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Good News IMPS Transaction Daily Limit Increased to ₹5 Lakhs - RBI

Sai Jai

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In a bid 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 said while announcing the measure.

 

Siva

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Very good move. People need to be careful while transferring higher amounts on IMPS though, as the failure rate is on the higher side. NEFT has better success rate.
 

Sai Jai

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Very good move. People need to be careful while transferring higher amounts on IMPS though, as the failure rate is on the higher side. NEFT has better success rate.
RTGS better and easy one if failure occurs money return to sender account .. I always do & prefer RTGS mode for fund transfer 😎
 

Siva

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RTGS better and easy one if failure occurs money return to sender account .. I always do & prefer RTGS mode for fund transfer 😎
RTGS is also instant and prone to failures. For transferring higher amounts, I always prefer NEFT, and with the recent increase in limits, it's even better. RTGS can be used when the amount is more than the NEFT limit.
 

Sai Jai

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RTGS is also instant and prone to failures. For transferring higher amounts, I always prefer NEFT, and with the recent increase in limits, it's even better. RTGS can be used when the amount is more than the NEFT limit.
Thank God then no failure yet on RTGS .. meanwhile RTGS have no maximum limit on transaction right Anna ??

 

Siva

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Thank God then no failure yet on RTGS .. meanwhile RTGS have no maximum limit on transaction right Anna ??
According to RBI, Yes there's no limit. But banks do apply certain limit based on the customer.
 

Kuttusan

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Both rtgs and neft have no transaction limit but banks apply a limit of 10 lakhs on both methods for savings account online
 
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