The National Payments Corporation of India (NPCI) is updating the Immediate Payment Services (IMPS) system with a new change. As per a circular issued by the umbrella organization for payments back on October 31, 2023, users will no longer have to add a beneficiary to transfer funds of up to Rs 5 lakh via the IMPS mode. This change will come into effect from February 1.
Transactions between bank accounts will not require beneficiary details including IFSC code. Instead, users can simply add the associated mobile phone number and select the bank to complete the payment.
This means users will no longer have to go through the hassle of asking for beneficiary account details, making the process quicker and easier. NPCI has requested the members to comply with the new directives, which means to allow funds with only the mobile number and bank name for IMPS.
IMPS is one of the three popular payment systems (others being NEFT – offline/online and RTGS – big transfers, offline/online) available alongside the new UPI payment system. IMPS is a quick way of transferring payments up to a limit of Rs 5 lakh per transaction online. It has a day limit of up to 20 lakh.
It is used mainly for immediate payments and is available 24×7 for domestic transfers. The system uses person-to-account (P2A) or person-to-person (P2P) transfer modes. Let’s see how you can do IMPS fund transfer of up to Rs 5,00,000 without adding beneficiary details.
Step 1: Open the mobile banking app of your bank. For instance, there’s the iMobile app for ICICI Bank and Yono for SBI Bank.
Step 2: Look for the Send money/Send funds option or an option that says Fund Transfer/Money Transfer and tap on it.
Step 3: Select IMPS as the payment mode. If there’s no such option directly tap on new payment and then select the IMPS option.
Step 4: Now, enter the recipient’s mobile number and select his bank. As said above, you no longer have to add the IFSC or account number of the recipient.
Step 5: Enter the amount you want to transfer. The maximum amount you can send per transaction via IMPS is up to Rs 5 lakh.
Step 6: Once you enter the amount, tap on confirm.
Step 7: You should now receive an OTP. Enter it and continue to complete the payment. Once done, the amount should be reflected in the recipient’s bank account in real time.
That’s how easily you can transfer funds of up to Rs 5 lakh via IMPS without adding the beneficiary details.Get latest Tech and Auto news from Techlusive on our WhatsApp Channel, Facebook, X (Twitter), Instagram and YouTube.
Author Name | Pranav Sawant