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New IMPS online money transfer rule: IMPS is a 24x7 instant domestic funds transfer system that has revolutionized financial transactions in India. Know how to transfer money with new IMPS rules.

New IMPS money transfer rule: Want to transfer ₹5 Lakhs without adding a bank account? Here's all you need to know

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

<h2>Immediate Payment Services (IMPS) is a 24x7 instant domestic funds transfer system that has revolutionized financial transactions in India</h2>

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.
Also read/watch - <a href="https://www.editorji.com/business-news/rbi-governor-high-interest-rates-to-stay-amid-global-inflation-troubles-1697795772645">RBI Governor: High interest rates to stay amid global inflation troubles</a>
<h3>How to transfer money through new IMPS rules?</h3>
For users looking to take advantage of this simplified IMPS method, the steps are straightforward:
<ul>
<li>Open your mobile banking app and go to 'Fund Transfer.'</li>
<li>Choose 'IMPS' as your preferred fund transfer method.</li>
<li>Enter the recipient's mobile number and select their beneficiary bank name, without needing to provide an account number or IFSC.</li>
<li>Specify the amount you want to transfer, with a cap of ₹5 lakh.</li>
<li>After furnishing the necessary information, confirm the transaction by clicking 'Confirm.'</li>
<li>Finalize the transaction by verifying your identity with a one-time password (OTP).</li>
</ul>
This advancement marks a significant leap in user-friendly digital transactions, making sending money through IMPS more convenient and efficient than ever before.

The State Bank of India (SBI) has increased the limit on IMPS transactions from Rs 2 lakh to Rs 5 lakh.

SBI IMPS Limit : SBI changes IMPS norms, service charges - here is all you need to know

The State Bank of India has increased the limit on IMPS transactions from Rs 2 lakh to Rs 5 lakh

New IMPS limit and service charges at SBI 

In comparison to NEFT/RTGS, IMPS is more popular among net-banking users due to its 24x7 availability, and instant domestic funds transfer feature

The&nbsp;State Bank of India (SBI) has increased the limit on IMPS transactions from Rs 2 lakh to Rs 5 lakh. India's largest bank is also giving digital banking another push as it has decided not to , levy any Service Charges on IMPS transactions up to Rs 5 lakhs done through Internet banking/Mobile Banking including YONO. Also watch|&nbsp;<a title="Resignations and refunds cloud Musk's plans in India" href="https://www.editorji.com/business-news/resignations-and-refunds-cloud-musk-s-plans-in-india-1641351426658">Resignations and refunds cloud Musk's plans in India</a> However the bank stated that transfers done via a bank branch will attract charges, "For IMPS transactions conducted through bank branches, new slab of Rs 2 lakh to Rs 5 lakh has been added for levying service charge. The proposed service charges for this slab is Rs 20 + GST," SBI said, adding that this directive will come into effect from February 1, 2022.

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