Immediate Payment Service, or IMPS, refers to the fund transfer system operated and managed by the National Payments Corporation of India (NPCI). This system allows 24/7 electronic fund transfers from one account to another, including on bank holidays.
The IMPS fund transfer process is reliable and ensures safety and security. However, ensure that you transfer funds within the prescribed limit. The IMPS limit depends on the respective bank’s policy, and it can go up to ₹5 Lakhs.
Continue reading to get further information about the various types of IMPS transfer limits fixed by top banks.
Before delving into the IMPS transaction limit, it is essential to familiarise yourself with different types of applicable limits. Here are some of them.
1. IMPS Minimum Limit
The IMPS minimum limit is the lowest amount of fund transfer allowed per transaction. Since there is no set minimum IMPS limit, you can make any transfer of any amount starting from ₹1.
2. IMPS Maximum Limit
This is the maximum amount you are allowed to transfer through IMPS from multiple channels, such as mobile banking, net banking, etc., collectively. This IMPS limit varies depending on your bank, and you cannot exceed this daily transfer limit.
3. IMPS Limit Per Day
This IMPS limit refers to the amount that you can transfer in a day via the IMPS fund transfer service. Your bank sets the maximum limit of IMPS transfers. Previously, the maximum IMPS limit per day was ₹2 Lakhs which is now updated to ₹5 Lakhs by the RBI.
Here are the IMPS limits applicable to every fund transfer.
| IMPS Limit |
Amount |
|---|---|
| IMPS minimum limit |
Not less than ₹1 |
| IMPS maximum limit |
Within the daily limit as fixed by the respective bank |
| IMPS limit per day |
Up to ₹5 Lakhs from all channels collectively |
| Transfer timing |
24/7, 365 days |
While there is no IMPS minimum limit, the maximum limit varies from one bank to another. However, this limit cannot exceed ₹5 Lakhs, as determined by the RBI. You can check the limit of a specific bank before initiating any transaction.
You can do as many IMPS transactions as you like as long as you do not exceed your set Third-Party Transfer (TPT) limit.
The IMPS maximum limit varies from one bank to another. All banks have the maximum IMPS limit capped at ₹5 Lakhs per day, as fixed by the RBI.
You can initiate fund transfers 24x7 throughout the year, including bank holidays, within your daily transfer IMPS limit. However, some banks may implement designated hours of transfer for security reasons.