RBI now allows IMPS Transactions Limit up to Five Lakh Rupees.

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& Click on Bell 🔔 RBI has recently to make big-ticket fund transfer easier, the Reserve Bank of India (RBI) on Friday enhanced the limit the Immediate Payment Service (IMPS).

From now on, bank customers can transfer Rs 5 lakh via IMPS.Earlier the limit for IMPS transfer was restricted at Rs 2 lakh, other than SMS and IVRS.

“Immediate Payment Service (IMPS) offers instant domestic funds transfer facility 24×7 through various channels.In view of the importance of the IMPS system and for enhanced consumer convenience, it is proposed to increase the per-transaction limit from ₹2 lakh to ₹5 lakh," RBI Governor Shaktikanta Das.It usually takes a few hours to transfer money to the beneficiary account via National Electronic Funds Transfer (NEFT).The transfer takes place in half-hourly batches.

Real-Time Gross Settlement (RTGS) is a real-time settlement of fund transfers, however, it is not instant.In IMPS, beneficiary accounts usually receive the funds in real time as soon as funds are transferred by the remitting bank.