What Is The Daily Transaction Limit of IMPS? Here’s Every Detail You Need to Know!

What Is Daily Transaction Limit of IMPS

Mobile internet banking offers users the ease to transfer funds through IMPS or Immediate Payment Service. It is a way through which a user can send money to the receiver immediately.

IMPS reference number is required during the process of transferring funds from the sender to the receiver. In this blog, we will provide information about IMPS reference numbers and how to do IMPS fund transfers easily. But, before all these, let us get a quick look at the basic definition of IMPS.

What is IMPS or Immediate Payment Service?

IMPS or Immediate Payment Service is a fund transfer service meant for mobile banking users. Users who opted for IMPS can transfer funds into the bank account of the beneficiary in a participating bank. Beneficiary account number, IFSC code, MMID, beneficiary mobile number, etc, are required to use IMPS.

  • IMPS payments service can be availed 24*7 and 365 days a year
  • The daily limit of IMPS is now Rs. 5,00,000 which was earlier Rs. 2,00,000
  • IMPS fund transfers involve additional transactional charges that range between Rs. 2 and Rs. 15
  • IMPS payments are safe and secure
  • A user can send a minimum of Re. 1 to a maximum of Rs. 5,00,000 to the beneficiary through IMPS

What is the daily transaction limit of IMPS?

Reserve bank of India imposes a transaction limit on IMPS transactions today. Earlier, a user could send up to Rs. 2,00,000; however, with the growing popularity and being one of the most used methods of payment, the government increased its daily transaction limit. Now, the daily transaction limit for instant domestic IMPS funds transfer is Rs. 5,00,000.

What are the charges for IMPS transactions?

Bank charges an amount every time a user opts for an IMPS payment service. The following charges might differ vary from one bank to another-

AmountCharges
Less than or equal to Rs. 10,000Rs. 2.5
More than Rs. 10,000 and up to Rs. 1 LakhRs. 5
More than Rs. 1,00,000Rs. 15

What is the IMPS transaction timing?

IMPS transactions can be initiated anytime and from anywhere. A user can use the IMPS service 24*7 and 365 days a year. Due to fraudulent activities and theft, some banks might have restricted the IMPS service from 8 AM to 8 PM.

What are the Important things required for IMPS transactions?

Following are the points that a user should keep in mind before proceeding with IMPS transactions-

  • MMID or mobile money identifier of the beneficiary
  • Mobile number of the sender
  • MMID of the sender
  • IFSC code of the beneficiary
  • Bank account number of the beneficiary
  • Aadhaar number of the beneficiary

What is the use of IMPS fund transfer?

IMPS transactions can be initiated for the following reasons-

  • For mobile internet banking transactions
  • To make payments to merchants
  • For fund transfer
  • To receive funds
  • To check Aadhaar link to the bank account

How to transfer funds from IMPS?

The steps to transfer funds from IMPS are given below. These steps might differ from one bank to another-

  • Install the mobile banking application of your respective bank
  • Log in to the application through ID and password (provided by the bank during the account opening process)
  • Now, locate the IMPS option and generate a unique MMID
  • Once the MMID is generated, the user can start using IMPS for fund transfer
FAQs
Can I send Rs. 2,00,000 through IMPS?
Yes, users can send an amount up to Rs. 5,00,000 to the beneficiary through IMPS.
What is the IMPS transaction timings?
IMPS payment service can be availed 24*7 and 365 days a year.
Who can use IMPS?
IMPS can be used by a person with an active bank account.
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