Starting from 1st February, bank customers in India can transfer up to Rs. 5 lakh via IMPS without providing their account number or bank IFSC code.
New regulations are set to simplify banking services for customers. These regulations will come into effect from February 1, 2024, and will bring changes to the Immediate Payment Service (IMPS) guidelines.
Under the IMPS new rules 2024, funds up to Rs. 5 lakh can be transferred to the recipient without requiring their name, account number, or IFSC code. The National Payments Corporation of India (NPCI) has issued a circular regarding these new regulations on October 31, 2023.
However, banks have been advised to obtain customer consent for money transfers up to Rs. 5 lakh.
According to the Immediate Payment Service (IMPS) regulations, users can initiate transactions by using their mobile number and bank name. The National Payments Corporation of India (NPCI) has stated that these new rules will enable quick payments.
IMPS is available 24/7 and is the most convenient way to transfer funds instantly. The following steps explain how to send up to 5 lakhs without having to provide details such as bank account number and IFSC code.
Moreover, it is important to educate children about their personal boundaries.
- To begin, open your bank’s mobile banking app.
- Firstly, click on the “Fund Transfer” option. Next, choose the “IMPS” option for transferring funds.
- Provide the recipient’s mobile number and name of their bank. No need to enter their account number and IFSC code here.
- Now you need to select the amount of cash you want to transfer, but make sure it is less than Rs.5 lakh.
- Please provide the necessary information that is still required and click on the “confirm” option to proceed.
- Please enter the OTP received on your phone and submit it to complete your transaction.