Online money transactions have gained significant popularity in India, offering a convenient way to transfer funds between banks without the need to visit physical bank branches or endure long queues. Several methods for online money transfers are available, including National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), and Immediate Payment Services (IMPS).
IMPS Revolution: ₹5 Lakh Transfers Using Just Mobile Number and Account Name
IMPS stands out as one of the most widely used options for money transfers. A recent report in The Economic Times suggests that users will soon be able to transfer up to ₹5 lakh via IMPS, using only the recipient’s mobile number and bank account name. This eliminates the need for providing the beneficiary’s account number and IFSC (Indian Financial System Code).
IMPS, under the purview of the National Payments Corporation of India (NPCI), is a critical payment system offering round-the-clock, instant domestic funds transfers accessible through various channels like internet banking, mobile banking apps, bank branches, ATMs, SMS, and IVRS.
A Guide to IMPS: Features and Steps for Hassle-Free Money Transfers
Key Features of IMPS:
1. IMPS enables users to transfer funds instantly between banks, regardless of time and location.
2. There is a daily transaction limit of ₹5 lakh for IMPS transfers.
3. Transaction fees for IMPS may vary, typically ranging from ₹5 to ₹15.
4. Additionally, IMPS transactions may incur an additional service tax.
How to Execute an IMPS Money Transfer:
– Launch your mobile banking app.
– Navigate to the ‘Fund Transfer’ option on the main page.
– Select ‘IMPS’ as the transfer method.
– Input the recipient’s MMID (Mobile Money Identifier) and your MPIN (Mobile Personal Identification Number).
– Specify the amount you wish to transfer.
– After entering the details, click ‘Confirm’ to proceed.
– You may receive a One-Time Password (OTP) on your registered mobile number to authenticate the transaction.
– Input the OTP to complete the transaction successfully.
