Effective February 1, 2024, customers will likely be able to transfer up to ₹5 lakh between bank accounts without adding beneficiary details using the Immediate Payment Service (IMPS).
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According to the National Payments Corporation of India (NPCI) circular, dated October 31, 2023, all members are required to comply with the directive for initiating and accepting fund transfers via mobile number + bank name on all IMPS channels by January 31, 2024.
This indicates a shift, as users will soon be able to transfer up to ₹5 lakh using IMPS without inputting recipient details such as mobile numbers, bank account names, account numbers, or IFSC codes.
IMPS, a 24x7 instant domestic funds transfer system, has played a pivotal role in transforming the financial landscape of India.
It facilitates real-time fund transfers with a deferred net settlement between banks, ensuring both accuracy and speed.
The recent update is set to eliminate the need for users to input cumbersome beneficiary details during transactions. Users will be able to execute fund transfers with a simplified process that only requires the recipient's mobile number and bank name.
To utilise this streamlined IMPS feature, users can follow these steps:
Step 1:
Open the mobile banking app.
Step 2: Navigate to the 'Fund Transfer' section.
Step 3: Select 'IMPS' as the chosen method for fund transfer.
Step 4: Input the recipient's mobile number and select the beneficiary bank name; there's no need to enter an account number or IFSC.
Step 5: Specify the amount you wish to transfer, with a cap of ₹5 lakh.
Step 6: After providing the required details, confirm the transaction by clicking 'Confirm.'
Step 7: Finalise the transaction after receiving the one-time password (OTP).
(Edited by : Amrita)
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