What is the IMPS Transaction Limit and How Much Can You Transfer?

Know how you can check your daily spending limits on IMPS.
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What is the IMPS Transaction Limit and How Much Can You Transfer?
2 mins read
8 Feb 2024

IMPS, or Immediate Payment Service, is an electronic money transfer system enabling users to send funds instantly to recipients. It offers convenience and security for various transactions. Let us explore its key features:

Overview of IMPS:

IMPS is tailored for mobile banking customers and operates non-stop, every day of the year. To execute transfers, you need the recipient's account number, IFSC code, MMID, and mobile number. Recently, the daily transaction limit was raised to Rs. 5,00,000, ensuring higher flexibility. IMPS transactions are inherently secure and reliable.

IMPS limit per transaction

The per transaction limit for IMPS varies depending on the bank and the type of account you hold. Generally, the maximum amount you can transfer in a single IMPS transaction ranges from Rs. 50,000 to Rs. 2,00,000.

However, some banks may offer higher limits for premium account holders or corporate accounts.

What affects IMPS transaction limits?

Here is a list of the factors that influence transaction limits:

  1. Bank policies: Each bank sets its own IMPS transaction limits based on their internal policies and customer profiles.
  2. Account type: Savings accounts, current accounts, and corporate accounts may have different transaction limits.
  3. Customer tier: Premium or priority banking customers often enjoy higher transaction limits compared to regular customers.
  4. Regulatory guidelines: The Reserve Bank of India (RBI) provides overarching guidelines that banks must adhere to, but banks have the flexibility to set their own limits within these guidelines.

Steps to transfer funds via IMPS

  1. Access your bank: Utilise either your bank's branch or its mobile/ internet banking platform
  2. Gather recipient details: Collect necessary information such as the account number and IFSC code
  3. Initiate transfer: Enter the transfer details, including the desired amount
  4. Obtain IMPS reference number: A unique IMPS reference number will be provided during the transaction process
  5. Verification and processing: Your bank will validate the details and execute the transfer accordingly
  6. IMPS charges: Transaction fees for IMPS vary according to the transferred amount. The fee structure (excluding GST) is as follows:
  • Up to Rs. 10,000: Rs. 2.5
  • Rs. 10,001 to Rs. 1,00,000: Rs. 5
  • Above Rs. 1,00,000: Rs. 15

Note that charges may slightly differ among different banks, so it is advisable to confirm with your bank for accurate details.

Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

Can I transfer Rs. 2,00,000 via IMPS?

Yes, IMPS now permits transfers of up to Rs. 5,00,000.

What are the IMPS transaction timings?

IMPS transactions are available round the clock, allowing flexibility for users. In essence, IMPS streamlines money transfers, offering convenience and reliability nationwide. Whether it is bill payments, expense sharing, or sending gifts, IMPS ensures swift and secure fund transfers.

Happy banking.

Is there a daily IMPS transaction limit?

Yes, there is a daily transaction limit for IMPS (Immediate Payment Service). The daily limit varies from bank to bank and can range from Rs. 2,00,000 to Rs.5,00,000 for most individual accounts. Some banks may offer higher limits for premium or corporate accounts. It’s important to check with your specific bank to know the exact daily limit applicable to your account.

How can I increase my IMPS limit?

To increase your IMPS transaction limit, you can follow these steps:

  1. Contact your bank: Reach out to your bank’s customer service or visit your nearest branch to request an increase in your IMPS limit.
  2. Submit required documents: Banks may require you to submit certain documents or complete additional verification processes to approve the increase.
  3. Upgrade your account: Consider upgrading to a premium or priority banking account, which often comes with higher transaction limits.
  4. Use internet or mobile banking: Some banks allow you to request a limit increase directly through their internet banking portal or mobile app.
Is IMPS available 24/7?

Yes, IMPS is available 24/7, including weekends and public holidays. This makes it a highly convenient option for transferring funds instantly at any time of the day or night. Whether you need to make a payment late at night or on a holiday, IMPS ensures that your transactions are processed immediately.

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