |
From Rs. 10,001 to Rs. 1 lakh | Rs. 5 plus GST |
From Rs. 1 lakh to Rs. 2 lakh | Rs. 15 plus GST |
Rs. 2 lakh and above | Rs. 20 plus GST |
IMPS Wallet Number
IMPS wallet number, also known as a Mobile Money Identifier (MMID), is a unique 7-digit code that banks assign to each mobile banking account. MMID required when adding beneficiaries for IMPS (Immediate Payment Service) transactions, which allow for immediate fund transfers even on bank and public holidays.
The MMID, along with the beneficiary’s mobile number, is used to make error-free transfers. If either number is entered incorrectly, the funds won’t transfer.
Your MMID can be found by signing into your mobile banking app and selecting the Know your MMID option. You can also receive your MMID via SMS by sending a message to the number provided by your bank.
IMPS Transfer Limit of Top Banks
Here are the IMPS transfer limits for some of the top banks in India:
IMPS Transfer Limit for HDFC Bank
Maximum Limit | ₹5 lakhs per transaction. |
Minimum Limit | There is no specific minimum limit for IMPS transfers at HDFC Bank. |
Daily Limit | ₹5 lakhs |
Axis Bank IMPS Transaction Limit
Maximum Limit | ₹5 lakhs per day. |
Minimum Limit | There is no minimum limit. |
Daily Limit | ₹5 lakhs for IMPS transfers. |
IMPS Transaction Limit for ICICI Bank
Maximum Limit | ₹5 lakhs. |
Minimum Limit | ₹ 1 |
Daily Limit | ₹5 lakhs. |
Transfer Limit for State Bank of India (SBI)
Maximum Limit | ₹5 lakhs per day. |
Minimum Limit | There is no minimum limit. |
Daily Limit | ₹5 lakhs. |
RBL Bank IMPS Transaction Limit
Maximum Limit | ₹5 lakhs per transaction. |
Minimum Limit | ₹1 |
Daily Limit | ₹5 lakhs per day. |
Conclusion
IMPS transfer limits are an essential aspect of the Immediate Payment Service. The maximum and minimum transaction limits vary depending on the bank or financial institution you use for your IMPS transactions. However, a general daily transfer limit is imposed on IMPS transactions, which typically range from ₹1 lakh to ₹5 lakhs. It is crucial to understand these limits as they allow individuals and businesses to plan their financial transactions accordingly. Being aware of the IMPS transfer limits enables you to make informed decisions while conducting digital transactions through this service.
Frequently Asked Questions
What is the IMPS limit per day?
The IMPS transfer limit varies from bank to bank, but most banks have set the daily limit at ₹5 lakhs. Some banks may have a lower limit of ₹1 lakh or even ₹50,000. You must check with your bank to know the exact IMPS limit per day applicable to your account.
How many IMPS transactions can be done in a day?
Most banks do not limit the number of IMPS transactions you can make daily. However, there might be a maximum cumulative amount restriction for multiple transactions within the same day. For example, if the daily IMPS limit is ₹2 lakhs and you have already transferred ₹1 lakh, you can complete another transaction of ₹1 lakh or less on the same day.
What are the charges for IMPS transactions?
IMPS charges depend on the sender’s bank and the transfer amount. It can be between Rs. 2.5 to Rs. 25 with additional GST charges.
What is the limit of IMPS after adding a beneficiary?
After adding a beneficiary, some banks impose an additional limit on IMPS transfers as an added security measure. This limit varies from bank to bank but is usually higher than the default daily IMPS limit. It could be around ₹5 lakhs or more. Again, checking with your specific bank to know the applicable limits is advisable.
Is there a limit on IMPS transfers?
Yes, there are limits imposed on IMPS transfers for security reasons. Apart from the daily limits mentioned earlier, some banks may also have monthly or semi-annual limits for IMPS transactions. These additional limits ensure an added layer of protection against fraudulent activities and unauthorised transfers.
What is the maximum limit of IMPS transfer?
The maximum limit of an IMPS transfer varies from bank to bank and can range from ₹1 lakh to ₹ 5 lakhs. You must check with your bank to know the specific maximum limit applicable to your account.
What are the IMPS transaction timings?
IMPS transactions can be initiated 24/7, including weekends and public holidays. This means you can transfer funds through IMPS at any time of day or night at your convenience.
