IMPS or Immediate Payment Service is an online system of interbank fund transfers. But what is the IMPS limit per day? Can you make limitless transfers via IMPS? Let’s find out.
What is the IMPS limit per day?
Although IMPS is regulated by NPCI which is basically a sub-division of RBI, the apex bank has not set a one-for-all IMPS limit per day for all the banks. However, it has given a bracket of Re 1 to Rs 5 lakhs within which banks can choose the IMPS limit per day for their customers.
Did You Know?
You can use IMPS service to send money even if you don’t have a bank account using the Pre-Paid Payments instrument issuer (PPI) services.
Below-mentioned are the IMPS limits per day decided by some of the top banks in India:
- SBI IMPS limit: Rs 5 lakhs
- HDFC IMPS limit: Rs 5,000 (via netbanking/mobile banking); Rs 5 lakhs (via MMID); Rs 1,000 (via USSD)
- ICICI Bank IMPS limit: Rs 2 lakhs
- PNB IMPS limit: Rs 5 lakhs
- Axis Bank IMPS limit: Rs 5 lakhs
- YES Bank IMPS limit: Rs 2 lakhs
While each bank has the option to set its own IMPS limit per day, it also has the liberty to decide the corresponding IMPS charges.
Word to Remember
MMID: Mobile Money Identifier, a 7-digit number issued by banks and linked to one’s mobile number and bank account number. It is used for mobile banking transfers.
IMPS Timings
IMPS can easily be done online 24×7 via netbanking and mobile banking alike. There are no time limitations per say for initiating an IMPS transaction.
Some banks also allow IMPS at the branch. For this, we suggest you check the bank timings of your specific bank beforehand.
IMPS Charges
The charges for using IMPS in India vary from bank to bank, and also depend on the amount being transferred.
Here are some general guidelines for IMPS charges in India:
- Most banks charge a nominal fee for IMPS transactions. The fees can range from Rs. 1 to Rs. 25 per transaction.
- Some banks offer free IMPS transactions up to a certain limit, beyond which charges are applicable. For example, some banks offer up to five free transactions per month, and then charge a fee for each subsequent transaction.
- The charges for IMPS transactions also depend on the amount being transferred. For example, some banks charge a higher fee for transferring larger amounts.
- Some banks offer special pricing plans for corporate customers or high-volume users, which can include discounted or waived fees.
It’s important to check with your bank for their specific charges and pricing plans for IMPS transactions. Additionally, it’s worth noting that some third-party payment apps or services may also charge additional fees for using IMPS.
Who Regulates IMPS?
IMPS, an instant payment system, is regulated by NPCI or National Payments Corporation of India. NPCI is a sub-division of RBI, the apex banking body in India. All decisions regarding IMPS, like its limit per day, charges and timings etc. are taken by NPCI.
How is IMPS different than NEFT & RTGS?
When talking of difference between IMPS and NEFT, there is one distinct feature that separates the two – the settlement time. While transfer requests via IMPS are taken up immediately and thus the beneficiary’s account gets credited instantly, in the case of an NEFT payment, it takes around 30 minutes to 4 hours.
And now if talk of IMPS vs RTGS, the differentiating factor would be the transfer limit. You can use IMPS for transferring an amount of Re 1 to Rs 5 lakhs in a day. But with RTGS, it has to be a transfer of Rs 2 lakhs minimum. However, there is no upper limit in RTGS payments.
Visit the following links to know more about IMPS:
Also, check all related details about the IMPS:
IMPS Limit: FAQs
IMPS full form is Immediate Payment System.
For customer having an SBI bank account, the bank has maintained the IMPS limit of Rs 5 lakhs per day, the same as provided by the NPCI.
You can transfer an amount as little as Re 1 using the IMPS mode.
The maximum IMPS limit is Rs 5 lakhs per day.
NPCI is the sub-division of RBI which regulated IMPS payments.
NPCI full form is National Payments Corporation of India.
