This question bothers most IMPS users that how much can money can they transfer in one go with IMPS. What are the IMPS limits in SBI, ICICI Bank, HDFC Bank or other banks? Unlike NEFT, NPCI does have a limit on IMPS transactions. And here, I am going to tell you all about the IMPS limit.
Although UPI is the most used balance transfer mode currently. But do you know, it all began with IMPS? It is IMPS that made UPI possible. Because the government developed UPI(Unified Payment Interface) on top of IMPS. IMPS is an instant money transfer and payment service.
IMPS functions using your mobile number. You must link your mobile number to your bank account to use the IMPS features. You can do it by visiting your bank and submitting the IMPS activation form at your bank branch. After registering, you will receive an MMID (Mobile Money Identifier) and MPIN from the bank.
After activation, you can use IMPS to send balance using various channels. These include the mobile number & MMID, account number & IFSC and Aadhaar number.
Now, let’s talk about the IMPS transaction limit.
IMPS Transaction Limit
- IMPS has a minimum transaction limit of ₹1 on balance transfers. That is why IMPS is more suitable than NEFT and RTGS for instant smaller payments. Because RTGS has a lower limit of ₹2 lakh and NEFT does not settle transactions instantly.
- The maximum limit of transactions in IMPS is ₹2 lakh. It means that you can transfer any amount ranging from ₹1 to ₹2 lakh.
- The settlement of transactions happens immediately in IMPS. And you get an instant confirmation message when the transaction completes.
- Unlike NEFT and RTGS, IMPS is available 24X7. No matter it is day or night, workday or holiday, you can use IMPS to send payments whenever you want.
- One more great thing about IMPS is that you don’t need to visit your bank to transfer funds using it. Because you can do it at your home using your mobile phone or PC.
- IMPS transactions complete using online mode. No offline mode is available for IMPS.
Worth Read– IMPS: Best Payment Service in The World
In this post, I have told you the IMPS transaction limit. You may also like my post on ATM withdrawal limit as SBI and some other banks have reduced the limit.