New Rules For IMPS Money Transfer Effective February 1

New IMPS Rule Starting February 1: Transfer Up to Ôé╣5 Lakh Without Adding Beneficiary Details. Beginning February 1, 2024, customers may have the option to transfer funds up to Ôé╣5 lakh between bank accounts without the need to add beneficiary details through the Immediate Payment Service (IMPS).

As per the circular issued by the National Payments Corporation of India (NPCI) dated October 31, 2023, all members must adhere to the directive of initiating and accepting fund transfers using mobile numbers and bank names across all IMPS channels by January 31, 2024.

This change means that soon, people can transfer up to Ôé╣5 lakh using IMPS without having to enter recipient details like mobile numbers, bank account names, account numbers, or IFSC codes.

IMPS is a system for instantly transferring funds within India, available 24/7. It has been instrumental in changing how finances work in the country. It allows for real-time money transfers between banks, ensuring accuracy and speed.

With this recent update, users won't have to deal with entering lots of recipient details when making transactions. Instead, they'll be able to transfer funds using just the recipient’s mobile number and bank name.

Here's how you can transfer funds using IMPS:

Step 1: Open your mobile banking app and go to fund transfer tab.

Step 2: Choose 'IMPS' as your transfer method.

Step 3: Enter the recipient’s mobile number and select their bank name; no need for an account number or IFSC.

Step 4: Enter the amount you want to transfer, up to Ôé╣5 lakh.

Step 5: After providing the necessary details, confirm the transaction by clicking 'Confirm.'

Step 6: Finalize the transaction by entering the one-time password (OTP) you receive.

Also Read: CBDT Issues Notification for Income Tax Return Form ITR-6 for Assessment Year 2024-25