New IMPS rule: Want to transfer ₹5 lakh without bank account details? Here's all you need to know

New IMPS Money Transfer Rules: With digital methods like NEFT, RTGS, IMPS and digital banking overall being use more and more, traditional in-person banking is become less needed.

Now, National Payments Corporation of India (NPCI) is making digital transactions even more accessible.

The forthcoming NPCI update will allow users to transfer funds via IMPS without the hassle of adding the recipient's bank account details. It eliminates the need to input beneficiary account numbers and the IFSC (Indian Financial System Code). This development represents a significant stride in streamlining the IMPS system.

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How to transfer money through new IMPS rules?

For users looking to take advantage of this simplified IMPS method, the steps are straightforward:

• Open your mobile banking app and go to 'Fund Transfer.'
• Choose 'IMPS' as your preferred fund transfer method.
• Enter the recipient's mobile number and select their beneficiary bank name, without needing to provide an account number or IFSC.
• Specify the amount you want to transfer, with a cap of ₹5 lakh.
• After furnishing the necessary information, confirm the transaction by clicking 'Confirm.'
• Finalize the transaction by verifying your identity with a one-time password (OTP).

This advancement marks a significant leap in user-friendly digital transactions, making sending money through IMPS more convenient and efficient than ever before.