NPCI Implements New IMPS Rules: Users Can Now Transfer Up to Rs 5 Lakh Without Adding Beneficiary

National Payments Corporation of India (NPCI) has made changes to the new net banking rules. These new rules will come into effect from today (February 1). These changes were announced in October 2023. This change is for IMPS, which is an instant payment service. According to NPCI's circular, customers will be able to transfer up to Rs 5 lakh (Rs 5 lakh without adding a beneficiary) from one bank to another without adding a beneficiary. This rule will come into effect from today.

Instructions to all banks

All members of the regulatory board have been instructed to implement the new rules for IMPS using mobile number and bank by January 31. IMPS service provides 24x7 fund transfer facility. This is an online banking account fund transfer facility. This facility allows users to do IMPS up to Rs 5 lakh (Rs 5 lakh without adding a beneficiary). This means that users do not need to provide other details such as mobile number, bank account, IFSC code to transfer funds.

How to do fund transfer?

Step 1: Go to the mobile banking app.
Step 2: Click on the 'Fund Transfer' section.
Step 3: Select the 'IMPS' option for fund transfer.
Step 4: Enter the sender's mobile number and then select the name of the beneficiary bank. Notably, the account number or IFSC is not required.
Step 5: Specify the amount you want to transfer within the limit of Rs 5 lakh.
Step 6: After providing the required details, click on 'Confirm'.
Step 7: Complete the transaction after receiving the one-time password (OTP)

Now you can transfer up to Rs 5 lakh through IMPS without any hassle. There is no need to provide complete details such as mobile number, name of bank account, account number or IFSC code. Just enter their mobile number and bank name, and the money will be transferred to their account instantly. Previously, you had to enter someone's full address, account number, IFSC code, etc. to send money. Now they just need to enter their mobile number and bank name and the money will be credited directly to their account.