Advantages Of IMPS
IMPS Limit and Charges:
Per day transaction limit and charges for IMPS is largely subject to the member banks. NPCI does not interfere directly in those aspects. The per day transaction limit and charges of some member banks are explained here.
Bank Per Day Maximum Transaction Limit Charges
SBI Rs. 2 lakh Up to Rs. 1,000 – No Charges From Rs. 1,001 to Rs. 1 lakh – Rs. 5 + GST From Rs. 1 lakh to Rs. 2 lakh – Rs. 15 + GST
ICICI Rs. 10,000 using mobile number and MMID and Rs. 2 lakh using account number and IFS code Up to Rs. 10,000 – Rs. 5 + GST From Rs. 10,000 to Rs. 1 lakh – Rs. 5 + GST From Rs. 1 lakh to Rs. 2 lakh – Rs. 15 + GST
Features of IMPS:
Despite being a fund transfer service, IMPS contains some other important features as well. Such features make it a
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Other fund transfer mediums such as NEFT and RTGS charge significantly higher than IMPS. The maximum fee for fund transfer in IMPS does not go beyond Rs. 25 + GST which is fairly low for a medium which transfers money in real time.
Frequently Asked Questions:
People are always cautious about online money transfers and they have so many questions in their minds. Some of those frequently asked questions are answered here.
Q. Is there any monitoring authority for checking the per day transaction limit of every customer?
A. No, monitoring each and every customer’s per day transaction limit is a tedious task and it is not possible either through manual work. Such information is embedded in bank servers and in the mobile application of the respective banks. You would not be able to make any transaction as soon as you reach your daily limit.
Q. Is it compulsory to register for mobile banking to use IMPS?
A. No it’s not. It is essential to register for mobile banking if you are using mobile phone for fund transfer. Customers can access IMPS from their bank branch, ATM and internet banking.
Q. Is there any feature to stop payment on
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