Now you can transfer ₹5 lakh in a day via IMPS

• The new IMPS limit is ₹5 lakh per day, up from the previous limit of ₹2 lakh.
  
• The new limits come into effect from today, October 8, although banks have not updated their portals with these new limits yet.
  
• Check out the latest news and updates on Business Insider.
  

The Reserve Bank of India (RBI) today increased the limit for IMPS transactions to ₹5 lakh from ₹2 lakh. The new limit comes into effect from today, October 8.

The increase in the IMPS limit was announced at the RBI Monetary Policy Committee meet today.

IMPS, short for Immediate Payment Service, is one of the options available to instantly transfer money from one bank account to another. It is a 24x7 service that can be availed from your bank’s net banking portal or mobile apps. It is available throughout the year.

How to transfer money using IMPS

To transfer money using IMPS, follow these simple steps:

• Login to your bank’s net banking portal or mobile app.
  
• Click on Payments and Transfer or a similar option.
  
• Now enter the details of the recipient, like the account number, IFS code and name.
  
• Now enter the amount and remarks, if any.
  
• Authenticate and complete the transaction.
  

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