New IMPS Transfer Rule: Now there is no need to worry about transferring huge amount. This new rule can reduce your problems.
New IMPS Transfer Rule: If you transfer money online then you must be aware of names like IMPS, NFT and RTGS. If you do most of your transactions through IMPS then this news is for you only.
IMPS service is being made easier by RBI. In which now you will be able to transfer an amount up to Rs 5 lakh without giving the details of any beneficiary. NPCI i.e. National Payments Corporation of India has decided to change its rules.
Transfer money through mobile number only
After this new change, you will now be able to transfer money only from the beneficiary’s mobile number, that too up to Rs 5 lakh. So let us tell you what is the complete news? What kind of facility is going to be there for you.
Till now the process was long
As you know, to send a large amount, one had to enter the beneficiary name, account number, and IFSC code. This process took a lot of time. But now the money will be transferred without adding the beneficiary. In this new process the mobile number of the sender or the receiver will be used.
Verification will be done by bank account name
Verification will be done on the basis of the name in the beneficiary’s bank account. That means without any hassle you will be able to transfer Rs 5 lakh in just one click. Talking about IMPS, it is a real time payment system, through which you transfer money 24 hours and 7 days. It works for the customers on behalf of NPCI.
Forget MMID now
There are two types of payments through IMPS. First, Person to Account, in which the name of the receiver, bank details and IFCS code have to be given. The second is person to person.
In this, MMID has to be given along with the mobile number of the receiver. Under the new rule, you are no longer required to provide MMID. The work will be done only with the name of the bank and mobile number.
