The online mode has made money transfers from one bank to another hassle-free. With just a few clicks, and some details, and the job is done. Come 1 February, users will soon be able to transfer money through IMPS by just adding the receiver's mobile number and bank account name. According to the National Payments Corporation of India (NPCI), there is no need to add a beneficiary, and the IFSC code is also not needed.
“All the Members are hereby requested to take note of the same and comply for initiating and accepting fund transfer through Mobile number + Bank name on all IMPS channels by 31st January 2024,” said NPCI circular dated October 31, 2023.
Remitter banks are directed to maintain a mapping of Member Bank Names with default MMID and undertake necessary UI/UX enhancements to facilitate beneficiary validation and financial transactions using Mobile Number + Bank Name. Banks shall also give the option to add a successfully validated mobile number and bank name combination as Payee/Beneficiary on Mobile Banking and Internet Banking channels, the circular said.
Immediate Payment Service (IMPS)
Immediate Payment Service (IMPS) is one of the most commonly used methods of money transfer. It is an important payment system providing a 24x7 instant domestic funds transfer facility and is accessible through various channels like Internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.
How do IMPS process transactions currently?
Currently, IMPS processes transactions through P2A (Account + IFSC) or P2P (Mobile Number + MMID) transfer modes. With the migration of IMPS from ISO to XML, we have envisaged a convenient customer journey that shall be carried out using a Mobile Number and Bank Name.
For multiple accounts linked against mobile number
According to the NPCI circular, for multiple accounts linked against the mobile number, the Beneficiary bank shall credit to the primary/default account. The primary/default account shall be identified using the customer's consent. In case customer consent is not provided, the bank shall decline the transaction.
How much money can you send?
According to various media reports, up to ₹5 lakh can be transferred through simplified IMPS without adding a beneficiary
How to transfer money through IMPS?
-Open your mobile banking app
On the main page, click on the option called ‘Fund Transfer’
-Choose ‘IMPS’ as the method to transfer funds
-Enter the beneficiary’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number)
-Enter the amount you want to transfer
-After keying in details, click on ‘Confirm’ to proceed
-You may receive an OTP (One-Time Password) on your registered mobile number to authenticate the transaction
-Enter the OTP, and complete the transaction successfully.
First Published:
31 Jan 2024, 07:00 AM IST
FAQs
Under the new simplified IMPS rules, users can initiate a transaction using just the recipient's mobile number and the name of their bank. This streamlines the process, making it quicker and reducing the risk of errors associated with entering detailed beneficiary information.
What is the new update of IMPS? ›
New IMPS rules will be implemented from February 1, 2024. This will facilitate fund transfers using a mobile number and bank name.
What is the limit of IMPS transaction per month? ›
Maximum Transaction Limit
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.
Is the new IMPS rule will come into effect on February 1 2024? ›
In order to simplify money transactions, the National Payments Corporation of India (NPCI) has set a deadline of February 1, 2024 for banks to enable users to complete Immediate Payment Service (IMPS) transactions using just the recipient's bank account number and mobile number.
What are the new rules for banks in 2024? ›
The Reserve Bank of India (RBI) has revised its October 2011 framework related to 'Domestic Money Transfer'. The new norms will come into effect from November 1, 2024. For cash pay-out service, the revised framework said, "The remitting bank shall obtain and keep a record of the name and address of the beneficiary".
How much amount can be transferred through IMPS without adding beneficiary? ›
The maximum transfer limit of funds through IMPS is Rs. 5 lakh. However, it may vary from bank to bank.
What is the advanced version of IMPS? ›
New simplified IMPS: What has NPCI proposed? NPCI has announced the introduction of a simplified version of IMPS, offering a more user-friendly experience for transactions. Users can now perform transactions by inputting the recipient's mobile number and bank name, with real-time beneficiary name validation.
What are charges for IMPS transfer? ›
The fee structure for outward IMPS transactions is as follows: For transactions ranging from ₹0 to ₹1,000, the charges are ₹3.50 plus applicable GST. For transactions between ₹1,001 and ₹1,00,000, the fee is ₹5 plus applicable GST. For transactions exceeding ₹100,000, the charges are ₹15 plus applicable GST.
What is IMPS protocol? ›
IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical. Currently on IMPS, 888 members are live which includes banks & PPIs.
Can I transfer $50,000 through IMPS? ›
Rs 50,000 in first 24 hours (Post that, the Third Party Transfer limits will apply) IMPS using MMID, Rs 5000 per day per Cust ID (on either of the channel Net Banking or Mobile Banking)
“A retail customer can transfer up to a maximum of ₹20 lakh in a day using both mobile and internet banking channels such as RTGS, NEFT, IMPS and UPI. Customers can always use the branch channel for transferring money beyond this limit.
How to transfer 10 lakhs in one day? ›
Through home branch, you have to take a cheque and fill the NEFT/RTGS application with the beneficiary details also. The amount will be transfered within an hour. For NEFT No minimum amount and 10 Lakh Maximum wherein RTGS minimum amount is 2 Lakh and Maximum no limits.
How do I know if my IMPS is successful? ›
Every successful IMPS transaction can be tracked by RRN Number or Transaction reference number. Login to your Internet Banking Account > Payments & Transfer > Transaction Status > View Completed Transactions.
Who controls IMPS? ›
Immediate Mobile Payment Services(IMPS) is a real-time instant inter-bank funds transfer system managed by National payment corporation of India.
What is the timing of IMPS transfer? ›
IMPS transfer facility is available 24/7 for every account holder of any bank. The funds reach the beneficiary instantly after the sender's bank approves the transaction. However, in rare cases, it can take up to 5 working days when your transaction becomes void, fails, or is timed out during the process.
What is required for IMPS transaction? ›
Presently, IMPS Person-to-Person (P2P) funds transfer requires the Remitter customer to make funds transfer using Beneficiary Mobile Number and MMID. Both Remitter as well as Beneficiary needs to register their mobile number with their respective bank account and get MMID, in order to send or receive funds using IMPS.
Can IMPS be done any time? ›
IMPS (Immediate Mobile Payments Services) is the optimal option if: You need a transfer at any time, including holidays: IMPS is available 24x7, including on weekends and public holidays, making it ideal for transactions that need to be completed outside regular banking hours.
How does IMPS work technically? ›
The full form of IMPS is an Immediate Payment Service. It enables 24 x 7 electronic fund transfer services in which the transaction is carried out between two bank accounts in real-time and on an immediate basis. IMPS fund transfer can be done through online banking as well as mobile banking.
What is IMPS validation? ›
IMPS provides beneficiary customers with foreign inward remittance facilities. It also allows additional services like Beneficiary Account validation to validate the beneficiary's account before making a transaction. The remitter can also check the transaction which brings huge relief to customers.
